Cove Private Wealth LLC Raises Stake in The Home Depot, Inc. (NYSE:HD)

Key Points

• Cove Private Wealth LLC increased its position in Home Depot shares by 12.7% during the first quarter, holding a total of 8,689 shares valued at approximately $3.2 million.
• Home Depot's quarterly earnings fell short of estimates, reporting $3.56 EPS versus the consensus estimate of $3.59, despite revenues exceeding forecasts at $39.86 billion.
• Recent analyst ratings show a consensus of 20 buy ratings and an average price target of $426.77, indicating continued confidence in the stock's performance.

Cove Private Wealth LLC raised its stake in shares of The Home Depot, Inc. (NYSE:HD - Free Report) by 12.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,689 shares of the home improvement retailer's stock after purchasing an additional 981 shares during the quarter. Home Depot comprises 1.7% of Cove Private Wealth LLC's holdings, making the stock its 11th biggest position. Cove Private Wealth LLC's holdings in Home Depot were worth $3,184,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of HD. Navigoe LLC purchased a new stake in Home Depot during the fourth quarter worth $29,000. Abound Financial LLC purchased a new position in Home Depot during the first quarter valued at $31,000. Quarry LP raised its position in shares of Home Depot by 220.0% in the fourth quarter. Quarry LP now owns 96 shares of the home improvement retailer's stock valued at $37,000 after buying an additional 66 shares during the last quarter. Iron Horse Wealth Management LLC raised its position 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 buying an additional 46 shares during the last quarter. Finally, Quest 10 Wealth Builders Inc. raised its position 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 buying an additional 30 shares during the last quarter. Institutional investors and hedge funds 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 shares were sold at an average price of $369.28, for a total value of $1,996,327.68. Following the completion of the transaction, the executive vice president owned 17,367 shares in the company, valued at $6,413,285.76. The trade was a 23.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fahim Siddiqui sold 2,600 shares of Home Depot stock in a transaction that occurred on Thursday, May 22nd. The stock was 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 of the company's stock, valued at $2,919,130.14. This represents a 24.64% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.10% of the company's stock.

Home Depot Stock Down 1.6%

Shares of NYSE HD traded down $6.45 during midday trading on Thursday, hitting $400.73. The company's stock had a trading volume of 3,596,487 shares, compared to its average volume of 3,514,972. The business's fifty day simple moving average is $369.19 and its two-hundred day simple moving average is $372.20. 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 1 year low of $326.31 and a 1 year high of $439.37. The firm has a market capitalization of $398.70 billion, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 3.76 and a beta of 1.00.

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

Home Depot Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Thursday, June 5th were paid a $2.30 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $9.20 annualized dividend and a dividend yield of 2.3%. Home Depot's dividend payout ratio (DPR) is presently 62.42%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on HD shares. Telsey Advisory Group reiterated an "outperform" rating and issued a $455.00 target price on shares of Home Depot in a research report on Wednesday. Morgan Stanley restated an "overweight" rating and set a $415.00 price objective (up from $410.00) on shares of Home Depot in a research report on Tuesday, May 20th. DA Davidson cut their price objective on shares of Home Depot from $470.00 to $450.00 in a research report on Tuesday, May 20th. Gordon Haskett raised their price objective on shares of Home Depot from $350.00 to $360.00 in a research report on Tuesday, May 20th. Finally, Stifel Nicolaus upgraded shares of Home Depot from a "hold" rating to a "buy" rating and raised their price objective for the stock from $405.00 to $425.00 in a research report on Wednesday, May 21st. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Home Depot has a consensus rating of "Moderate Buy" and an average target price of $427.38.

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.