LGT Fund Management Co Ltd. Cuts Position in The Home Depot, Inc. (NYSE:HD)

Key Points

• LGT Fund Management Co Ltd. reduced its stake in Home Depot by 47.9% in Q1, selling over 15,000 shares, leaving them with approximately $6.1 million in holdings.
• Multiple analysts have revised their price targets for Home Depot, with Sanford C. Bernstein increasing it to $398, while keeping a "market perform" rating.
• Home Depot recently announced a $2.30 quarterly dividend, resulting in an annualized payout of $9.20 and a dividend yield of 2.4%.

LGT Fund Management Co Ltd. lessened its position in shares of The Home Depot, Inc. (NYSE:HD - Free Report) by 47.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,637 shares of the home improvement retailer's stock after selling 15,294 shares during the period. LGT Fund Management Co Ltd.'s holdings in Home Depot were worth $6,097,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HD. Asset Planning Services Inc. LA ADV grew its holdings in Home Depot by 99,400.7% during the 1st quarter. Asset Planning Services Inc. LA ADV now owns 18,975,772 shares of the home improvement retailer's stock worth $6,954,431,000 after acquiring an additional 18,956,701 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Home Depot by 39,194.1% in the 1st quarter. GAMMA Investing LLC now owns 10,236,903 shares of the home improvement retailer's stock valued at $37,517,230,000 after buying an additional 10,210,851 shares in the last quarter. Nuveen LLC acquired a new position in shares of Home Depot in the 1st quarter valued at $2,076,592,000. Northern Trust Corp boosted its holdings in shares of Home Depot by 13.3% in the 4th quarter. Northern Trust Corp now owns 12,149,890 shares of the home improvement retailer's stock valued at $4,726,186,000 after buying an additional 1,424,857 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC acquired a new position in shares of Home Depot in the 4th quarter valued at $471,189,000. Institutional investors and hedge funds own 70.86% of the company's stock.

Home Depot Stock Performance

Home Depot stock traded down $6.45 during trading hours on Thursday, reaching $400.73. 3,599,312 shares of the stock were exchanged, compared to its average volume of 3,094,821. The stock has a market cap of $398.70 billion, a P/E ratio of 27.19, a P/E/G ratio of 3.87 and a beta of 1.00. 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 Home Depot, Inc. has a 52-week low of $326.31 and a 52-week high of $439.37. The firm's 50 day moving average is $369.83 and its 200 day moving average is $372.03.

Home Depot (NYSE:HD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The home improvement retailer reported $3.56 EPS for the quarter, missing analysts' consensus estimates of $3.59 by ($0.03). The firm had revenue of $39.86 billion for the quarter, compared to analysts' expectations of $39.24 billion. Home Depot had a return on equity of 242.51% and a net margin of 8.98%. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.63 EPS. Analysts predict that The Home Depot, Inc. will post 15.13 EPS for the current fiscal year.

Home Depot Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Thursday, June 5th were given a dividend of $2.30 per share. The ex-dividend date was Thursday, June 5th. This represents a $9.20 dividend on an annualized basis and a yield of 2.3%. Home Depot's dividend payout ratio is presently 62.42%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HD. JPMorgan Chase & Co. upped their target price on shares of Home Depot from $410.00 to $418.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Jefferies Financial Group lowered their target price on shares of Home Depot from $461.00 to $456.00 in a report on Tuesday, May 20th. Truist Financial restated a "buy" rating and issued a $433.00 target price (up previously from $417.00) on shares of Home Depot in a report on Wednesday. Evercore ISI set a $400.00 target price on shares of Home Depot and gave the company an "outperform" rating in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada lowered their target price on shares of Home Depot from $424.00 to $399.00 and set a "sector perform" rating for the company in a report on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Home Depot currently has a consensus rating of "Moderate Buy" and an average target price of $427.38.

Insiders Place Their Bets

In other Home Depot news, EVP Fahim Siddiqui sold 2,600 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $367.14, for a total transaction of $954,564.00. Following the completion of the transaction, the executive vice president owned 7,951 shares in the company, valued at approximately $2,919,130.14. This represents a 24.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Teresa Wynn Roseborough sold 5,406 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $369.28, for a total transaction of $1,996,327.68. Following the transaction, the executive vice president owned 17,367 shares of the company's stock, valued at approximately $6,413,285.76. The trade was a 23.74% decrease in their position. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by corporate insiders.

Home Depot 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.