Carnegie Investment Counsel Raises Stock Position in The Home Depot, Inc. $HD

Key Points

• Carnegie Investment Counsel increased its Home Depot stake by 42.4% in the first quarter, buying 45,959 additional shares and bringing its total position to 154,265 shares worth about $48.7 million.
• Home Depot reported better-than-expected quarterly results, with EPS of $3.43 versus $3.41 expected and revenue of $41.77 billion versus $41.59 billion expected, while revenue rose 4.8% year over year.
• The company also paid a quarterly dividend of $2.33 per share, equal to an annualized yield of 2.7%, and analysts currently view the stock as a Moderate Buy with a consensus price target of $371.71.

Carnegie Investment Counsel raised its position in The Home Depot, Inc. (NYSE:HD - Free Report) by 42.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 154,265 shares of the home improvement retailer's stock after purchasing an additional 45,959 shares during the quarter. Home Depot comprises 0.9% of Carnegie Investment Counsel's investment portfolio, making the stock its 21st biggest position. Carnegie Investment Counsel's holdings in Home Depot were worth $48,735,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Midwest Trust Co increased its holdings in shares of Home Depot by 4.3% during the 1st quarter. Midwest Trust Co now owns 185,077 shares of the home improvement retailer's stock worth $60,870,000 after buying an additional 7,602 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Home Depot by 59.1% in the first quarter. Fifth Third Bancorp now owns 1,457,243 shares of the home improvement retailer's stock valued at $479,273,000 after acquiring an additional 541,339 shares during the last quarter. Sovran Advisors LLC grew its position in Home Depot by 3.3% in the first quarter. Sovran Advisors LLC now owns 4,511 shares of the home improvement retailer's stock worth $1,483,000 after acquiring an additional 144 shares during the period. Sachetta LLC grew its position in Home Depot by 24.9% in the first quarter. Sachetta LLC now owns 939 shares of the home improvement retailer's stock worth $309,000 after acquiring an additional 187 shares during the period. Finally, WealthShield Partners LLC increased its stake in Home Depot by 8.5% during the first quarter. WealthShield Partners LLC now owns 16,115 shares of the home improvement retailer's stock worth $5,300,000 after acquiring an additional 1,261 shares during the last quarter. Hedge funds and other institutional investors own 70.86% of the company's stock.

Home Depot Stock Up 1.4%

HD traded up $4.71 on Friday, reaching $343.44. The company's stock had a trading volume of 2,747,430 shares, compared to its average volume of 4,667,555. The company has a market capitalization of $342.45 billion, a price-to-earnings ratio of 24.39, a P/E/G ratio of 3.96 and a beta of 0.95. The Home Depot, Inc. has a fifty-two week low of $289.10 and a fifty-two week high of $426.75. The company has a quick ratio of 0.28, a current ratio of 1.04 and a debt-to-equity ratio of 3.23. The stock has a 50 day moving average of $325.05 and a two-hundred day moving average of $345.46.

Home Depot (NYSE:HD - Get Free Report) last issued its earnings results on Tuesday, May 19th. The home improvement retailer reported $3.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.02. The business had revenue of $41.77 billion during the quarter, compared to analysts' expectations of $41.59 billion. Home Depot had a net margin of 8.41% and a return on equity of 117.24%. The company's revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.56 EPS. Home Depot has set its FY 2026 guidance at 14.690-15.278 EPS. As a group, analysts forecast that The Home Depot, Inc. will post 15.01 EPS for the current fiscal year.

Home Depot Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were issued a dividend of $2.33 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $9.32 annualized dividend and a dividend yield of 2.7%. Home Depot's dividend payout ratio (DPR) is presently 66.19%.

Analysts Set New Price Targets

HD has been the topic of a number of research analyst reports. Argus reduced their target price on Home Depot from $425.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, May 21st. Piper Sandler cut their price objective on Home Depot from $422.00 to $421.00 and set an "overweight" rating for the company in a research report on Wednesday, May 20th. Bank of America began coverage on shares of Home Depot in a report on Tuesday, May 5th. They issued a "buy" rating and a $374.00 price objective on the stock. Evercore lowered their target price on shares of Home Depot from $415.00 to $400.00 and set an "outperform" rating for the company in a research note on Wednesday, May 20th. Finally, Stifel Nicolaus dropped their price target on shares of Home Depot from $375.00 to $320.00 and set a "hold" rating for the company in a research report on Monday, May 18th. Eighteen research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Home Depot presently has a consensus rating of "Moderate Buy" and a consensus price target of $371.71.

Home Depot Profile

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.

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