Brown Capital Management LLC has significantly reduced its stake in The Home Depot, Inc. (NYSE:HD), selling 3,569 shares and lowering its holdings by 71.9% during the second quarter. The firm now owns 1,395 shares, valued at approximately $511,000, according to a recent disclosure with the Securities and Exchange Commission.
This shift in ownership reflects broader trends in institutional investment surrounding Home Depot. Other firms have also adjusted their positions. For instance, Centerpoint Advisory Group increased its stake by 0.8%, now holding 3,163 shares worth $1.16 million after acquiring an additional 26 shares. Similarly, Disciplined Investors L.L.C. grew its position by 2.3%, now owning 1,178 shares valued at $432,000 following a recent purchase.
BWM Planning LLC and Client 1ST Advisory Group LLC also made notable adjustments, raising their stakes by 0.7% and 1.5%, respectively. Collectively, hedge funds and institutional investors own 70.86% of Home Depot’s stock, indicating strong institutional confidence in the home improvement retailer.
Current Stock Performance and Dividend Announcement
As of the latest trading session, Home Depot shares opened at $350.66. The company has experienced fluctuations over the past year, with a low of $326.31 and a high of $436.36. Home Depot’s market capitalization stands at $349.09 billion, with a P/E ratio of 23.90 and a beta of 1.06.
In a recent announcement, Home Depot declared a quarterly dividend of $2.30 per share, which will be distributed on December 18, 2023, to shareholders of record on December 4, 2023. This amounts to an annualized dividend of $9.20 and a yield of 2.6%. The company’s dividend payout ratio currently stands at 62.71%, reflecting its commitment to returning value to shareholders.
Insider Transactions and Analyst Ratings
In other developments, Home Depot’s Executive Vice President, William D. Bastek, sold 2,303 shares on September 12, 2023, at an average price of $423.12, totaling approximately $974,445.36. Following this transaction, Bastek retains 24,235 shares, valued at about $10.25 million. This sale reflects an 8.68% decrease in his ownership stake.
Analyst sentiment towards Home Depot remains varied but generally positive. Oppenheimer recently raised its price target from $400.00 to $420.00, maintaining a “market perform” rating. Conversely, Jefferies Financial Group reduced its price objective from $474.00 to $438.00, while Daiwa Capital Markets adjusted its target from $399.00 to $348.00.
MarketBeat.com notes that of the analysts covering Home Depot, 21 have issued a Buy rating, 11 have a Hold rating, and two have a Sell rating. The consensus rating is categorized as a “Moderate Buy,” with an average target price of $403.93.
Home Depot continues to operate as a leading home improvement retailer, offering an extensive range of building materials, home improvement products, and installation services across the United States and internationally.
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