Why Home Depot, Inc. (NYSE: HD) Stock Should Not Be Taken For Granted By Investors In 2024

In the last trading session, 4.26 million shares of the Home Depot, Inc. (NYSE:HD) were traded, and its beta was 0.99. Most recently the company’s share price was $368.03, and it changed around -$15.57 or -4.06% from the last close, which brings the market valuation of the company to $364.73B. HD currently trades at a discount to its 52-week high of $396.87, offering almost -7.84% off that amount. The share price’s 52-week low was $274.26, which indicates that the current value has risen by an impressive 25.48% since then. We note from Home Depot, Inc.’s average daily trading volume that its 10-day average is 3.3 million shares, with the 3-month average coming to 3.29 million.

Home Depot, Inc. stock received a consensus recommendation rating of Buy, based on a mean score of 2.16. If we narrow it down even further, the data shows that 0 out of 33 analysts rate the stock as a Sell; another 12 rate it as Overweight. Among the rest, 9 recommended HD as a Hold, whereas 12 deemed it a Buy, and 0 rated it as Underweight. Home Depot, Inc. is expected to report earnings per share of $3.59 for the current quarter.

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Home Depot, Inc. (NYSE:HD) trade information

Instantly HD has showed a red trend with a performance of -4.06% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently up 6.20% year-to-date, but still down -5.70% over the last five days. On the other hand, Home Depot, Inc. (NYSE:HD) is -3.31% down in the 30-day period. We can see from the shorts that 10.41 million shares have been sold at a short interest cover period of 3.06 day(s).

The consensus price target as assigned by Wall Street analysts is $358.7, which translates to bulls needing to decrease their stock price by -2.6% from its current value. Analyst projections state that HD is forecast to be at a low of $250 and a high of $450.

Home Depot, Inc. (HD) estimates and forecasts

Home Depot, Inc. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 21.27 percent over the past six months and at a 1.85% annual growth rate that is well above the industry average of -0.50%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 5.60% in revenue this quarter, and will report a decrease of -0.60% in the next quarter. The year-over-year growth rate is expected to be 1.10%, up from the previous year.

Consensus estimates provided by 26 financial analysts predict the company will bring in an average of $36.66 billion in revenue for the current quarter. 26 analysts expect Home Depot, Inc. to make $42.52 billion in revenue for the quarter ending Jul 2024.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 9.21%. Home Depot, Inc. earnings are expected to increase by 1.46% in 2024, but the outlook is positive 4.30% per year for the next five years.

HD Dividends

Home Depot, Inc.’s next quarterly earnings report is expected to be released on May 14. The annual dividend yield of the stock is 2.32 percent and its annual dividend per share was 8.52. It is important to note, however, that the 2.32% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Home Depot, Inc. (NYSE:HD)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.08% of Home Depot, Inc. shares, and 72.53% of them are in the hands of institutional investors. The stock currently has a share float of 72.59%. Home Depot, Inc. stock is held by 4,344 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 9.46% of the shares, which is about 94.58 million shares worth $29.38 billion.

Blackrock Inc., with 7.13% or 71.34 million shares worth $22.16 billion as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 31.34 million shares worth $9.73 billion, making up 3.13% of all outstanding shares. On the other hand, Vanguard 500 Index Fund held roughly 24.11 million shares worth around $7.49 billion, which represents about 2.41% of the total shares outstanding.