iA Global Asset Management Inc. Reduces Position in The Home Depot, Inc. (NYSE:HD)

Key Points

• iA Global Asset Management Inc. reduced its position in The Home Depot by 27.6% during the first quarter, now holding 31,601 shares valued at approximately $11.6 million.
• Home Depot's stock received multiple upgrades from analysts, with JPMorgan Chase & Co. raising its price target to $418.00 and a consensus rating of "Moderate Buy" among analysts.
• Home Depot reported $3.56 earnings per share for the last quarter, just shy of the expected $3.59, while also achieving record quarterly revenue of $39.86 billion, marking a 9.4% increase year-over-year.

iA Global Asset Management Inc. decreased its stake in shares of The Home Depot, Inc. (NYSE:HD - Free Report) by 27.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,601 shares of the home improvement retailer's stock after selling 12,022 shares during the period. iA Global Asset Management Inc.'s holdings in Home Depot were worth $11,581,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. LCM Capital Management Inc lifted its stake in shares of Home Depot by 0.9% during the 1st quarter. LCM Capital Management Inc now owns 4,361 shares of the home improvement retailer's stock worth $1,598,000 after purchasing an additional 40 shares during the period. McClarren Financial Advisors Inc. lifted its stake in shares of Home Depot by 12,100.0% during the 1st quarter. McClarren Financial Advisors Inc. now owns 366 shares of the home improvement retailer's stock worth $134,000 after purchasing an additional 363 shares during the period. Empower Advisory Group LLC lifted its stake in shares of Home Depot by 1.4% during the 1st quarter. Empower Advisory Group LLC now owns 323,414 shares of the home improvement retailer's stock worth $118,528,000 after purchasing an additional 4,369 shares during the period. Costello Asset Management INC lifted its stake in shares of Home Depot by 269.5% during the 1st quarter. Costello Asset Management INC now owns 739 shares of the home improvement retailer's stock worth $271,000 after purchasing an additional 539 shares during the period. Finally, Commonwealth Retirement Investments LLC lifted its stake in shares of Home Depot by 0.4% during the 1st quarter. Commonwealth Retirement Investments LLC now owns 18,257 shares of the home improvement retailer's stock worth $6,691,000 after purchasing an additional 76 shares during the period. Hedge funds and other institutional investors own 70.86% of the company's stock.

Insider Activity at Home Depot

In related news, EVP Teresa Wynn Roseborough sold 5,406 shares of Home Depot 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 sale, the executive vice president owned 17,367 shares of the company's stock, valued at approximately $6,413,285.76. This trade represents a 23.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Fahim Siddiqui sold 2,600 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $367.14, for a total value 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 trade represents a 24.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on HD. JPMorgan Chase & Co. boosted their price objective on shares of Home Depot from $410.00 to $418.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Sanford C. Bernstein reissued a "market perform" rating and issued a $398.00 target price (up previously from $380.00) on shares of Home Depot in a research note on Wednesday, May 21st. Wells Fargo & Company set a $420.00 target price on shares of Home Depot and gave the company an "overweight" rating in a research note on Monday, June 30th. Evercore ISI set a $400.00 target price on shares of Home Depot and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Finally, Truist Financial lifted their price objective on shares of Home Depot from $393.00 to $417.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $426.77.

Home Depot Stock Performance

Shares of NYSE:HD opened at $380.98 on Tuesday. The company has a market capitalization of $379.05 billion, a price-to-earnings ratio of 25.85, a P/E/G ratio of 3.55 and a beta of 1.00. The firm's 50 day simple moving average is $366.19 and its 200 day simple moving average is $372.71. The company has a debt-to-equity ratio of 5.95, a current ratio of 1.09 and a quick ratio of 0.28. The Home Depot, Inc. has a fifty-two week low of $326.31 and a fifty-two week high of $439.37.

Home Depot (NYSE:HD - Get Free Report) last announced its quarterly 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 net margin of 8.98% and a return on equity of 242.51%. The firm had revenue of $39.86 billion during the quarter, compared to analyst estimates of $39.24 billion. During the same quarter in the prior year, the business earned $3.63 earnings per share. The business's revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts forecast that The Home Depot, Inc. will post 15.13 earnings per share for the current year.

Home Depot Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Thursday, June 5th were given a $2.30 dividend. The ex-dividend date was Thursday, June 5th. This represents a $9.20 annualized dividend and a dividend yield of 2.4%. Home Depot's payout ratio is currently 62.42%.

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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