Guggenheim Begins Coverage on Home Depot (HD)
Guggenheim began coverage on shares of Home Depot (NYSE:HD) in a report issued on Wednesday morning, Marketbeat reports. The firm issued a buy rating and a $200.00 price target on the home improvement retailer’s stock.
Several other equities research analysts also recently issued reports on HD. Oppenheimer restated a buy rating on shares of Home Depot in a report on Thursday, December 7th. Stifel Nicolaus restated a buy rating and issued a $178.00 price target on shares of Home Depot in a report on Wednesday, August 16th. Wedbush restated a market perform rating on shares of Home Depot in a report on Wednesday, August 16th. Sanford C. Bernstein set a $170.00 price target on Home Depot and gave the stock a hold rating in a report on Thursday, December 7th. Finally, Bank of America set a $180.00 price target on Home Depot and gave the stock a buy rating in a report on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $183.28.
Shares of Home Depot (NYSE:HD) opened at $182.58 on Wednesday. Home Depot has a fifty-two week low of $133.05 and a fifty-two week high of $186.31. The stock has a market capitalization of $213,195.95, a PE ratio of 25.36, a price-to-earnings-growth ratio of 1.85 and a beta of 1.11. The company has a quick ratio of 0.39, a current ratio of 1.23 and a debt-to-equity ratio of 9.54.
Home Depot declared that its Board of Directors has approved a stock repurchase plan on Wednesday, December 6th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the home improvement retailer to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 14th. Stockholders of record on Thursday, November 30th were given a dividend of $0.89 per share. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $3.56 annualized dividend and a dividend yield of 1.95%. Home Depot’s dividend payout ratio is currently 49.44%.
In related news, EVP Matt Carey sold 41,396 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $183.03, for a total transaction of $7,576,709.88. Following the completion of the transaction, the executive vice president now directly owns 29,559 shares of the company’s stock, valued at $5,410,183.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.26% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Parametric Portfolio Associates LLC raised its stake in Home Depot by 2.8% in the third quarter. Parametric Portfolio Associates LLC now owns 3,263,114 shares of the home improvement retailer’s stock valued at $533,715,000 after buying an additional 87,637 shares during the period. Shelton Capital Management raised its stake in Home Depot by 4.4% in the third quarter. Shelton Capital Management now owns 11,909 shares of the home improvement retailer’s stock valued at $1,948,000 after buying an additional 503 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in Home Depot in the third quarter valued at approximately $13,966,000. Public Employees Retirement System of Ohio raised its stake in Home Depot by 0.3% in the third quarter. Public Employees Retirement System of Ohio now owns 875,231 shares of the home improvement retailer’s stock valued at $143,153,000 after buying an additional 2,970 shares during the period. Finally, Atlantic Trust LLC raised its stake in Home Depot by 6.9% in the third quarter. Atlantic Trust LLC now owns 21,740 shares of the home improvement retailer’s stock valued at $3,556,000 after buying an additional 1,408 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.
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About Home Depot
The Home Depot, Inc (The Home Depot) is a home improvement retailer. The Company sells an assortment of building materials, home improvement products, and lawn and garden products, and provides various services. The Home Depot stores serves three primary customer groups: do-it-yourself (DIY) customers, do-it-for-me (DIFM) customers and professional customers.
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