Home Depot (NYSE:HD) Stock Price Down 0.1% - Here's What Happened

The Home Depot, Inc. (NYSE:HD - Get Free Report)'s stock price dropped 0.1% during mid-day trading on Tuesday . The stock traded as low as $375.70 and last traded at $376.13. Approximately 581,521 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 3,431,808 shares. The stock had previously closed at $376.59.

Analysts Set New Price Targets

HD has been the subject of several research analyst reports. KGI Securities upgraded Home Depot to a "strong-buy" rating in a research note on Monday, March 3rd. Truist Financial raised their price objective on Home Depot from $391.00 to $393.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Morgan Stanley reduced their price objective on Home Depot from $450.00 to $410.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. Wells Fargo & Company reduced their price objective on Home Depot from $445.00 to $420.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Finally, Royal Bank of Canada reduced their price objective on Home Depot from $431.00 to $424.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 26th. Ten analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Home Depot presently has an average rating of "Moderate Buy" and an average target price of $430.32.

Home Depot Price Performance

The stock has a market capitalization of $374.41 billion, a price-to-earnings ratio of 25.60, a price-to-earnings-growth ratio of 4.03 and a beta of 1.05. The company has a current ratio of 1.13, a quick ratio of 0.31 and a debt-to-equity ratio of 8.65. The stock has a 50-day simple moving average of $357.77 and a 200 day simple moving average of $388.29.

Home Depot (NYSE:HD - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.09. The business had revenue of $39.70 billion during the quarter, compared to analyst estimates of $39.15 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The firm's revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.82 EPS. On average, equities research analysts forecast that The Home Depot, Inc. will post 15.13 EPS for the current fiscal year.

Home Depot Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a dividend of $2.30 per share. This represents a $9.20 annualized dividend and a dividend yield of 2.44%. This is a positive change from Home Depot's previous quarterly dividend of $2.25. The ex-dividend date of this dividend was Thursday, March 13th. Home Depot's payout ratio is currently 61.66%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Synergy Asset Management LLC bought a new position in Home Depot during the fourth quarter worth $26,000. Wingate Wealth Advisors Inc. bought a new position in Home Depot during the fourth quarter worth $28,000. Navigoe LLC bought a new position in Home Depot during the fourth quarter worth $29,000. Abound Financial LLC bought a new position in Home Depot during the first quarter worth $31,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new position in Home Depot during the fourth quarter worth $32,000. 70.86% of the stock is owned by institutional investors.

About Home Depot

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.