Guggenheim Downgrades Home Depot (NYSE:HD) to Neutral

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Guggenheim cut shares of Home Depot (NYSE:HD) from a buy rating to a neutral rating in a research report report published on Tuesday, 24/7 WallStreet reports.

Other analysts have also recently issued reports about the company. Goldman Sachs Group assumed coverage on Home Depot in a research note on Thursday, July 11th. They issued a buy rating and a $235.00 target price on the stock. Robert W. Baird raised their target price on Home Depot from $220.00 to $230.00 and gave the stock an outperform rating in a research note on Wednesday, August 21st. Stifel Nicolaus raised their target price on Home Depot to $230.00 and gave the stock a buy rating in a research note on Monday, August 12th. Wells Fargo & Co reissued an outperform rating and issued a $235.00 target price (up from $230.00) on shares of Home Depot in a research note on Wednesday, August 21st. Finally, KeyCorp reissued a hold rating on shares of Home Depot in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. Home Depot currently has an average rating of Buy and a consensus target price of $221.39.

NYSE HD opened at $228.12 on Tuesday. The stock has a market capitalization of $252.12 billion, a PE ratio of 23.07, a PEG ratio of 2.13 and a beta of 1.05. Home Depot has a 1 year low of $158.09 and a 1 year high of $235.49. The business’s 50-day moving average is $219.25 and its 200 day moving average is $204.68.

Home Depot (NYSE:HD) last posted its earnings results on Tuesday, August 20th. The home improvement retailer reported $3.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.07 by $0.10. The company had revenue of $30.84 billion for the quarter, compared to analysts’ expectations of $30.98 billion. Home Depot had a negative return on equity of 1,179.69% and a net margin of 10.18%. Home Depot’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the firm earned $3.05 earnings per share. As a group, equities analysts anticipate that Home Depot will post 10.11 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, September 5th were issued a $1.36 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $5.44 annualized dividend and a yield of 2.38%. Home Depot’s dividend payout ratio (DPR) is presently 55.01%.

In other news, CFO Carol B. Tome sold 145,400 shares of Home Depot stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.04, for a total transaction of $31,848,416.00. Following the completion of the transaction, the chief financial officer now directly owns 496,374 shares in the company, valued at $108,725,760.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP William G. Lennie sold 9,200 shares of Home Depot stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $220.05, for a total transaction of $2,024,460.00. Following the transaction, the executive vice president now owns 84,123 shares of the company’s stock, valued at $18,511,266.15. The disclosure for this sale can be found here. Insiders sold 177,508 shares of company stock valued at $39,076,428 over the last 90 days. 0.27% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in HD. Zevin Asset Management LLC lifted its holdings in shares of Home Depot by 7.9% during the fourth quarter. Zevin Asset Management LLC now owns 6,011 shares of the home improvement retailer’s stock valued at $1,033,000 after purchasing an additional 438 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Home Depot by 3.2% during the fourth quarter. Parallel Advisors LLC now owns 16,515 shares of the home improvement retailer’s stock valued at $2,839,000 after purchasing an additional 508 shares during the last quarter. Whitnell & Co. lifted its holdings in shares of Home Depot by 5.2% during the fourth quarter. Whitnell & Co. now owns 12,920 shares of the home improvement retailer’s stock valued at $2,220,000 after purchasing an additional 633 shares during the last quarter. Staley Capital Advisers Inc. lifted its holdings in shares of Home Depot by 4.1% during the fourth quarter. Staley Capital Advisers Inc. now owns 3,450 shares of the home improvement retailer’s stock valued at $593,000 after purchasing an additional 135 shares during the last quarter. Finally, Virtus ETF Advisers LLC purchased a new position in shares of Home Depot during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 69.92% of the company’s stock.

About Home Depot

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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Analyst Recommendations for Home Depot (NYSE:HD)

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