M3 Advisory Group LLC Reduces Stock Position in The Home Depot, Inc. (NYSE:HD)

M3 Advisory Group LLC cut its stake in The Home Depot, Inc. (NYSE:HD) by 14.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 615 shares of the home improvement retailer’s stock after selling 105 shares during the quarter. M3 Advisory Group LLC’s holdings in Home Depot were worth $225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HD. Norges Bank purchased a new position in Home Depot during the 4th quarter valued at about $5,032,910,000. GAMMA Investing LLC boosted its position in shares of Home Depot by 39,194.1% in the first quarter. GAMMA Investing LLC now owns 10,236,903 shares of the home improvement retailer’s stock valued at $37,517,230,000 after acquiring an additional 10,210,851 shares during the period. Raymond James Financial Inc. bought a new position in shares of Home Depot in the fourth quarter valued at approximately $2,212,546,000. Proficio Capital Partners LLC grew its stake in Home Depot by 21,394.9% during the fourth quarter. Proficio Capital Partners LLC now owns 2,039,862 shares of the home improvement retailer’s stock valued at $793,486,000 after acquiring an additional 2,030,372 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Home Depot by 13.3% during the 4th quarter. Northern Trust Corp now owns 12,149,890 shares of the home improvement retailer’s stock worth $4,726,186,000 after acquiring an additional 1,424,857 shares during the period. 70.86% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on HD. Morgan Stanley reissued an “overweight” rating and issued a $415.00 price target (up from $410.00) on shares of Home Depot in a report on Tuesday, May 20th. Truist Financial lifted their price objective on Home Depot from $393.00 to $417.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. Gordon Haskett boosted their target price on Home Depot from $350.00 to $360.00 in a research report on Tuesday, May 20th. Hsbc Global Res upgraded Home Depot from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, February 26th. Finally, Stifel Nicolaus upgraded Home Depot from a “hold” rating to a “buy” rating and lifted their price target for the company from $405.00 to $425.00 in a research report on Wednesday, May 21st. Seven research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Home Depot currently has an average rating of “Moderate Buy” and an average target price of $426.77.

Home Depot Stock Performance

Shares of HD stock opened at $350.21 on Monday. The company has a market capitalization of $348.44 billion, a P/E ratio of 23.76, a PEG ratio of 3.32 and a beta of 1.02. The Home Depot, Inc. has a fifty-two week low of $326.31 and a fifty-two week high of $439.37. The company has a debt-to-equity ratio of 5.95, a quick ratio of 0.28 and a current ratio of 1.09. The stock has a 50 day moving average price of $362.65 and a two-hundred day moving average price of $379.42.

Home Depot (NYSE:HD) last announced its quarterly earnings results on Tuesday, May 20th. The home improvement retailer reported $3.56 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.03). Home Depot had a net margin of 8.98% and a return on equity of 242.51%. The firm had revenue of $39.86 billion for the quarter, compared to analysts’ expectations of $39.24 billion. During the same period in the previous year, the company earned $3.63 EPS. The company’s quarterly revenue was up 9.4% on a year-over-year basis. Analysts expect that The Home Depot, Inc. will post 15.13 earnings per share for the current year.

Home Depot Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Thursday, June 5th were issued a dividend of $2.30 per share. The ex-dividend date was Thursday, June 5th. This represents a $9.20 dividend on an annualized basis and a yield of 2.63%. Home Depot’s dividend payout ratio is presently 62.42%.

Insider Activity at Home Depot

In related news, EVP Fahim Siddiqui sold 2,600 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $367.14, for a total transaction of $954,564.00. Following the completion of the transaction, the executive vice president now owns 7,951 shares in the company, valued at $2,919,130.14. This represents a 24.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Teresa Wynn Roseborough sold 5,406 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $369.28, for a total value of $1,996,327.68. Following the completion of the sale, the executive vice president now directly owns 17,367 shares of the company’s stock, valued at $6,413,285.76. The trade was a 23.74% decrease in their position. The disclosure for this sale can be found here. 0.10% of the stock is owned by company insiders.

Home Depot Profile

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.