Pinebridge Investments L.P. Sells 170,389 Shares of The Home Depot, Inc. (NYSE:HD)

Pinebridge Investments L.P. cut its holdings in The Home Depot, Inc. (NYSE:HD - Free Report) by 65.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,743 shares of the home improvement retailer's stock after selling 170,389 shares during the period. Pinebridge Investments L.P.'s holdings in Home Depot were worth $35,298,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Home Depot during the fourth quarter valued at $5,032,910,000. Raymond James Financial Inc. acquired a new position in Home Depot in the fourth quarter valued at about $2,212,546,000. Proficio Capital Partners LLC raised its holdings in shares of Home Depot by 21,394.9% during the fourth quarter. Proficio Capital Partners LLC now owns 2,039,862 shares of the home improvement retailer's stock worth $793,486,000 after acquiring an additional 2,030,372 shares during the period. Vanguard Group Inc. lifted its stake in Home Depot by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 95,763,752 shares of the home improvement retailer's stock valued at $37,251,142,000 after acquiring an additional 875,836 shares in the last quarter. Finally, APG Asset Management N.V. increased its position in shares of Home Depot by 559.5% in the fourth quarter. APG Asset Management N.V. now owns 1,032,082 shares of the home improvement retailer's stock valued at $387,706,000 after acquiring an additional 875,591 shares during the last quarter. Institutional investors own 70.86% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Piper Sandler reduced their price target on Home Depot from $435.00 to $418.00 and set an "overweight" rating for the company in a research note on Monday, March 24th. KGI Securities raised Home Depot to a "strong-buy" rating in a report on Monday, March 3rd. Hsbc Global Res raised Home Depot from a "moderate sell" rating to a "hold" rating in a research note on Wednesday, February 26th. HSBC upgraded shares of Home Depot from a "reduce" rating to a "hold" rating and lifted their price objective for the company from $356.00 to $410.00 in a report on Wednesday, February 26th. Finally, Truist Financial reduced their target price on Home Depot from $437.00 to $391.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Ten equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Home Depot currently has a consensus rating of "Moderate Buy" and an average target price of $434.08.

Home Depot Price Performance

Shares of HD traded down $2.02 during mid-day trading on Friday, reaching $357.62. 2,810,233 shares of the company's stock were exchanged, compared to its average volume of 3,462,273. The company has a market cap of $355.49 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 4.03 and a beta of 1.09. The company has a 50-day simple moving average of $364.88 and a two-hundred day simple moving average of $392.79. The Home Depot, Inc. has a 52-week low of $323.77 and a 52-week high of $439.37. The company has a quick ratio of 0.31, a current ratio of 1.13 and a debt-to-equity ratio of 8.65.

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

Home Depot Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were given a dividend of $2.30 per share. The ex-dividend date was Thursday, March 13th. This is an increase from Home Depot's previous quarterly dividend of $2.25. This represents a $9.20 dividend on an annualized basis and a yield of 2.57%. Home Depot's payout ratio is presently 61.66%.

Home Depot Company Profile

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.