Home Depot’s (HD) Buy Rating Reiterated at Morgan Stanley

Home Depot (NYSE:HD)‘s stock had its “buy” rating reissued by equities research analysts at Morgan Stanley in a research report issued on Wednesday, AnalystRatings.com reports. They presently have a $305.00 price target on the home improvement retailer’s stock. Morgan Stanley’s price objective indicates a potential upside of 11.59% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. DA Davidson initiated coverage on Home Depot in a report on Friday, August 14th. They set a “neutral” rating and a $290.00 price target for the company. They noted that the move was a valuation call. Nomura lifted their target price on Home Depot from $252.00 to $266.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. UBS Group lifted their target price on Home Depot from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Bank of America upgraded Home Depot from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $290.00 to $330.00 in a report on Wednesday, August 19th. Finally, Zacks Investment Research upgraded Home Depot from a “hold” rating to a “buy” rating and set a $261.00 target price for the company in a report on Monday, June 1st. Eight investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $286.72.

NYSE HD traded up $0.02 during trading on Wednesday, hitting $273.33. 28,207 shares of the stock traded hands, compared to its average volume of 5,168,262. The company has a market capitalization of $294.21 billion, a P/E ratio of 25.18, a price-to-earnings-growth ratio of 2.12 and a beta of 1.09. The firm has a 50-day simple moving average of $278.39 and a 200-day simple moving average of $241.07. Home Depot has a 12-month low of $140.63 and a 12-month high of $292.95.

Home Depot (NYSE:HD) last released its quarterly earnings results on Tuesday, August 18th. The home improvement retailer reported $4.02 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.82. The business had revenue of $38.05 billion during the quarter, compared to analysts’ expectations of $32.13 billion. Home Depot had a negative return on equity of 583.91% and a net margin of 9.91%. The firm’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.17 EPS. Equities analysts forecast that Home Depot will post 11.3 EPS for the current fiscal year.

In other news, EVP Matt Carey sold 50,478 shares of the business’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $276.43, for a total value of $13,953,633.54. Following the completion of the transaction, the executive vice president now directly owns 62,735 shares of the company’s stock, valued at approximately $17,341,836.05. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP William G. Lennie sold 13,199 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $283.22, for a total value of $3,738,220.78. Following the completion of the transaction, the executive vice president now directly owns 49,736 shares of the company’s stock, valued at $14,086,229.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 119,304 shares of company stock valued at $32,088,591. Corporate insiders own 0.26% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Home Depot by 6.7% during the 2nd quarter. Vanguard Group Inc. now owns 91,547,627 shares of the home improvement retailer’s stock valued at $22,933,597,000 after buying an additional 5,714,595 shares in the last quarter. Capital Research Global Investors grew its stake in Home Depot by 28.6% during the 1st quarter. Capital Research Global Investors now owns 21,071,595 shares of the home improvement retailer’s stock valued at $3,934,286,000 after purchasing an additional 4,690,072 shares during the last quarter. Advisor Group Holdings Inc. purchased a new stake in Home Depot during the 1st quarter valued at about $77,291,000. Wellington Management Group LLP grew its stake in Home Depot by 18.8% during the 1st quarter. Wellington Management Group LLP now owns 22,254,517 shares of the home improvement retailer’s stock valued at $4,155,141,000 after purchasing an additional 3,515,402 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in Home Depot by 99.8% during the 2nd quarter. Nordea Investment Management AB now owns 3,158,138 shares of the home improvement retailer’s stock valued at $780,250,000 after purchasing an additional 1,577,704 shares during the last quarter. 69.00% of the stock is owned by hedge funds and other institutional investors.

Home Depot Company 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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Analyst Recommendations for Home Depot (NYSE:HD)

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