Home Depot (NYSE:HD) Receives "Buy" Rating from Truist Financial

Key Points

• Truist Financial has raised its price target for Home Depot from $417 to $433, indicating a potential 7.58% upside based on its recent stock close.
• Home Depot reported earnings of $3.56 per share, slightly below analyst expectations, but its revenue of $39.86 billion exceeded estimates, showing a 9.4% year-over-year increase.
• In a favorable analyst sentiment, Home Depot has received 20 "buy" ratings, maintaining an average rating of "Moderate Buy" with a consensus target price of $427.38 from multiple analysts.

Home Depot (NYSE:HD - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Truist Financial in a report issued on Wednesday, MarketBeat Ratings reports. They presently have a $433.00 price objective on the home improvement retailer's stock, up from their previous price objective of $417.00. Truist Financial's target price points to a potential upside of 6.82% from the company's previous close.

Several other equities research analysts have also recently weighed in on the stock. Royal Bank Of Canada cut their price objective on shares of Home Depot from $424.00 to $399.00 and set a "sector perform" rating for the company in a research report on Thursday, May 15th. Jefferies Financial Group lowered their target price on Home Depot from $461.00 to $456.00 in a research note on Tuesday, May 20th. DA Davidson lowered their target price on Home Depot from $470.00 to $450.00 in a research note on Tuesday, May 20th. Guggenheim reissued a "buy" rating and set a $450.00 target price on shares of Home Depot in a research note on Wednesday, May 21st. Finally, Wells Fargo & Company set a $420.00 target price on Home Depot and gave the stock an "overweight" rating in a research note on Monday, June 30th. 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $427.38.

Home Depot Stock Performance

Shares of Home Depot stock traded up $9.35 during trading on Wednesday, reaching $405.35. The company's stock had a trading volume of 2,379,842 shares, compared to its average volume of 3,495,486. The business's 50-day moving average price is $368.49 and its 200-day moving average price is $371.95. The firm has a market cap of $403.29 billion, a PE ratio of 27.49, a P/E/G ratio of 3.68 and a beta of 1.00. Home Depot has a 52 week low of $326.31 and a 52 week high of $439.37. The company has a quick ratio of 0.28, a current ratio of 1.09 and a debt-to-equity ratio of 5.95.

Home Depot (NYSE:HD - Get Free Report) last announced 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 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 the consensus estimate of $39.24 billion. During the same period in the previous year, the firm posted $3.63 EPS. The company's revenue was up 9.4% compared to the same quarter last year. Equities analysts forecast that Home Depot will post 15.13 earnings per share for the current year.

Insider Activity at Home Depot

In other news, EVP Teresa Wynn Roseborough sold 5,406 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $369.28, for a total transaction of $1,996,327.68. Following the completion of the sale, the executive vice president owned 17,367 shares of the company's stock, valued at $6,413,285.76. This trade represents a 23.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Fahim Siddiqui sold 2,600 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $367.14, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.10% of the company's stock.

Hedge Funds Weigh In On Home Depot

A number of large investors have recently modified their holdings of HD. Centerpoint Advisory Group lifted its stake in Home Depot by 0.8% during the 2nd quarter. Centerpoint Advisory Group now owns 3,163 shares of the home improvement retailer's stock valued at $1,160,000 after acquiring an additional 26 shares in the last quarter. Disciplined Investors L.L.C. raised its stake in shares of Home Depot by 2.3% during the 2nd quarter. Disciplined Investors L.L.C. now owns 1,178 shares of the home improvement retailer's stock worth $432,000 after purchasing an additional 26 shares during the period. Brio Consultants LLC raised its stake in shares of Home Depot by 4.7% during the 2nd quarter. Brio Consultants LLC now owns 574 shares of the home improvement retailer's stock worth $210,000 after purchasing an additional 26 shares during the period. Client 1ST Advisory Group LLC raised its stake in shares of Home Depot by 1.5% during the 1st quarter. Client 1ST Advisory Group LLC now owns 1,878 shares of the home improvement retailer's stock worth $688,000 after purchasing an additional 27 shares during the period. Finally, BWM Planning LLC raised its stake in shares of Home Depot by 0.7% during the 2nd quarter. BWM Planning LLC now owns 4,105 shares of the home improvement retailer's stock worth $1,505,000 after purchasing an additional 27 shares during the period. 70.86% of the stock is currently 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.