Beta Wealth Group Inc. Cuts Position in The Home Depot, Inc. (NYSE:HD)

Key Points

• Beta Wealth Group Inc. decreased its holdings in Home Depot by 33.6% during the first quarter, now owning 6,156 shares valued at approximately $2.26 million.
• Home Depot's latest quarterly earnings report showed a net margin of 8.98% and a revenue increase of 9.4% compared to the same quarter last year, though EPS fell slightly short of analysts' expectations.
• The company announced a quarterly dividend of $2.30 per share, providing a dividend yield of 2.5% based on a current annualized payout of $9.20.

Beta Wealth Group Inc. reduced its stake in The Home Depot, Inc. (NYSE:HD - Free Report) by 33.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,156 shares of the home improvement retailer's stock after selling 3,112 shares during the quarter. Beta Wealth Group Inc.'s holdings in Home Depot were worth $2,256,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Invst LLC lifted its stake in Home Depot by 0.4% in the 4th quarter. Invst LLC now owns 6,738 shares of the home improvement retailer's stock valued at $2,621,000 after purchasing an additional 28 shares during the last quarter. Financial Insights Inc. raised its stake in Home Depot by 3.3% during the first quarter. Financial Insights Inc. now owns 880 shares of the home improvement retailer's stock worth $323,000 after buying an additional 28 shares during the last quarter. Wayfinding Financial LLC raised its stake in Home Depot by 1.2% during the first quarter. Wayfinding Financial LLC now owns 2,353 shares of the home improvement retailer's stock worth $862,000 after buying an additional 28 shares during the last quarter. Pure Portfolios Holdings LLC raised its stake in Home Depot by 4.7% during the first quarter. Pure Portfolios Holdings LLC now owns 623 shares of the home improvement retailer's stock worth $228,000 after buying an additional 28 shares during the last quarter. Finally, First Interstate Bank increased its stake in Home Depot by 0.3% in the first quarter. First Interstate Bank now owns 9,020 shares of the home improvement retailer's stock valued at $3,306,000 after purchasing an additional 28 shares in the last quarter. 70.86% of the stock is currently owned by hedge funds and other institutional investors.

Home Depot Price Performance

NYSE HD traded up $2.86 on Tuesday, hitting $383.68. The company had a trading volume of 529,731 shares, compared to its average volume of 3,516,329. The company has a market capitalization of $381.74 billion, a PE ratio of 26.06, a PEG ratio of 3.55 and a beta of 1.00. The company's fifty day moving average price is $366.19 and its 200-day moving average price 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 12-month low of $326.31 and a 12-month high of $439.37.

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

Home Depot Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Thursday, June 5th were given a $2.30 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $9.20 dividend on an annualized basis and a yield of 2.4%. Home Depot's dividend payout ratio is presently 62.42%.

Insider Transactions at Home Depot

In other news, EVP Fahim Siddiqui sold 2,600 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $367.14, for a total transaction of $954,564.00. Following the sale, the executive vice president owned 7,951 shares of the company's stock, valued at approximately $2,919,130.14. This represents a 24.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Teresa Wynn Roseborough sold 5,406 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 17,367 shares in the company, valued at $6,413,285.76. This represents a 23.74% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. DA Davidson reduced their price objective on shares of Home Depot from $470.00 to $450.00 in a report on Tuesday, May 20th. Guggenheim reaffirmed a "buy" rating and set a $450.00 target price on shares of Home Depot in a report on Wednesday, May 21st. Truist Financial upped their price objective on shares of Home Depot from $393.00 to $417.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Mizuho cut their price objective on shares of Home Depot from $450.00 to $435.00 and set an "outperform" rating for the company in a research note on Wednesday, May 21st. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $415.00 price objective (up previously from $410.00) on shares of Home Depot in a research note on Tuesday, May 20th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $426.77.

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.