EdgeRock Capital LLC Sells 35 Shares of The Home Depot, Inc. (NYSE:HD)

EdgeRock Capital LLC lessened its holdings in The Home Depot, Inc. (NYSE:HD) by 2.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,299 shares of the home improvement retailer’s stock after selling 35 shares during the period. EdgeRock Capital LLC’s holdings in Home Depot were worth $404,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Home Depot by 1.2% in the first quarter. BlackRock Inc. now owns 77,137,759 shares of the home improvement retailer’s stock worth $22,764,896,000 after purchasing an additional 878,220 shares in the last quarter. Geode Capital Management LLC grew its stake in Home Depot by 0.7% during the first quarter. Geode Capital Management LLC now owns 19,135,000 shares of the home improvement retailer’s stock worth $5,635,031,000 after buying an additional 126,981 shares during the last quarter. Morgan Stanley grew its stake in Home Depot by 10.0% during the fourth quarter. Morgan Stanley now owns 18,737,490 shares of the home improvement retailer’s stock worth $5,918,425,000 after buying an additional 1,698,402 shares during the last quarter. Wellington Management Group LLP grew its stake in Home Depot by 6.3% during the first quarter. Wellington Management Group LLP now owns 15,718,744 shares of the home improvement retailer’s stock worth $4,638,916,000 after buying an additional 925,962 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Home Depot by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 13,191,961 shares of the home improvement retailer’s stock worth $3,865,678,000 after buying an additional 756,274 shares during the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Insider Activity

In related news, EVP Timothy A. Hourigan sold 12,120 shares of the stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $325.40, for a total transaction of $3,943,848.00. Following the transaction, the executive vice president now directly owns 73,049 shares of the company’s stock, valued at $23,770,144.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Home Depot news, CAO Kimberly R. Scardino sold 1,600 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $326.69, for a total transaction of $522,704.00. Following the transaction, the chief accounting officer now owns 8,281 shares in the company, valued at $2,705,319.89. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Timothy A. Hourigan sold 12,120 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $325.40, for a total transaction of $3,943,848.00. Following the transaction, the executive vice president now owns 73,049 shares in the company, valued at approximately $23,770,144.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,811 shares of company stock valued at $6,441,376. 0.19% of the stock is currently owned by insiders.

Home Depot Stock Performance

Shares of HD opened at $317.26 on Tuesday. The firm has a 50-day moving average of $325.92 and a 200-day moving average of $305.38. The company has a market cap of $317.28 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. The company has a debt-to-equity ratio of 30.53, a current ratio of 1.31 and a quick ratio of 0.35. The Home Depot, Inc. has a one year low of $265.61 and a one year high of $347.25.

Home Depot (NYSE:HD) last released its quarterly earnings data on Tuesday, August 15th. The home improvement retailer reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.45 by $0.20. Home Depot had a net margin of 10.48% and a return on equity of 1,424.89%. The business had revenue of $42.92 billion during the quarter, compared to analysts’ expectations of $42.19 billion. During the same period in the prior year, the company earned $5.05 EPS. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities analysts forecast that The Home Depot, Inc. will post 15.24 earnings per share for the current year.

Home Depot announced that its board has initiated a share repurchase program on Tuesday, August 15th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the home improvement retailer to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Home Depot Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Stockholders of record on Thursday, August 31st were paid a $2.09 dividend. This represents a $8.36 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date was Wednesday, August 30th. Home Depot’s dividend payout ratio is currently 52.22%.

Analyst Ratings Changes

Several analysts have weighed in on HD shares. Oppenheimer reaffirmed an “outperform” rating and set a $360.00 price objective on shares of Home Depot in a research note on Wednesday, August 9th. Robert W. Baird upped their price objective on shares of Home Depot from $330.00 to $360.00 in a research note on Tuesday, August 15th. Jefferies Financial Group upped their price objective on shares of Home Depot from $370.00 to $384.00 and gave the stock a “buy” rating in a research note on Wednesday, August 16th. Truist Financial increased their price target on shares of Home Depot from $348.00 to $372.00 and gave the company a “buy” rating in a research note on Wednesday, August 16th. Finally, Telsey Advisory Group increased their price target on shares of Home Depot from $315.00 to $335.00 in a research note on Wednesday, August 16th. Thirteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $339.62.

Home Depot Profile

The Home Depot, Inc operates as a home improvement retailer. 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.