Norges Bank Makes New $5.03 Billion Investment in The Home Depot, Inc. (NYSE:HD)

Norges Bank bought a new stake in The Home Depot, Inc. (NYSE:HD - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 12,938,405 shares of the home improvement retailer's stock, valued at approximately $5,032,910,000. Home Depot makes up approximately 0.7% of Norges Bank's investment portfolio, making the stock its 22nd largest position. Norges Bank owned about 1.30% of Home Depot as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Synergy Asset Management LLC bought a new position in shares of Home Depot in the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Home Depot during the 4th quarter worth approximately $28,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Home Depot in the 4th quarter valued at approximately $32,000. Sellwood Investment Partners LLC bought a new position in shares of Home Depot in the fourth quarter valued at $39,000. Finally, NewSquare Capital LLC raised its position in Home Depot by 200.0% during the fourth quarter. NewSquare Capital LLC now owns 102 shares of the home improvement retailer's stock worth $40,000 after acquiring an additional 68 shares in the last quarter. 70.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. KGI Securities raised shares of Home Depot to a "strong-buy" rating in a report on Monday, March 3rd. Truist Financial cut their target price on shares of Home Depot from $467.00 to $437.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Telsey Advisory Group reiterated an "outperform" rating and issued a $455.00 price target on shares of Home Depot in a research note on Wednesday, February 26th. Wedbush restated an "outperform" rating and set a $440.00 price objective on shares of Home Depot in a research report on Wednesday, February 26th. Finally, Royal Bank of Canada decreased their target price on Home Depot from $431.00 to $424.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Nine research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Home Depot currently has a consensus rating of "Moderate Buy" and an average target price of $435.85.

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Home Depot Trading Down 1.3 %

Home Depot stock traded down $4.87 during trading hours on Friday, hitting $357.86. The stock had a trading volume of 2,979,134 shares, compared to its average volume of 3,449,521. The stock has a market cap of $355.72 billion, a price-to-earnings ratio of 24.31, a P/E/G ratio of 4.03 and a beta of 1.09. The company has a quick ratio of 0.31, a current ratio of 1.13 and a debt-to-equity ratio of 8.65. The business's 50 day simple moving average is $389.98 and its 200-day simple moving average is $398.80. The Home Depot, Inc. has a one year low of $323.77 and a one year high of $439.37.

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

Home Depot Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were paid a $2.30 dividend. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.57%. This is a positive change from Home Depot's previous quarterly dividend of $2.25. The ex-dividend date was Thursday, March 13th. Home Depot's dividend payout ratio (DPR) is 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.