Cove Private Wealth LLC Grows Stock Position in The Home Depot, Inc. $HD

Key Points

• Cove Private Wealth LLC increased its stake in The Home Depot, Inc. by 17.1% during the 2nd quarter, owning 10,179 shares valued at approximately $3.73 million.
• Home Depot reported Q2 earnings of $4.68 per share, slightly missing estimates, with revenue of $45.28 billion, up 4.9% compared to the previous year.
• The company's quarterly dividend was recently paid at $2.30, representing an annual yield of 2.2% with a payout ratio of 62.5%.

Cove Private Wealth LLC raised its holdings in The Home Depot, Inc. (NYSE:HD - Free Report) by 17.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,179 shares of the home improvement retailer's stock after acquiring an additional 1,490 shares during the quarter. Home Depot makes up 1.3% of Cove Private Wealth LLC's holdings, making the stock its 14th largest holding. Cove Private Wealth LLC's holdings in Home Depot were worth $3,732,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in Home Depot by 36.5% during the fourth quarter. Brighton Jones LLC now owns 26,918 shares of the home improvement retailer's stock valued at $10,471,000 after purchasing an additional 7,203 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Home Depot by 25.5% in the first quarter. Versant Capital Management Inc now owns 8,219 shares of the home improvement retailer's stock worth $3,012,000 after acquiring an additional 1,672 shares in the last quarter. Legacy Private Trust Co. boosted its holdings in Home Depot by 21.4% in the first quarter. Legacy Private Trust Co. now owns 8,217 shares of the home improvement retailer's stock worth $3,011,000 after acquiring an additional 1,450 shares in the last quarter. Sage Capital Advisors llc boosted its holdings in Home Depot by 0.9% in the first quarter. Sage Capital Advisors llc now owns 19,642 shares of the home improvement retailer's stock worth $7,199,000 after acquiring an additional 176 shares in the last quarter. Finally, Webster Bank N. A. boosted its holdings in Home Depot by 0.9% in the first quarter. Webster Bank N. A. now owns 19,838 shares of the home improvement retailer's stock worth $7,270,000 after acquiring an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 70.86% of the company's stock.

Home Depot Price Performance

Shares of NYSE HD opened at $410.16 on Friday. The stock's 50-day moving average is $399.85 and its two-hundred day moving average is $374.61. The company has a debt-to-equity ratio of 4.31, a current ratio of 1.15 and a quick ratio of 0.34. The Home Depot, Inc. has a 1-year low of $326.31 and a 1-year high of $439.37. The company has a market cap of $408.27 billion, a price-to-earnings ratio of 27.86, a price-to-earnings-growth ratio of 3.86 and a beta of 1.00.

Home Depot (NYSE:HD - Get Free Report) last released its quarterly earnings data on Tuesday, August 19th. The home improvement retailer reported $4.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.69 by ($0.01). The business had revenue of $45.28 billion for the quarter, compared to analyst estimates of $45.43 billion. Home Depot had a return on equity of 193.99% and a net margin of 8.86%.The company's revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $4.60 earnings per share. Home Depot has set its FY 2025 guidance at 14.940-14.940 EPS. Analysts forecast that The Home Depot, Inc. will post 15.13 EPS for the current fiscal year.

Home Depot Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, September 4th were paid a $2.30 dividend. This represents a $9.20 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, September 4th. Home Depot's dividend payout ratio (DPR) is presently 62.50%.

Insider Transactions at Home Depot

In other Home Depot news, CEO Edward P. Decker sold 32,897 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $397.22, for a total transaction of $13,067,346.34. Following the sale, the chief executive officer owned 122,425 shares in the company, valued at approximately $48,629,658.50. This represents a 21.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Richard V. Mcphail sold 3,369 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $403.66, for a total value of $1,359,930.54. Following the sale, the chief financial officer owned 45,455 shares in the company, valued at approximately $18,348,365.30. This trade represents a 6.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,835 shares of company stock worth $19,623,432 over the last ninety days. 0.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wolfe Research assumed coverage on Home Depot in a research note on Thursday, September 18th. They issued an "outperform" rating and a $497.00 price objective for the company. Stifel Nicolaus raised their price objective on Home Depot from $425.00 to $432.00 and gave the stock a "buy" rating in a research note on Monday, August 18th. DA Davidson reiterated a "buy" rating and set a $450.00 price target on shares of Home Depot in a research report on Tuesday, August 19th. Morgan Stanley lifted their price target on Home Depot from $415.00 to $430.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. Finally, Mizuho boosted their price objective on Home Depot from $435.00 to $450.00 and gave the company an "outperform" rating in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Home Depot presently has a consensus rating of "Moderate Buy" and a consensus target price of $436.40.

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.

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