Fintel reports that on October 4, 2023, Telsey Advisory Group maintained coverage of Home Depot (NYSE:HD) with a Market Perform recommendation.
Analyst Price Forecast Suggests 19.57% Upside
As of August 31, 2023, the average one-year price target for Home Depot is 349.09. The forecasts range from a low of 250.48 to a high of $403.20. The average price target represents an increase of 19.57% from its latest reported closing price of 291.94.
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The projected annual revenue for Home Depot is 164,075MM, an increase of 5.94%. The projected annual non-GAAP EPS is 17.47.
Home Depot Declares $2.09 Dividend
On August 17, 2023 the company declared a regular quarterly dividend of $2.09 per share ($8.36 annualized). Shareholders of record as of August 31, 2023 received the payment on September 14, 2023. Previously, the company paid $2.09 per share.
At the current share price of $291.94 / share, the stock's dividend yield is 2.86%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.40%, the lowest has been 1.59%, and the highest has been 3.69%. The standard deviation of yields is 0.34 (n=236).
The current dividend yield is 1.38 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.52. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.39%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 4626 funds or institutions reporting positions in Home Depot. This is a decrease of 76 owner(s) or 1.62% in the last quarter. Average portfolio weight of all funds dedicated to HD is 0.78%, a decrease of 2.58%. Total shares owned by institutions decreased in the last three months by 2.29% to 782,941K shares. 
The put/call ratio of HD is 1.15, indicating a bearish outlook.
What are Other Shareholders Doing?
Capital World Investors holds 39,146K shares representing 3.91% ownership of the company. In it's prior filing, the firm reported owning 39,524K shares, representing a decrease of 0.97%. The firm decreased its portfolio allocation in HD by 2.99% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 31,335K shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 31,550K shares, representing a decrease of 0.68%. The firm decreased its portfolio allocation in HD by 3.54% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 24,112K shares representing 2.41% ownership of the company. In it's prior filing, the firm reported owning 23,782K shares, representing an increase of 1.37%. The firm decreased its portfolio allocation in HD by 3.34% over the last quarter.
Geode Capital Management holds 19,382K shares representing 1.94% ownership of the company. In it's prior filing, the firm reported owning 19,135K shares, representing an increase of 1.27%. The firm decreased its portfolio allocation in HD by 3.56% over the last quarter.
Wellington Management Group Llp holds 14,596K shares representing 1.46% ownership of the company. In it's prior filing, the firm reported owning 15,719K shares, representing a decrease of 7.69%. The firm decreased its portfolio allocation in HD by 6.73% over the last quarter.
Home Depot Background Information
(This description is provided by the company.)
The Home Depot is the world's largest home improvement specialty retailer, with 2,296 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2019, The Home Depot had sales of $110.2 billion and earnings of $11.2 billion. The company employs more than 400,000 associates. The Home Depot's stock is traded on the New York Stock Exchange and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
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