Pitti Group Wealth Management LLC Grows Stock Position in The Home Depot, Inc. (NYSE:HD)

Pitti Group Wealth Management LLC grew its holdings in shares of The Home Depot, Inc. (NYSE:HD) by 5.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,303 shares of the home improvement retailer’s stock after purchasing an additional 66 shares during the quarter. Pitti Group Wealth Management LLC’s holdings in Home Depot were worth $507,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Parallel Advisors LLC increased its position in shares of Home Depot by 1.4% during the 4th quarter. Parallel Advisors LLC now owns 29,650 shares of the home improvement retailer’s stock valued at $11,534,000 after purchasing an additional 406 shares during the last quarter. Cibc World Markets Corp increased its position in shares of Home Depot by 6.8% during the 4th quarter. Cibc World Markets Corp now owns 298,124 shares of the home improvement retailer’s stock valued at $115,967,000 after purchasing an additional 18,950 shares during the last quarter. Gray Wealth Management Inc. purchased a new stake in shares of Home Depot during the 4th quarter valued at about $228,000. IMG Wealth Management Inc. purchased a new stake in shares of Home Depot during the 4th quarter valued at about $152,000. Finally, GLOBALT Investments LLC GA increased its position in shares of Home Depot by 1.0% during the 4th quarter. GLOBALT Investments LLC GA now owns 10,518 shares of the home improvement retailer’s stock valued at $4,091,000 after purchasing an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 70.86% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. HSBC raised shares of Home Depot from a “reduce” rating to a “hold” rating and increased their target price for the stock from $356.00 to $410.00 in a report on Wednesday, February 26th. Wells Fargo & Company increased their target price on shares of Home Depot from $440.00 to $450.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Piper Sandler reduced their target price on shares of Home Depot from $455.00 to $435.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. JPMorgan Chase & Co. increased their target price on shares of Home Depot from $450.00 to $475.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $455.00 target price on shares of Home Depot in a report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $436.50.

Home Depot Trading Up 1.1 %

HD opened at $351.16 on Monday. The stock has a market cap of $348.83 billion, a price-to-earnings ratio of 23.86, a P/E/G ratio of 4.03 and a beta of 1.09. The stock’s 50 day moving average price is $397.43 and its 200-day moving average price is $399.63. The Home Depot, Inc. has a one year low of $323.77 and a one year high of $439.37. The company has a debt-to-equity ratio of 8.65, a quick ratio of 0.31 and a current ratio of 1.13.

Home Depot (NYSE:HD) last released its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 EPS for the quarter, beating analysts’ consensus estimates of $3.04 by $0.09. The firm had revenue of $39.70 billion for the quarter, compared to analysts’ expectations of $39.15 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The company’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.82 earnings per share. On average, equities analysts forecast that The Home Depot, Inc. will post 15.13 EPS for the current year.

Home Depot Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a dividend of $2.30 per share. This is a boost from Home Depot’s previous quarterly dividend of $2.25. The ex-dividend date is Thursday, March 13th. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.62%. Home Depot’s dividend payout ratio is currently 61.66%.

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.