Morgan Stanley Cuts Home Depot (NYSE:HD) Price Target to $410.00

Home Depot (NYSE:HD) had its price objective lowered by Morgan Stanley from $450.00 to $410.00 in a research note published on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the home improvement retailer’s stock.

Other equities analysts also recently issued reports about the stock. Guggenheim reissued a “buy” rating and set a $450.00 target price on shares of Home Depot in a research report on Wednesday, February 26th. Telsey Advisory Group restated an “outperform” rating and issued a $455.00 target price on shares of Home Depot in a report on Wednesday, February 26th. Truist Financial lowered their price target on Home Depot from $437.00 to $391.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Robert W. Baird reduced their price objective on shares of Home Depot from $440.00 to $430.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company raised their target price on shares of Home Depot from $440.00 to $450.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Ten equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $431.52.

Home Depot Stock Performance

Shares of HD stock opened at $362.55 on Monday. Home Depot has a fifty-two week low of $323.77 and a fifty-two week high of $439.37. The stock’s 50-day moving average is $359.10 and its two-hundred day moving average is $389.39. The company has a debt-to-equity ratio of 8.65, a current ratio of 1.13 and a quick ratio of 0.31. The firm has a market cap of $360.38 billion, a P/E ratio of 24.63, a PEG ratio of 4.03 and a beta of 1.05.

Home Depot (NYSE:HD) last released its quarterly earnings data on Tuesday, February 25th. The home improvement retailer reported $3.13 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.09. The firm had revenue of $39.70 billion for the quarter, compared to the consensus estimate of $39.15 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The firm’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.82 earnings per share. Analysts predict that Home Depot will post 15.13 earnings per share for the current fiscal year.

Home Depot Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $2.30 dividend. This is an increase from Home Depot’s previous quarterly dividend of $2.25. This represents a $9.20 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Thursday, March 13th. Home Depot’s payout ratio is presently 61.66%.

Institutional Investors Weigh In On Home Depot

Hedge funds and other institutional investors have recently bought and sold shares of the business. Synergy Asset Management LLC acquired a new stake in Home Depot in the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. bought a new position in Home Depot in the 4th quarter worth approximately $28,000. Navigoe LLC acquired a new position in Home Depot during the 4th quarter worth $29,000. Abound Financial LLC bought a new position in Home Depot in the 1st quarter valued at $31,000. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Home Depot in the 4th quarter valued at $32,000. 70.86% of the stock is owned by institutional investors and hedge funds.

About Home Depot

The Home Depot, Inc operates as a home improvement retailer in the United States and internationally. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products. The company also offers installation services for flooring, water heaters, bath, garage doors, cabinets, cabinet makeovers, countertops, sheds, furnaces and central air systems, and windows.