Bank of Nova Scotia Sells 146,495 Shares of The Home Depot, Inc. (NYSE:HD)

Key Points

• Bank of Nova Scotia has reduced its stake in The Home Depot by 38.9%, selling 146,495 shares during the first quarter, bringing its total holdings to $84.4 million.
• The Home Depot reported a miss on earnings estimates for the last quarter, with earnings per share of $3.56 against a consensus of $3.59, despite achieving a 9.4% increase in revenue year over year.
• Analyst ratings for Home Depot are generally positive, with several firms raising their price targets, leading to a consensus target price of $426.77 and a current average rating of "Moderate Buy".

Bank of Nova Scotia lessened its holdings in The Home Depot, Inc. (NYSE:HD - Free Report) by 38.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 230,313 shares of the home improvement retailer's stock after selling 146,495 shares during the period. Bank of Nova Scotia's holdings in Home Depot were worth $84,399,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. bought a new position in Home Depot in the first quarter valued at about $406,000. Wealth Management Partners LLC grew its position in Home Depot by 0.6% in the first quarter. Wealth Management Partners LLC now owns 6,506 shares of the home improvement retailer's stock valued at $2,384,000 after acquiring an additional 36 shares during the last quarter. Arbor Capital Management Inc. ADV grew its holdings in shares of Home Depot by 4.8% during the first quarter. Arbor Capital Management Inc. ADV now owns 4,784 shares of the home improvement retailer's stock worth $1,757,000 after purchasing an additional 221 shares during the last quarter. ARS Wealth Advisors Group LLC grew its holdings in shares of Home Depot by 0.8% during the first quarter. ARS Wealth Advisors Group LLC now owns 31,728 shares of the home improvement retailer's stock worth $11,628,000 after purchasing an additional 239 shares during the last quarter. Finally, Tabor Asset Management LP bought a new stake in shares of Home Depot during the first quarter worth about $5,886,000. Institutional investors own 70.86% of the company's stock.

Home Depot Price Performance

Shares of HD opened at $373.55 on Friday. The Home Depot, Inc. has a 52-week low of $326.31 and a 52-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 business's 50 day moving average price is $365.84 and its two-hundred day moving average price is $373.39. The firm has a market cap of $371.66 billion, a PE ratio of 25.34, a price-to-earnings-growth ratio of 3.49 and a beta of 1.00.

Home Depot (NYSE:HD - Get Free Report) last issued its earnings results on Tuesday, May 20th. The home improvement retailer reported $3.56 earnings per share for the quarter, missing analysts' consensus estimates of $3.59 by ($0.03). Home Depot had a return on equity of 242.51% and a net margin of 8.98%. The firm had revenue of $39.86 billion for the quarter, compared to analyst estimates of $39.24 billion. During the same period in the previous year, the company earned $3.63 earnings per share. Home Depot's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts anticipate that The Home Depot, Inc. will post 15.13 EPS for the current year.

Home Depot Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Thursday, June 5th were given a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Thursday, June 5th. Home Depot's dividend payout ratio is presently 62.42%.

Insider Buying and Selling

In other 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 transaction, the executive vice president directly owned 7,951 shares of the company's stock, valued at $2,919,130.14. This represents a 24.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Teresa Wynn Roseborough sold 5,406 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 17,367 shares in the company, valued at $6,413,285.76. The trade was a 23.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HD. JPMorgan Chase & Co. boosted their price target on Home Depot from $410.00 to $418.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. Royal Bank Of Canada reduced their price target on Home Depot from $424.00 to $399.00 and set a "sector perform" rating on the stock in a report on Thursday, May 15th. Guggenheim restated a "buy" rating and set a $450.00 price target on shares of Home Depot in a report on Wednesday, May 21st. Sanford C. Bernstein restated a "market perform" rating and set a $398.00 price target (up from $380.00) on shares of Home Depot in a report on Wednesday, May 21st. Finally, Truist Financial boosted their price target on Home Depot from $393.00 to $417.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $426.77.

About Home Depot

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.