The Home Depot, Inc. (NYSE:HD) Stake Lowered by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. cut its position in The Home Depot, Inc. (NYSE:HD - Free Report) by 10.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,934 shares of the home improvement retailer's stock after selling 3,531 shares during the quarter. Home Depot accounts for 1.0% of Covington Investment Advisors Inc.'s portfolio, making the stock its 21st largest position. Covington Investment Advisors Inc.'s holdings in Home Depot were worth $11,644,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Providence Capital Advisors LLC raised its position in shares of Home Depot by 1.2% in the 4th quarter. Providence Capital Advisors LLC now owns 21,843 shares of the home improvement retailer's stock valued at $8,497,000 after purchasing an additional 269 shares in the last quarter. Norges Bank bought a new position in Home Depot during the 4th quarter valued at $5,032,910,000. Caisse Des Depots ET Consignations acquired a new position in Home Depot during the 4th quarter worth $9,247,000. Blair William & Co. IL increased its position in shares of Home Depot by 0.4% in the 4th quarter. Blair William & Co. IL now owns 755,641 shares of the home improvement retailer's stock worth $293,937,000 after purchasing an additional 2,716 shares during the last quarter. Finally, LM Advisors LLC raised its stake in shares of Home Depot by 111.6% in the 4th quarter. LM Advisors LLC now owns 5,095 shares of the home improvement retailer's stock valued at $1,982,000 after purchasing an additional 2,687 shares in the last quarter. Hedge funds and other institutional investors own 70.86% of the company's stock.

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Analyst Upgrades and Downgrades

Several analysts have issued reports on HD shares. Wedbush restated an "outperform" rating and set a $440.00 price objective on shares of Home Depot in a research note on Wednesday, February 26th. Robert W. Baird decreased their price objective on shares of Home Depot from $440.00 to $430.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Royal Bank of Canada dropped their target price on shares of Home Depot from $431.00 to $424.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. Truist Financial decreased their price target on shares of Home Depot from $467.00 to $437.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Home Depot from $450.00 to $475.00 and gave the stock an "overweight" rating in a report on Monday, February 10th. Nine investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $435.85.

Home Depot Trading Up 1.5 %

NYSE HD traded up $5.33 on Monday, hitting $363.48. 1,090,125 shares of the company were exchanged, compared to its average volume of 3,440,460. The company has a debt-to-equity ratio of 8.65, a current ratio of 1.13 and a quick ratio of 0.31. The Home Depot, Inc. has a twelve month low of $323.77 and a twelve month high of $439.37. The firm has a market capitalization of $361.31 billion, a P/E ratio of 24.73, a price-to-earnings-growth ratio of 4.03 and a beta of 1.09. The company's 50 day moving average price is $389.98 and its 200-day moving average price is $398.99.

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

Home Depot Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a $2.30 dividend. This is an increase from Home Depot's previous quarterly dividend of $2.25. This represents a $9.20 annualized dividend and a yield of 2.53%. The ex-dividend date was Thursday, March 13th. Home Depot's dividend payout ratio is currently 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.