Karpus Management Inc. Raises Stock Position in The Home Depot, Inc. (NYSE:HD)

Karpus Management Inc. lifted its stake in shares of The Home Depot, Inc. (NYSE:HD) by 59.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,866 shares of the home improvement retailer’s stock after buying an additional 1,066 shares during the quarter. Karpus Management Inc.’s holdings in The Home Depot were worth $874,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of HD. Elmwood Wealth Management Inc. purchased a new stake in The Home Depot in the 1st quarter valued at $41,000. Grant Street Asset Management Inc. purchased a new stake in The Home Depot in the 4th quarter valued at $42,000. Paradigm Strategies in Wealth Management LLC purchased a new stake in The Home Depot in the 1st quarter valued at $52,000. Tacita Capital Inc purchased a new stake in The Home Depot in the 4th quarter valued at $58,000. Finally, Navis Wealth Advisors LLC purchased a new stake in The Home Depot in the 4th quarter valued at $67,000. Institutional investors and hedge funds own 69.75% of the company’s stock.

In related news, EVP Matt Carey sold 113,138 shares of the firm’s stock in a transaction that occurred on Monday, May 24th. The shares were sold at an average price of $316.00, for a total value of $35,751,608.00. Following the transaction, the executive vice president now owns 78,594 shares in the company, valued at $24,835,704. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.18% of the company’s stock.

Shares of HD stock opened at $326.36 on Thursday. The stock has a market cap of $347.01 billion, a price-to-earnings ratio of 23.80, a P/E/G ratio of 2.03 and a beta of 1.04. The Home Depot, Inc. has a 1-year low of $246.59 and a 1-year high of $345.69. The company has a debt-to-equity ratio of 19.85, a quick ratio of 0.41 and a current ratio of 1.11. The business’s 50-day moving average is $315.86.

The Home Depot (NYSE:HD) last announced its quarterly earnings data on Monday, May 17th. The home improvement retailer reported $3.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.08 by $0.78. The business had revenue of $37.50 billion for the quarter, compared to analyst estimates of $33.68 billion. The Home Depot had a net margin of 10.45% and a return on equity of 963.88%. The company’s revenue was up 32.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.08 EPS. As a group, equities analysts expect that The Home Depot, Inc. will post 14 earnings per share for the current year.

The Home Depot declared that its board has approved a stock buyback plan on Thursday, May 20th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the home improvement retailer to buy up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 17th. Stockholders of record on Thursday, June 3rd were issued a dividend of $1.65 per share. The ex-dividend date was Wednesday, June 2nd. This represents a $6.60 annualized dividend and a dividend yield of 2.02%. The Home Depot’s payout ratio is currently 54.86%.

A number of brokerages have commented on HD. Piper Sandler upped their price objective on shares of The Home Depot from $290.00 to $310.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 19th. Royal Bank of Canada upped their price objective on shares of The Home Depot from $377.00 to $386.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 19th. Zelman & Associates downgraded shares of The Home Depot from a “buy” rating to a “hold” rating in a research report on Thursday, April 15th. Zacks Investment Research downgraded shares of The Home Depot from a “strong-buy” rating to a “hold” rating and set a $338.00 price objective for the company. in a research report on Tuesday. Finally, Jefferies Financial Group increased their price objective on shares of The Home Depot from $325.00 to $374.00 and gave the company a “buy” rating in a research note on Friday, May 14th. Six investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $331.89.

The 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, building materials, lawn and garden products, and décor 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 The Home Depot (NYSE:HD)

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