World Asset Management Inc Reduces Stake in The Home Depot, Inc. (NYSE:HD)

World Asset Management Inc lowered its position in The Home Depot, Inc. (NYSE:HD) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,108 shares of the home improvement retailer’s stock after selling 1,056 shares during the period. The Home Depot makes up approximately 0.8% of World Asset Management Inc’s investment portfolio, making the stock its 15th largest holding. World Asset Management Inc’s holdings in The Home Depot were worth $8,644,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of HD. Providence Capital Advisors LLC lifted its holdings in The Home Depot by 2.2% in the second quarter. Providence Capital Advisors LLC now owns 15,783 shares of the home improvement retailer’s stock valued at $5,033,000 after acquiring an additional 343 shares during the period. Clark Capital Management Group Inc. lifted its holdings in The Home Depot by 3.3% in the second quarter. Clark Capital Management Group Inc. now owns 99,872 shares of the home improvement retailer’s stock valued at $31,848,000 after acquiring an additional 3,213 shares during the period. LaFleur & Godfrey LLC lifted its holdings in The Home Depot by 490.0% in the second quarter. LaFleur & Godfrey LLC now owns 13,812 shares of the home improvement retailer’s stock valued at $4,405,000 after acquiring an additional 11,471 shares during the period. GW Henssler & Associates Ltd. lifted its holdings in The Home Depot by 4.7% in the second quarter. GW Henssler & Associates Ltd. now owns 25,494 shares of the home improvement retailer’s stock valued at $8,130,000 after acquiring an additional 1,156 shares during the period. Finally, Frisch Financial Group Inc. lifted its holdings in The Home Depot by 11.3% in the first quarter. Frisch Financial Group Inc. now owns 7,347 shares of the home improvement retailer’s stock valued at $2,243,000 after acquiring an additional 748 shares during the period. Hedge funds and other institutional investors own 68.97% of the company’s stock.

In other news, CEO Craig A. Menear sold 68,468 shares of the stock in a transaction on Friday, August 20th. The stock was sold at an average price of $325.46, for a total transaction of $22,283,595.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hector A. Padilla sold 1,154 shares of the stock in a transaction on Wednesday, August 18th. The stock was sold at an average price of $325.62, for a total value of $375,765.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,622 shares of company stock valued at $24,302,611. 0.18% of the stock is owned by company insiders.

NYSE:HD traded down $1.02 during trading hours on Wednesday, hitting $332.10. The company had a trading volume of 47,785 shares, compared to its average volume of 3,967,680. The company has a current ratio of 1.06, a quick ratio of 0.35 and a debt-to-equity ratio of 16.31. The company has a 50-day moving average of $327.20 and a 200 day moving average of $314.96. The company has a market cap of $350.48 billion, a P/E ratio of 23.43, a P/E/G ratio of 2.00 and a beta of 1.02. The Home Depot, Inc. has a 1 year low of $246.59 and a 1 year high of $345.69.

The Home Depot (NYSE:HD) last issued its earnings results on Monday, August 16th. The home improvement retailer reported $4.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.43 by $0.10. The company had revenue of $41.12 billion during the quarter, compared to analysts’ expectations of $40.74 billion. The Home Depot had a return on equity of 709.19% and a net margin of 10.55%. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the business earned $4.02 EPS. On average, analysts forecast that The Home Depot, Inc. will post 14.45 earnings per share for the current year.

The Home Depot declared that its board has initiated a stock buyback program on Thursday, May 20th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the home improvement retailer to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 16th. Shareholders of record on Thursday, September 2nd will be issued a $1.65 dividend. This represents a $6.60 annualized dividend and a yield of 1.99%. The ex-dividend date is Wednesday, September 1st. The Home Depot’s payout ratio is currently 54.86%.

A number of research analysts have issued reports on HD shares. Piper Sandler boosted their price target on The Home Depot from $290.00 to $310.00 and gave the company a “neutral” rating in a report on Wednesday, May 19th. Loop Capital upped their target price on The Home Depot from $350.00 to $370.00 and gave the stock a “buy” rating in a research note on Wednesday, May 19th. Royal Bank of Canada upped their target price on The Home Depot from $377.00 to $386.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 19th. Morgan Stanley upped their target price on The Home Depot from $340.00 to $345.00 and gave the stock an “overweight” rating in a research note on Monday, May 24th. Finally, Jefferies Financial Group reduced their target price on The Home Depot from $380.00 to $369.00 and set a “buy” rating for the company in a research note on Wednesday, August 18th. Six investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, The Home Depot currently has a consensus rating of “Buy” and an average price target of $339.52.

The Home Depot Profile

The Home Depot, Inc engages in the sale of building materials and home improvement products. Its products include building materials, home improvement products, lawn and garden products and decor products. The firm operates through the following geographical segments: U.S., Canada and Mexico. It offers home improvement installation services, and tool and equipment rental.

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Institutional Ownership by Quarter for The Home Depot (NYSE:HD)

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