NewEdge Wealth LLC has increased its holdings in The Home Depot, Inc. (NYSE: HD) by 1.8% during the third quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission, the institutional investor now owns 197,401 shares of the home improvement retailer after acquiring an additional 3,580 shares during this period. The value of NewEdge Wealth LLC’s investment in Home Depot is approximately $73.8 million, making it the firm’s 14th largest holding, accounting for around 1.1% of its total portfolio.
Several other institutional investors have also made significant adjustments to their positions in Home Depot recently. Brighton Jones LLC reported a remarkable 36.5% increase in its position during the fourth quarter, bringing its total to 26,918 shares valued at $10.5 million. Sivia Capital Partners LLC also raised its stake by 7.1%, acquiring an additional 173 shares to hold a total of 2,598 shares worth $952,000.
Ignite Planners LLC and Matrix Asset Advisors Inc. NY have similarly increased their stakes by 0.7% and 1.8%, respectively. As of now, approximately 70.86% of Home Depot’s shares are owned by hedge funds and institutional investors.
Stock Performance and Analyst Ratings
On Thursday, The Home Depot’s stock opened at $383.38. Over the past twelve months, it has reached a low of $326.31 and a high of $426.75. The company’s market capitalization stands at $381.66 billion, with a price-to-earnings ratio of 26.13 and a current ratio of 1.05. The firm’s quick ratio is reported at 0.29, indicating its liquidity position.
Equity analysts have recently provided mixed ratings for Home Depot. Bank of America reduced its target price from $450.00 to $430.00 while maintaining a “buy” rating. Conversely, Robert W. Baird raised its target price from $400.00 to $430.00 and issued an “outperform” rating. Evercore also adjusted its target price downward from $450.00 to $425.00, rating the stock as “outperform.”
Currently, MarketBeat reports that the average rating for Home Depot is “Moderate Buy,” with a consensus target price of $408.37. This reflects the confidence many analysts have in the company’s continued performance.
Insider Transactions and Company Overview
In notable insider transactions, EVP Ann Marie Campbell sold 145 shares of Home Depot on December 11, 2023, at an average price of $358.26, totaling $51,947.70. Following this sale, Campbell holds 12,320 shares valued at approximately $4.4 million. Similarly, EVP Angie Brown sold 1,946 shares on December 12, 2023, for $695,947.98, reducing her ownership by 33.06%.
Over the last ninety days, corporate insiders have sold a total of 4,963 shares worth about $1.75 million. Currently, corporate insiders own 0.10% of the company’s stock.
Founded in 1978 and headquartered in Atlanta, Georgia, The Home Depot, Inc. is a leading retailer in home improvement, offering a wide range of products and services for both DIY consumers and professional contractors. The company has grown significantly since it first opened its doors, becoming synonymous with home improvement in North America.
For further insights into Home Depot’s stock and other financial activities, investors can access detailed filings and analyses through financial platforms such as HoldingsChannel.com and MarketBeat.
