Pinnacle Associates Ltd. Sells 12,524 Shares of Home Depot Inc (NYSE:HD)

Pinnacle Associates Ltd. cut its holdings in shares of Home Depot Inc (NYSE:HD) by 8.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,034 shares of the home improvement retailer’s stock after selling 12,524 shares during the period. Pinnacle Associates Ltd.’s holdings in Home Depot were worth $24,279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Nicholas Investment Partners LP bought a new position in Home Depot during the first quarter worth about $895,000. Cornerstone Wealth Management LLC lifted its holdings in shares of Home Depot by 10.2% in the first quarter. Cornerstone Wealth Management LLC now owns 3,099 shares of the home improvement retailer’s stock valued at $579,000 after purchasing an additional 286 shares in the last quarter. Summit X LLC lifted its holdings in shares of Home Depot by 7.2% in the first quarter. Summit X LLC now owns 5,908 shares of the home improvement retailer’s stock valued at $1,096,000 after purchasing an additional 398 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Home Depot by 35.3% in the first quarter. Franklin Resources Inc. now owns 667,942 shares of the home improvement retailer’s stock valued at $124,710,000 after purchasing an additional 174,371 shares in the last quarter. Finally, JustInvest LLC bought a new stake in shares of Home Depot in the first quarter valued at about $1,605,000. Hedge funds and other institutional investors own 69.85% of the company’s stock.

Shares of NYSE:HD traded down $1.41 during trading on Wednesday, reaching $251.30. 2,828,136 shares of the stock were exchanged, compared to its average volume of 5,538,169. Home Depot Inc has a 12 month low of $140.63 and a 12 month high of $252.72. The firm has a market cap of $270.03 billion, a PE ratio of 24.96, a PEG ratio of 2.28 and a beta of 1.06. The stock has a 50-day moving average price of $226.10 and a 200-day moving average price of $220.08.

Home Depot (NYSE:HD) last issued its quarterly earnings data on Tuesday, May 19th. The home improvement retailer reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.19). Home Depot had a negative return on equity of 496.11% and a net margin of 9.79%. The firm had revenue of $28.26 billion for the quarter, compared to the consensus estimate of $27.59 billion. During the same quarter in the prior year, the firm earned $2.27 EPS. The company’s revenue was up 7.1% on a year-over-year basis. On average, analysts anticipate that Home Depot Inc will post 9.81 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Wednesday, June 3rd. Home Depot’s dividend payout ratio is presently 58.54%.

A number of analysts have recently commented on the company. Jefferies Financial Group boosted their price target on Home Depot from $228.00 to $269.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Morgan Stanley boosted their price target on Home Depot from $215.00 to $245.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Bank of America boosted their price target on Home Depot from $238.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, May 19th. Robert W. Baird lifted their target price on Home Depot from $215.00 to $265.00 and gave the company an “outperform” rating in a research report on Monday, May 18th. Finally, Telsey Advisory Group lifted their target price on Home Depot from $220.00 to $250.00 and gave the company a “market perform” rating in a research report on Wednesday, May 20th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $252.03.

In related news, EVP William G. Lennie sold 9,848 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $234.34, for a total value of $2,307,780.32. Following the completion of the sale, the executive vice president now directly owns 37,995 shares in the company, valued at $8,903,748.30. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP William G. Lennie sold 17,993 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $236.02, for a total value of $4,246,707.86. Following the completion of the sale, the executive vice president now owns 54,405 shares of the company’s stock, valued at $12,840,668.10. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

Home Depot Profile

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 d├ęcor products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself and professional customers.

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Institutional Ownership by Quarter for Home Depot (NYSE:HD)

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