Westwood Holdings Group Inc. has reduced its stake in The Home Depot, Inc. (NYSE: HD) by 3.8%, according to the latest 13F filing with the Securities and Exchange Commission (SEC). After selling 3,185 shares in the second quarter, the institutional investor now holds 80,231 shares valued at approximately $29.4 million.
This adjustment comes as several other institutional investors also recalibrate their positions in Home Depot. For instance, Vanguard Group Inc. increased its stake by 0.8% during the first quarter, now owning 96,484,199 shares worth around $35.4 billion. This increase was fueled by the acquisition of an additional 720,447 shares.
Geode Capital Management LLC has similarly raised its holdings by 1.4% in the second quarter, owning 22,978,809 shares valued at $8.4 billion after purchasing 327,674 shares. Charles Schwab Investment Management Inc. also reported a significant increase, boosting its stake by 6.6% during the first quarter to hold 14,415,278 shares worth about $5.3 billion.
In a notable move, Price T Rowe Associates Inc. MD enhanced its position by 19.3%, now owning 9,253,292 shares valued at $3.4 billion after buying 1,494,261 shares in the previous quarter. Meanwhile, UBS Asset Management Americas LLC increased its stake by 5.6%, now holding 8,949,404 shares valued at $3.3 billion.
Overall, institutional investors now control 70.86% of Home Depot’s stock, reflecting significant confidence in the retailer despite recent fluctuations.
Home Depot’s Market Performance and Dividends
On the trading front, Home Depot shares opened at $362.08 on Friday. The company’s recent performance indicators include a 50-day simple moving average of $393.15 and a 200-day simple moving average of $381.85. With a market capitalization of $360.41 billion, Home Depot’s financial ratios include a debt-to-equity ratio of 4.31 and a current ratio of 1.15.
Home Depot also announced a quarterly dividend of $2.30 per share, paid on September 18, 2023, to shareholders of record as of September 4, 2023. This equates to an annualized dividend of $9.20, representing a yield of 2.5%. The company’s dividend payout ratio stands at 62.50%.
Recent Insider Activity and Analyst Ratings
In terms of insider activity, Executive Vice President Angie Brown sold 1,000 shares on August 20, 2023, at an average price of $404.07, totaling $404,070. Following this sale, her direct ownership decreased to 3,837 shares, valued at approximately $1.55 million.
On September 12, 2023, EVP William D. Bastek sold 2,303 shares for about $974,445, reducing his ownership to 24,235 shares valued at roughly $10.25 million. Collectively, insiders sold 48,835 shares worth approximately $19.6 million in the last quarter, with corporate insiders currently holding 0.10% of the stock.
Analysts have also weighed in on Home Depot, with Wolfe Research initiating coverage and issuing an “outperform” rating with a target price of $497.00. Other analysts have provided varying ratings and price targets, including an increase from $403.00 to $406.00 by Sanford C. Bernstein, and a boost to $450.00 from Robert W. Baird.
Currently, one equities research analyst has rated Home Depot with a “Strong Buy,” fifteen have issued a “Buy” rating, and seven have assigned a “Hold” rating. The consensus rating stands at “Moderate Buy,” with an average price target of $429.33.
Home Depot continues to operate as a leading home improvement retailer, offering a wide range of building materials, home improvement products, and installation services both in the United States and internationally.
