Home Depot (NYSE:HD) Upgraded to “Buy” at Truist

Home Depot (NYSE:HD) was upgraded by investment analysts at Truist from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, The Fly reports. The firm presently has a $448.00 price objective on the home improvement retailer’s stock, up from their prior price objective of $420.00. Truist’s price target points to a potential upside of 20.43% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company raised their price target on shares of Home Depot from $420.00 to $460.00 in a research note on Wednesday, January 5th. DA Davidson raised their price objective on shares of Home Depot from $395.00 to $420.00 in a research report on Thursday, December 30th. Jefferies Financial Group raised their price objective on shares of Home Depot from $369.00 to $455.00 and gave the stock a “buy” rating in a research report on Wednesday, November 17th. Piper Sandler raised their price objective on shares of Home Depot from $323.00 to $400.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 17th. Finally, Morgan Stanley raised their price objective on shares of Home Depot from $370.00 to $405.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 17th. Five analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $419.16.

NYSE:HD opened at $372.00 on Thursday. The company’s 50-day moving average price is $398.55 and its 200-day moving average price is $357.14. The company has a current ratio of 1.13, a quick ratio of 0.37 and a debt-to-equity ratio of 35.47. The company has a market cap of $388.46 billion, a P/E ratio of 24.87, a P/E/G ratio of 2.06 and a beta of 0.98. Home Depot has a twelve month low of $246.59 and a twelve month high of $420.61.

Home Depot (NYSE:HD) last posted its quarterly earnings results on Tuesday, November 16th. The home improvement retailer reported $3.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.41 by $0.51. The firm had revenue of $36.82 billion for the quarter, compared to the consensus estimate of $34.87 billion. Home Depot had a net margin of 10.79% and a return on equity of 786.90%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the firm posted $3.18 earnings per share. On average, analysts expect that Home Depot will post 15.49 earnings per share for the current year.

In other news, CFO Richard V. Mcphail sold 14,544 shares of the business’s stock in a transaction that occurred on Wednesday, November 17th. The shares were sold at an average price of $392.83, for a total transaction of $5,713,319.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Teresa Wynn Roseborough sold 18,878 shares of the business’s stock in a transaction that occurred on Wednesday, November 17th. The stock was sold at an average price of $395.19, for a total transaction of $7,460,396.82. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

Several large investors have recently modified their holdings of HD. Camden National Bank increased its holdings in shares of Home Depot by 9.7% in the 4th quarter. Camden National Bank now owns 2,563 shares of the home improvement retailer’s stock valued at $681,000 after acquiring an additional 226 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Home Depot by 11.1% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 227,046 shares of the home improvement retailer’s stock valued at $72,403,000 after acquiring an additional 22,633 shares during the period. Marks Group Wealth Management Inc increased its holdings in shares of Home Depot by 4.2% in the 2nd quarter. Marks Group Wealth Management Inc now owns 2,431 shares of the home improvement retailer’s stock valued at $782,000 after acquiring an additional 98 shares during the period. Greenleaf Trust increased its holdings in shares of Home Depot by 1.3% in the 2nd quarter. Greenleaf Trust now owns 22,699 shares of the home improvement retailer’s stock valued at $7,238,000 after acquiring an additional 287 shares during the period. Finally, Harvest Fund Management Co. Ltd increased its holdings in shares of Home Depot by 23.8% in the 2nd quarter. Harvest Fund Management Co. Ltd now owns 3,440 shares of the home improvement retailer’s stock valued at $1,096,000 after acquiring an additional 661 shares during the period. Institutional investors and hedge funds own 69.53% of the company’s stock.

About Home Depot

The Home Depot, Inc engages in the sale of building materials and home improvement products. Its products include building materials, home improvement products, lawn and garden products and decor products. The firm operates through the following geographical segments: U.S., Canada and Mexico. It offers home improvement installation services, and tool and equipment rental.

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