Palisade Capital Management LP Takes $8.24 Million Position in The Home Depot, Inc. $HD

Palisade Capital Management LP purchased a new position in The Home Depot, Inc. (NYSE:HD) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 23,359 shares of the home improvement retailer’s stock, valued at approximately $8,238,000.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Home Depot in the second quarter worth approximately $28,771,247,000. State Street Corp lifted its holdings in shares of Home Depot by 1.8% during the 4th quarter. State Street Corp now owns 46,925,342 shares of the home improvement retailer’s stock valued at $16,147,010,000 after buying an additional 825,164 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Home Depot by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 23,756,142 shares of the home improvement retailer’s stock valued at $8,151,344,000 after buying an additional 343,153 shares during the period. Bank of America Corp DE boosted its stake in shares of Home Depot by 1.6% in the 1st quarter. Bank of America Corp DE now owns 16,314,357 shares of the home improvement retailer’s stock worth $5,365,629,000 after buying an additional 250,825 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Home Depot by 7.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 15,471,132 shares of the home improvement retailer’s stock worth $5,323,620,000 after acquiring an additional 1,113,114 shares during the period. 70.86% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Michael F. Rowe sold 710 shares of Home Depot stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $336.76, for a total transaction of $239,099.60. Following the transaction, the executive vice president owned 6,838 shares in the company, valued at approximately $2,302,764.88. The trade was a 9.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Richard V. Mcphail sold 5,989 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $348.40, for a total transaction of $2,086,567.60. Following the completion of the transaction, the chief financial officer directly owned 48,104 shares of the company’s stock, valued at $16,759,433.60. This represents a 11.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,154 shares of company stock worth $3,132,798 over the last three months. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Bank of America started coverage on Home Depot in a report on Tuesday, May 5th. They issued a “buy” rating and a $374.00 target price on the stock. The Goldman Sachs Group cut their price target on Home Depot from $409.00 to $390.00 and set a “buy” rating for the company in a research note on Wednesday, May 20th. TD Cowen reaffirmed a “buy” rating on shares of Home Depot in a research report on Monday, August 10th. Morgan Stanley lowered their price objective on shares of Home Depot from $420.00 to $400.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 20th. Finally, UBS Group dropped their price objective on shares of Home Depot from $430.00 to $420.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. Eighteen analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Home Depot currently has a consensus rating of “Moderate Buy” and a consensus price target of $375.54.

Home Depot Price Performance

Shares of Home Depot stock opened at $328.52 on Tuesday. The stock has a market cap of $327.76 billion, a P/E ratio of 22.99, a P/E/G ratio of 3.64 and a beta of 0.95. The company has a debt-to-equity ratio of 2.64, a quick ratio of 0.31 and a current ratio of 1.08. The stock’s fifty day moving average is $341.00 and its 200 day moving average is $338.03. The Home Depot, Inc. has a one year low of $289.10 and a one year high of $426.75.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, August 18th. The home improvement retailer reported $4.92 EPS for the quarter, topping analysts’ consensus estimates of $4.73 by $0.19. Home Depot had a return on equity of 106.42% and a net margin of 8.41%.The business had revenue of $47.86 billion during the quarter, compared to analysts’ expectations of $47.24 billion. During the same quarter in the prior year, the business posted $4.68 earnings per share. The business’s quarterly revenue was up 5.7% on a year-over-year basis. Home Depot has set its FY 2026 guidance at 14.690-15.278 EPS. Sell-side analysts anticipate that The Home Depot, Inc. will post 15 earnings per share for the current year.

Home Depot Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be given a $2.33 dividend. This represents a $9.32 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Thursday, September 3rd. Home Depot’s dividend payout ratio is presently 65.22%.

About Home Depot

The Home Depot, Inc (NYSE: HD) is a leading home improvement retailer that operates large-format stores and an integrated online platform offering a broad range of products and services for do-it-yourself consumers, professional contractors and businesses. The company was founded in 1978 by Bernard Marcus and Arthur Blank and is headquartered in Atlanta, Georgia. Since opening its first stores at the end of the 1970s, Home Depot has grown into a multinational retailer known for its orange-branded stores and wide assortment of home improvement merchandise.

Home Depot’s core business includes the sale of building materials, lumber, tools, hardware, appliances, paint, plumbing and electrical supplies, lawn and garden products, and home décor.