Granite Bay Wealth Management LLC Grows Position in The Home Depot, Inc. $HD

Key Points

• Granite Bay Wealth Management LLC increased its stake in The Home Depot, raising it by 7.2% in the second quarter, with its holdings now valued at approximately $6.12 million.
• Home Depot reported $4.68 EPS for the quarter, slightly missing analysts' expectations of $4.69 EPS, while revenue was $45.28 billion, which was below the forecast of $45.43 billion.
• The company declared a quarterly dividend of $2.30 per share, representing an annual yield of 2.2% and a payout ratio of 62.50%.

Granite Bay Wealth Management LLC raised its stake in The Home Depot, Inc. (NYSE:HD - Free Report) by 7.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,685 shares of the home improvement retailer's stock after purchasing an additional 1,119 shares during the period. Home Depot accounts for about 2.0% of Granite Bay Wealth Management LLC's holdings, making the stock its 20th biggest position. Granite Bay Wealth Management LLC's holdings in Home Depot were worth $6,117,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new stake in shares of Home Depot in the first quarter valued at approximately $31,000. Iron Horse Wealth Management LLC boosted its holdings in shares of Home Depot by 86.8% in the first quarter. Iron Horse Wealth Management LLC now owns 99 shares of the home improvement retailer's stock valued at $36,000 after acquiring an additional 46 shares during the period. Compass Financial Services Inc acquired a new stake in shares of Home Depot in the first quarter valued at approximately $41,000. Livelsberger Financial Advisory acquired a new stake in shares of Home Depot in the second quarter valued at approximately $41,000. Finally, Quest 10 Wealth Builders Inc. boosted its holdings in shares of Home Depot by 35.7% in the first quarter. Quest 10 Wealth Builders Inc. now owns 114 shares of the home improvement retailer's stock valued at $42,000 after acquiring an additional 30 shares during the period. 70.86% of the stock is currently owned by hedge funds and other institutional investors.

Home Depot Trading Down 0.0%

Shares of HD stock opened at $423.33 on Monday. The Home Depot, Inc. has a fifty-two week low of $326.31 and a fifty-two week high of $439.37. The stock has a market cap of $421.38 billion, a P/E ratio of 28.76, a P/E/G ratio of 4.01 and a beta of 1.00. The business has a fifty day simple moving average of $390.03 and a 200-day simple moving average of $372.22. The company has a quick ratio of 0.34, a current ratio of 1.15 and a debt-to-equity ratio of 4.31.

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

Home Depot Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be given a dividend of $2.30 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $9.20 annualized dividend and a yield of 2.2%. Home Depot's payout ratio is 62.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on HD shares. Robert W. Baird increased their price objective on Home Depot from $425.00 to $450.00 and gave the company an "outperform" rating in a report on Wednesday, August 20th. TD Securities downgraded Home Depot to a "buy" rating in a report on Monday, June 2nd. Telsey Advisory Group reaffirmed an "outperform" rating and set a $455.00 price target on shares of Home Depot in a report on Tuesday, August 19th. Jefferies Financial Group decreased their price target on Home Depot from $461.00 to $456.00 in a report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. decreased their price target on Home Depot from $460.00 to $452.00 and set an "overweight" rating for the company in a report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $432.52.

Insider Activity

In related news, EVP William D. Bastek sold 3,783 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $410.23, for a total transaction of $1,551,900.09. Following the transaction, the executive vice president directly owned 24,235 shares of the company's stock, valued at approximately $9,941,924.05. The trade was a 13.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Angie Brown sold 1,000 shares of Home Depot stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $404.07, for a total value of $404,070.00. Following the sale, the executive vice president owned 3,837 shares in the company, valued at $1,550,416.59. This represents a 20.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,532 shares of company stock worth $18,648,987 in the last ninety days. 0.10% of the stock is currently owned by company insiders.

Home Depot Company Profile

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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