Tower Bridge Advisors Increases Stake in The Home Depot, Inc. (NYSE:HD)

Tower Bridge Advisors increased its position in The Home Depot, Inc. (NYSE:HD) by 0.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 31,634 shares of the home improvement retailer’s stock after acquiring an additional 227 shares during the quarter. Tower Bridge Advisors’ holdings in The Home Depot were worth $9,656,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Westchester Capital Management Inc. bought a new position in The Home Depot in the 4th quarter worth about $33,000. Winch Advisory Services LLC boosted its stake in The Home Depot by 139.6% in the 4th quarter. Winch Advisory Services LLC now owns 127 shares of the home improvement retailer’s stock worth $34,000 after purchasing an additional 74 shares during the period. Grant Street Asset Management Inc. bought a new stake in shares of The Home Depot during the 4th quarter valued at about $42,000. Paradigm Strategies in Wealth Management LLC bought a new stake in shares of The Home Depot during the 1st quarter valued at about $52,000. Finally, Tacita Capital Inc bought a new stake in shares of The Home Depot during the 4th quarter valued at about $58,000. 69.48% of the stock is owned by institutional investors.

A number of brokerages have recently issued reports on HD. Credit Suisse Group lifted their price target on The Home Depot from $319.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, May 25th. Piper Sandler lifted their price target on The Home Depot from $290.00 to $310.00 and gave the company a “neutral” rating in a research report on Wednesday, May 19th. Loop Capital raised their price objective on The Home Depot from $350.00 to $370.00 and gave the company a “buy” rating in a report on Wednesday, May 19th. DA Davidson raised their price objective on The Home Depot from $295.00 to $317.00 and gave the company a “neutral” rating in a report on Wednesday, May 19th. Finally, JPMorgan Chase & Co. raised their price objective on The Home Depot from $285.00 to $330.00 and gave the company an “overweight” rating in a report on Monday, April 19th. Five analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. The Home Depot has an average rating of “Buy” and an average target price of $325.21.

In other news, EVP Matt Carey sold 113,138 shares of The Home Depot stock in a transaction on Monday, May 24th. The stock was sold at an average price of $316.00, for a total value of $35,751,608.00. Following the transaction, the executive vice president now directly owns 78,594 shares in the company, valued at approximately $24,835,704. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.18% of the company’s stock.

HD traded up $1.45 during trading on Friday, hitting $309.76. 121,808 shares of the stock were exchanged, compared to its average volume of 4,362,476. The stock has a 50 day moving average price of $320.26. The firm has a market capitalization of $329.35 billion, a price-to-earnings ratio of 22.49, a price-to-earnings-growth ratio of 1.95 and a beta of 1.05. The Home Depot, Inc. has a 1 year low of $234.31 and a 1 year high of $345.69. The company has a debt-to-equity ratio of 19.85, a quick ratio of 0.41 and a current ratio of 1.11.

The Home Depot (NYSE:HD) last released its quarterly earnings data on Monday, May 17th. The home improvement retailer reported $3.86 EPS for the quarter, topping the consensus estimate of $3.08 by $0.78. The company had revenue of $37.50 billion for the quarter, compared to the consensus estimate of $33.68 billion. The Home Depot had a return on equity of 963.88% and a net margin of 10.45%. The Home Depot’s quarterly revenue was up 32.7% on a year-over-year basis. During the same period last year, the business posted $2.08 EPS. As a group, equities analysts forecast that The Home Depot, Inc. will post 13.9 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 17th. Shareholders of record on Thursday, June 3rd will be issued a dividend of $1.65 per share. The ex-dividend date of this dividend is Wednesday, June 2nd. This represents a $6.60 annualized dividend and a yield of 2.13%. The Home Depot’s payout ratio is currently 54.86%.

The Home Depot declared that its board has authorized a share buyback plan on Thursday, May 20th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the home improvement retailer to buy up to 5.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

The Home Depot Company Profile

The Home Depot, Inc operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, building materials, lawn and garden products, and décor products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself and professional customers.

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Institutional Ownership by Quarter for The Home Depot (NYSE:HD)

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