Flavin Financial Services Cuts Stake in Home Depot by 5.4%

Flavin Financial Services Inc. has reduced its holdings in The Home Depot, Inc. (NYSE: HD) by 5.4% during the second quarter of 2024, as detailed in its latest 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 6,801 shares of the home improvement retailer, having sold 389 shares in the period. This adjustment positions Home Depot as the 14th largest holding in Flavin Financial’s investment portfolio, representing 2.4% of its total investments.

The value of Flavin Financial’s stake in Home Depot has been recorded at approximately $2,494,000. This decision reflects a broader trend, as several hedge funds have similarly adjusted their positions in the stock. Vanguard Group Inc., for instance, increased its stake by 0.8% in the first quarter, now owning 96,484,199 shares valued at around $35.36 billion after acquiring an additional 720,447 shares.

Asset Planning Services Inc. LA ADV reported a dramatic increase in its holdings, growing its position by an impressive 99,400.7% in the same quarter. This firm now controls 18,975,772 shares worth approximately $6.95 billion after adding 18,956,701 shares to its portfolio. Other notable players include Charles Schwab Investment Management Inc., which raised its holdings by 6.6%, and Price T Rowe Associates Inc., which boosted its ownership by 19.3%.

With hedge funds and institutional investors holding around 70.86% of Home Depot’s stock, the financial landscape surrounding the retailer remains dynamic. As of the latest trading session, shares of Home Depot opened at $391.79, marking a 1.1% increase.

Recent Financial Metrics and Dividend Announcement

As of now, Home Depot boasts a market capitalization of $389.98 billion. The company’s price-to-earnings ratio stands at 26.62, while its PEG ratio is 3.72. The firm’s 50-day simple moving average is $403.70, and the 200-day simple moving average is $377.97. The company has a quick ratio of 0.34, a current ratio of 1.15, and a debt-to-equity ratio of 4.31. Home Depot’s stock has ranged from a fifty-two-week low of $326.31 to a high of $439.37.

Additionally, the company recently announced a quarterly dividend of $2.30 per share, which was paid on September 18, 2024. Shareholders on record as of September 4, 2024 were eligible for this dividend, translating to an annualized dividend of $9.20 and a yield of 2.3%. The company’s current payout ratio is 62.50%.

Insider Transactions and Analyst Ratings

In other developments, Chief Financial Officer Richard V. Mcphail sold 3,369 shares on August 20, 2024, at an average price of $403.66, resulting in a total transaction value of $1,359,930.54. Following this trade, Mcphail retained 45,455 shares valued at approximately $18.35 million, a decrease of 6.90% in his ownership. Executive Vice President Angie Brown also executed a sale of 1,000 shares on the same date, with a total value of $404,070.

Over the past ninety days, insiders have sold a total of 48,835 shares valued at around $19.62 million. Currently, insiders hold 0.10% of the company’s stock.

Market analysts have recently updated their price targets for Home Depot. Stifel Nicolaus has increased its target from $425.00 to $432.00, maintaining a “buy” rating. Meanwhile, JPMorgan Chase & Co. lowered its target from $460.00 to $452.00 but continues to rate the stock as “overweight.” Other analysts have echoed similar sentiments, with Morgan Stanley raising its target to $430.00 and Truist Financial adjusting its target to $433.00.

Currently, Home Depot holds a consensus rating of “Moderate Buy” with a price target averaging $435.42, according to MarketBeat. The company’s operational growth and strategic adjustments by institutional investors suggest a robust interest in Home Depot’s future performance.