Analysts Set Expectations for The Home Depot, Inc.’s Q2 2023 Earnings (NYSE:HD)

The Home Depot, Inc. (NYSE:HD – Get Rating) – Investment analysts at KeyCorp increased their Q2 2023 earnings per share (EPS) estimates for shares of Home Depot in a research report issued to clients and investors on Tuesday, May 17th. KeyCorp analyst B. Thomas now expects that the home improvement retailer will earn $4.93 per share for the quarter, up from their prior estimate of $4.79. KeyCorp also issued estimates for Home Depot’s Q4 2023 earnings at $3.40 EPS, FY2023 earnings at $16.54 EPS and FY2024 earnings at $17.04 EPS.

Home Depot (NYSE:HD – Get Rating) last posted its earnings results on Tuesday, May 17th. The home improvement retailer reported $4.09 EPS for the quarter, topping the consensus estimate of $3.68 by $0.41. Home Depot had a return on equity of 2,082.76% and a net margin of 10.87%. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $36.78 billion. During the same period in the previous year, the business earned $3.86 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on the company. Citigroup cut their price objective on Home Depot from $377.00 to $327.00 in a report on Friday, May 13th. The Goldman Sachs Group dropped their target price on Home Depot from $413.00 to $402.00 and set a “buy” rating for the company in a report on Wednesday, February 23rd. Raymond James dropped their target price on Home Depot from $350.00 to $340.00 and set an “outperform” rating for the company in a report on Wednesday. UBS Group dropped their target price on Home Depot from $470.00 to $430.00 and set a “buy” rating for the company in a report on Wednesday, February 23rd. Finally, Edward Jones upgraded Home Depot from a “hold” rating to a “buy” rating in a report on Friday, February 25th. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, Home Depot presently has a consensus rating of “Buy” and a consensus target price of $372.91.

Home Depot stock opened at $285.18 on Thursday. Home Depot has a 52 week low of $280.63 and a 52 week high of $420.61. The business has a 50-day simple moving average of $308.48 and a 200 day simple moving average of $351.77. The company has a quick ratio of 0.24, a current ratio of 1.01 and a debt-to-equity ratio of 35.47. The stock has a market cap of $294.70 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 1.88 and a beta of 0.97.

Several institutional investors and hedge funds have recently made changes to their positions in HD. Rinkey Investments acquired a new position in Home Depot in the fourth quarter valued at $25,000. GW&K Investment Management LLC purchased a new stake in shares of Home Depot in the first quarter valued at about $25,000. Shore Point Advisors LLC purchased a new stake in shares of Home Depot in the fourth quarter valued at about $26,000. Tobam purchased a new stake in Home Depot during the first quarter worth about $27,000. Finally, Fairfield Bush & CO. purchased a new stake in shares of Home Depot in the first quarter valued at about $27,000. Institutional investors and hedge funds own 70.61% of the company’s stock.

In related news, EVP Hector A. Padilla sold 504 shares of the company’s stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $309.80, for a total transaction of $156,139.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 24th. Shareholders of record on Thursday, March 10th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 2.66%. This is a positive change from Home Depot’s previous quarterly dividend of $1.65. The ex-dividend date was Wednesday, March 9th. Home Depot’s dividend payout ratio is presently 48.25%.

About Home Depot (Get Rating)

The Home Depot, Inc operates as a home improvement retailer. It operates The Home Depot stores that sell 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, cabinets and cabinet makeovers, countertops, furnaces and central air systems, and windows.

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