Fortitude Advisory Group L.L.C. Decreases Stake in The Home Depot, Inc. (NYSE:HD)

Fortitude Advisory Group L.L.C. cut its stake in shares of The Home Depot, Inc. (NYSE:HD) by 24.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 740 shares of the home improvement retailer’s stock after selling 235 shares during the quarter. Fortitude Advisory Group L.L.C.’s holdings in Home Depot were worth $256,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in HD. Conestoga Capital Advisors LLC lifted its position in Home Depot by 15.0% during the 1st quarter. Conestoga Capital Advisors LLC now owns 650 shares of the home improvement retailer’s stock worth $238,000 after acquiring an additional 85 shares during the period. Stephens Consulting LLC raised its stake in shares of Home Depot by 13.6% in the first quarter. Stephens Consulting LLC now owns 938 shares of the home improvement retailer’s stock worth $344,000 after purchasing an additional 112 shares during the last quarter. Grove Bank & Trust raised its stake in shares of Home Depot by 11.9% in the first quarter. Grove Bank & Trust now owns 9,287 shares of the home improvement retailer’s stock worth $3,404,000 after purchasing an additional 985 shares during the last quarter. Stockman Wealth Management Inc. lifted its holdings in shares of Home Depot by 4.2% during the first quarter. Stockman Wealth Management Inc. now owns 21,322 shares of the home improvement retailer’s stock worth $7,814,000 after purchasing an additional 865 shares during the period. Finally, Claris Advisors LLC MO purchased a new stake in Home Depot in the first quarter valued at approximately $500,000. 70.86% of the stock is owned by institutional investors and hedge funds.

Home Depot Stock Down 0.3%

Shares of NYSE HD opened at $353.59 on Tuesday. The firm has a market cap of $351.79 billion, a price-to-earnings ratio of 24.02, a price-to-earnings-growth ratio of 4.03 and a beta of 1.02. The company’s 50-day simple moving average is $363.12 and its 200-day simple moving average is $381.65. The company has a quick ratio of 0.31, a current ratio of 1.13 and a debt-to-equity ratio of 8.65. The Home Depot, Inc. has a 52-week low of $326.31 and a 52-week high of $439.37.

Home Depot (NYSE:HD) last posted its quarterly earnings data on Tuesday, May 20th. The home improvement retailer reported $3.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.59 by ($0.03). Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The firm had revenue of $39.86 billion during the quarter, compared to analyst estimates of $39.24 billion. During the same quarter in the previous year, the firm posted $3.63 earnings per share. The company’s quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts predict that The Home Depot, Inc. will post 15.13 EPS for the current fiscal year.

Home Depot Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Thursday, June 5th will be issued a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Thursday, June 5th. Home Depot’s payout ratio is 62.42%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. KGI Securities raised shares of Home Depot to a “strong-buy” rating in a research report on Monday, March 3rd. Jefferies Financial Group reduced their target price on shares of Home Depot from $461.00 to $456.00 in a report on Tuesday, May 20th. Robert W. Baird lowered their price target on shares of Home Depot from $430.00 to $425.00 and set an “outperform” rating on the stock in a report on Wednesday, May 21st. Morgan Stanley reaffirmed an “overweight” rating and set a $415.00 price target (up from $410.00) on shares of Home Depot in a research report on Tuesday, May 20th. Finally, Guggenheim reiterated a “buy” rating and set a $450.00 price objective on shares of Home Depot in a research note on Wednesday, May 21st. Seven research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $426.77.

Insider Activity

In other Home Depot news, EVP Fahim Siddiqui sold 2,600 shares of the company’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $367.14, for a total value of $954,564.00. Following the completion of the sale, the executive vice president now directly owns 7,951 shares in the company, valued at $2,919,130.14. This represents a 24.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Teresa Wynn Roseborough sold 5,406 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $369.28, for a total value of $1,996,327.68. Following the completion of the sale, the executive vice president now directly owns 17,367 shares of the company’s stock, valued at $6,413,285.76. This trade represents a 23.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.

About Home Depot

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.