State of Michigan Retirement System Sells 8,100 Shares of The Home Depot, Inc. (NYSE:HD)

State of Michigan Retirement System lowered its holdings in The Home Depot, Inc. (NYSE:HD) by 2.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 302,684 shares of the home improvement retailer’s stock after selling 8,100 shares during the quarter. Home Depot makes up approximately 0.6% of State of Michigan Retirement System’s investment portfolio, making the stock its 26th largest holding. State of Michigan Retirement System’s holdings in Home Depot were worth $116,110,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Bey Douglas LLC bought a new position in shares of Home Depot in the fourth quarter valued at approximately $913,000. Hartline Investment Corp increased its holdings in shares of Home Depot by 3.0% in the fourth quarter. Hartline Investment Corp now owns 15,574 shares of the home improvement retailer’s stock worth $5,397,000 after purchasing an additional 460 shares during the period. Wolf Group Capital Advisors raised its position in shares of Home Depot by 6.1% in the fourth quarter. Wolf Group Capital Advisors now owns 7,513 shares of the home improvement retailer’s stock worth $2,604,000 after buying an additional 430 shares in the last quarter. Alliance Wealth Management Group purchased a new stake in shares of Home Depot in the 4th quarter valued at about $253,000. Finally, Zullo Investment Group Inc. grew its holdings in shares of Home Depot by 6.6% during the fourth quarter. Zullo Investment Group Inc. now owns 8,153 shares of the home improvement retailer’s stock worth $2,826,000 after purchasing an additional 504 shares in the last quarter. 70.86% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Home Depot

In other Home Depot news, EVP Matt Carey sold 56,008 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $345.18, for a total value of $19,332,841.44. Following the completion of the transaction, the executive vice president now owns 33,325 shares of the company’s stock, valued at approximately $11,503,123.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.10% of the stock is owned by insiders.

Home Depot Stock Performance

Home Depot stock opened at $334.97 on Wednesday. The Home Depot, Inc. has a twelve month low of $274.26 and a twelve month high of $396.87. The company has a quick ratio of 0.42, a current ratio of 1.34 and a debt-to-equity ratio of 23.11. The company has a market capitalization of $332.16 billion, a P/E ratio of 22.47, a PEG ratio of 2.38 and a beta of 0.99. The stock’s 50 day moving average is $338.51 and its 200 day moving average is $352.69.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, May 14th. The home improvement retailer reported $3.63 earnings per share for the quarter, beating the consensus estimate of $3.61 by $0.02. The firm had revenue of $36.42 billion during the quarter, compared to the consensus estimate of $36.65 billion. Home Depot had a return on equity of 1,056.67% and a net margin of 9.79%. The company’s revenue was down 2.3% on a year-over-year basis. During the same period last year, the company earned $3.82 earnings per share. On average, equities research analysts predict that The Home Depot, Inc. will post 15.28 earnings per share for the current fiscal year.

Home Depot Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, May 30th. Home Depot’s payout ratio is 60.36%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on HD shares. Evercore ISI boosted their price target on shares of Home Depot from $415.00 to $420.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 14th. Truist Financial decreased their price target on shares of Home Depot from $417.00 to $406.00 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $360.00 price target on shares of Home Depot in a research note on Tuesday, May 14th. UBS Group reduced their price objective on Home Depot from $411.00 to $400.00 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Finally, Wells Fargo & Company reduced their price target on shares of Home Depot from $425.00 to $400.00 and set an “overweight” rating on the stock in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $378.42.

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.