Ledyard National Bank Lowers Holdings in The Home Depot, Inc. (NYSE:HD)

Ledyard National Bank trimmed its stake in The Home Depot, Inc. (NYSE:HD) by 1.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,758 shares of the home improvement retailer’s stock after selling 572 shares during the period. Home Depot accounts for 1.2% of Ledyard National Bank’s portfolio, making the stock its 22nd largest position. Ledyard National Bank’s holdings in Home Depot were worth $12,372,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in HD. Norges Bank bought a new position in shares of Home Depot in the 4th quarter worth $5,032,910,000. GAMMA Investing LLC raised its position in shares of Home Depot by 39,194.1% in the 1st quarter. GAMMA Investing LLC now owns 10,236,903 shares of the home improvement retailer’s stock worth $37,517,230,000 after acquiring an additional 10,210,851 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Home Depot in the 4th quarter worth $2,212,546,000. Proficio Capital Partners LLC raised its position in shares of Home Depot by 21,394.9% in the 4th quarter. Proficio Capital Partners LLC now owns 2,039,862 shares of the home improvement retailer’s stock worth $793,486,000 after acquiring an additional 2,030,372 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Home Depot by 13.3% in the 4th quarter. Northern Trust Corp now owns 12,149,890 shares of the home improvement retailer’s stock worth $4,726,186,000 after acquiring an additional 1,424,857 shares in the last quarter. 70.86% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on HD shares. KGI Securities raised Home Depot to a “strong-buy” rating in a research report on Monday, March 3rd. Gordon Haskett upped their target price on Home Depot from $350.00 to $360.00 in a research report on Tuesday, May 20th. Piper Sandler reduced their target price on Home Depot from $435.00 to $418.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. Stifel Nicolaus raised Home Depot from a “hold” rating to a “buy” rating and upped their target price for the company from $405.00 to $425.00 in a research report on Wednesday, May 21st. Finally, TD Securities lowered Home Depot to a “buy” rating in a research report on Monday, June 2nd. Seven analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $426.77.

Home Depot Stock Up 2.1%

Shares of HD opened at $356.84 on Tuesday. The Home Depot, Inc. has a 52 week low of $326.31 and a 52 week high of $439.37. The company has a quick ratio of 0.28, a current ratio of 1.09 and a debt-to-equity ratio of 5.95. The company has a market capitalization of $355.03 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 3.32 and a beta of 1.02. The stock’s 50-day moving average price is $362.65 and its 200-day moving average price is $378.90.

Home Depot (NYSE:HD) last issued its earnings results on Tuesday, May 20th. The home improvement retailer reported $3.56 EPS for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.03). Home Depot had a return on equity of 242.51% and a net margin of 8.98%. The company had revenue of $39.86 billion during the quarter, compared to analysts’ expectations of $39.24 billion. During the same quarter in the previous year, the company earned $3.63 EPS. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts predict that The Home Depot, Inc. will post 15.13 EPS for the current year.

Home Depot Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Thursday, June 5th were paid a $2.30 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.58%. Home Depot’s payout ratio is 62.42%.

Insider Transactions at Home Depot

In other Home Depot news, EVP Fahim Siddiqui sold 2,600 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $367.14, for a total transaction of $954,564.00. Following the transaction, the executive vice president now owns 7,951 shares in the company, valued at approximately $2,919,130.14. This represents a 24.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Teresa Wynn Roseborough sold 5,406 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 17,367 shares in the company, valued at $6,413,285.76. This represents a 23.74% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.

Home Depot Profile

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.