Truist Securities Upgrades Home Depot (NYSE:HD) to Buy

Home Depot (NYSE:HD) was upgraded by investment analysts at Truist Securities from a “hold” rating to a “buy” rating in a research note issued on Thursday, Stock Target Advisor reports. The firm presently has a $448.00 target price on the home improvement retailer’s stock, up from their previous target price of $420.00. Truist Securities’ price objective would indicate a potential upside of 20.43% from the stock’s previous close. Truist Securities also issued estimates for Home Depot’s Q1 2024 earnings at $3.87 EPS, Q2 2024 earnings at $5.32 EPS, Q3 2024 earnings at $4.56 EPS and FY2024 earnings at $17.45 EPS.

A number of other analysts also recently commented on the company. Guggenheim upped their target price on Home Depot from $350.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, November 17th. Jefferies Financial Group upped their target price on Home Depot from $369.00 to $455.00 and gave the stock a “buy” rating in a research note on Wednesday, November 17th. DA Davidson upped their target price on Home Depot from $395.00 to $420.00 in a research note on Thursday, December 30th. Oppenheimer raised Home Depot from a “market perform” rating to an “outperform” rating and set a $470.00 price target for the company in a report on Monday, December 6th. Finally, Credit Suisse Group upped their price target on Home Depot from $357.00 to $450.00 and gave the stock an “outperform” rating in a report on Thursday, November 18th. Five investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, Home Depot presently has a consensus rating of “Buy” and an average target price of $419.16.

Home Depot stock opened at $372.00 on Thursday. The company has a debt-to-equity ratio of 35.47, a quick ratio of 0.37 and a current ratio of 1.13. The business’s 50-day simple moving average is $398.55 and its two-hundred day simple moving average is $357.14. The company has a market cap of $388.46 billion, a PE ratio of 24.87, a PEG ratio of 2.06 and a beta of 0.98. Home Depot has a fifty-two week low of $246.59 and a fifty-two week high of $420.61.

Home Depot (NYSE:HD) last issued its earnings results on Tuesday, November 16th. The home improvement retailer reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.51. Home Depot had a return on equity of 786.90% and a net margin of 10.79%. The firm had revenue of $36.82 billion for the quarter, compared to the consensus estimate of $34.87 billion. During the same quarter in the prior year, the business earned $3.18 earnings per share. The company’s revenue was up 9.8% compared to the same quarter last year. As a group, analysts predict that Home Depot will post 15.49 EPS for the current fiscal year.

In related news, EVP Teresa Wynn Roseborough sold 18,878 shares of the stock in a transaction that occurred on Wednesday, November 17th. The stock was sold at an average price of $395.19, for a total value of $7,460,396.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Richard V. Mcphail sold 14,544 shares of the stock in a transaction that occurred on Wednesday, November 17th. The stock was sold at an average price of $392.83, for a total value of $5,713,319.52. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in HD. Amundi purchased a new position in shares of Home Depot during the second quarter worth $1,029,293,000. Jennison Associates LLC boosted its position in shares of Home Depot by 84.7% during the third quarter. Jennison Associates LLC now owns 3,983,358 shares of the home improvement retailer’s stock worth $1,307,577,000 after buying an additional 1,826,227 shares during the period. Nordea Investment Management AB raised its stake in shares of Home Depot by 104.8% in the third quarter. Nordea Investment Management AB now owns 3,147,694 shares of the home improvement retailer’s stock valued at $1,054,478,000 after acquiring an additional 1,611,109 shares in the last quarter. Liberty Wealth Management LLC raised its stake in shares of Home Depot by 32,444.6% in the second quarter. Liberty Wealth Management LLC now owns 616,070 shares of the home improvement retailer’s stock valued at $1,932,000 after acquiring an additional 614,177 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Home Depot by 11.4% in the third quarter. UBS Asset Management Americas Inc. now owns 5,903,692 shares of the home improvement retailer’s stock valued at $1,937,946,000 after acquiring an additional 605,827 shares in the last quarter. Institutional investors and hedge funds own 69.53% of the company’s stock.

Home Depot Company 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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