Home Depot (NYSE:HD) Sets New 12-Month High After Better-Than-Expected Earnings

Shares of Home Depot Inc (NYSE:HD) reached a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $219.88 and last traded at $218.78, with a volume of 2906244 shares trading hands. The stock had previously closed at $217.09.

The home improvement retailer reported $3.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.07 by $0.10. The business had revenue of $30.84 billion for the quarter, compared to the consensus estimate of $30.98 billion. Home Depot had a net margin of 10.24% and a negative return on equity of 6,597.69%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.05 EPS.

A number of brokerages have issued reports on HD. Wedbush reissued a “neutral” rating and set a $230.00 price objective (up from $190.00) on shares of Home Depot in a research report on Wednesday. Credit Suisse Group boosted their price objective on shares of Home Depot from $192.00 to $213.00 and gave the company a “neutral” rating in a research report on Tuesday. Zacks Investment Research raised shares of Home Depot from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $192.00 target price on shares of Home Depot in a research report on Wednesday, May 1st. Finally, Wells Fargo & Co reaffirmed an “outperform” rating and issued a $235.00 target price (up from $230.00) on shares of Home Depot in a research report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $218.61.

In related news, CFO Carol B. Tome sold 26,334 shares of the stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $189.17, for a total transaction of $4,981,602.78. Following the sale, the chief financial officer now directly owns 519,253 shares of the company’s stock, valued at approximately $98,227,090.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matt Carey sold 34,688 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $202.09, for a total transaction of $7,010,097.92. Following the sale, the executive vice president now directly owns 81,982 shares in the company, valued at $16,567,742.38. The disclosure for this sale can be found here. Insiders sold a total of 82,522 shares of company stock worth $16,156,831 over the last ninety days. Insiders own 0.27% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Transamerica Financial Advisors Inc. purchased a new stake in Home Depot during the 2nd quarter valued at about $484,000. Empire Life Investments Inc. lifted its stake in Home Depot by 40.6% during the 2nd quarter. Empire Life Investments Inc. now owns 668 shares of the home improvement retailer’s stock valued at $138,000 after acquiring an additional 193 shares during the period. Cresset Asset Management LLC lifted its stake in Home Depot by 0.6% during the 2nd quarter. Cresset Asset Management LLC now owns 12,223 shares of the home improvement retailer’s stock valued at $2,542,000 after acquiring an additional 73 shares during the period. Global Wealth Management Investment Advisory Inc. lifted its stake in Home Depot by 6.5% during the 2nd quarter. Global Wealth Management Investment Advisory Inc. now owns 14,653 shares of the home improvement retailer’s stock valued at $3,047,000 after acquiring an additional 900 shares during the period. Finally, Barings LLC lifted its stake in Home Depot by 34.2% during the 2nd quarter. Barings LLC now owns 30,649 shares of the home improvement retailer’s stock valued at $6,374,000 after acquiring an additional 7,806 shares during the period. 69.35% of the stock is currently owned by institutional investors.

The firm has a market cap of $224.07 billion, a P/E ratio of 22.14, a PEG ratio of 1.88 and a beta of 1.12. The company’s 50 day simple moving average is $211.98 and its 200-day simple moving average is $199.02.

Home Depot Company Profile (NYSE:HD)

The Home Depot, Inc operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, lawn and garden products, and décor products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself and professional customers.

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