Pinnacle West Asset Management Inc. Increases Position in The Home Depot, Inc. (NYSE:HD)

Pinnacle West Asset Management Inc. increased its stake in The Home Depot, Inc. (NYSE:HD) by 0.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,885 shares of the home improvement retailer’s stock after purchasing an additional 75 shares during the period. Home Depot accounts for 2.6% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 7th largest position. Pinnacle West Asset Management Inc.’s holdings in Home Depot were worth $3,600,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in HD. International Assets Investment Management LLC lifted its holdings in shares of Home Depot by 51,250.1% in the 3rd quarter. International Assets Investment Management LLC now owns 8,779,833 shares of the home improvement retailer’s stock worth $35,575,880,000 after purchasing an additional 8,762,735 shares during the last quarter. Wulff Hansen & CO. raised its stake in Home Depot by 33,540.9% during the 2nd quarter. Wulff Hansen & CO. now owns 1,478,855 shares of the home improvement retailer’s stock valued at $509,081,000 after acquiring an additional 1,474,459 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in Home Depot during the 1st quarter valued at $513,016,000. Price T Rowe Associates Inc. MD raised its stake in Home Depot by 15.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,437,805 shares of the home improvement retailer’s stock valued at $2,853,143,000 after acquiring an additional 971,833 shares in the last quarter. Finally, Swedbank AB bought a new stake in Home Depot during the 1st quarter valued at $301,364,000. Institutional investors own 70.86% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. DA Davidson lifted their target price on Home Depot from $430.00 to $466.00 and gave the company a “buy” rating in a research note on Friday. Loop Capital raised Home Depot from a “hold” rating to a “buy” rating and lifted their target price for the company from $360.00 to $460.00 in a research note on Wednesday, October 9th. Daiwa America raised Home Depot to a “hold” rating in a research note on Thursday, August 15th. Truist Financial lifted their target price on Home Depot from $395.00 to $455.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Guggenheim lifted their price target on Home Depot from $390.00 to $450.00 and gave the company a “buy” rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $412.00.

Home Depot Stock Performance

Shares of HD stock opened at $398.97 on Friday. The Home Depot, Inc. has a 1-year low of $274.26 and a 1-year high of $421.56. The company has a current ratio of 1.15, a quick ratio of 0.33 and a debt-to-equity ratio of 11.74. The company has a market capitalization of $396.29 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 2.78 and a beta of 1.00. The stock’s fifty day simple moving average is $389.08 and its 200-day simple moving average is $359.73.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share for the quarter, beating analysts’ consensus estimates of $4.59 by $0.08. Home Depot had a return on equity of 681.27% and a net margin of 9.71%. The business had revenue of $43.18 billion for the quarter, compared to the consensus estimate of $42.57 billion. During the same quarter in the previous year, the company posted $4.65 earnings per share. Home Depot’s revenue for the quarter was up .6% compared to the same quarter last year. On average, sell-side analysts predict that The Home Depot, Inc. will post 15.01 earnings per share for the current fiscal year.

Home Depot Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were issued a dividend of $2.25 per share. The ex-dividend date was Thursday, August 29th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.26%. Home Depot’s dividend payout ratio is 60.57%.

Home Depot Company 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.