Flavin Financial Services Cuts Home Depot Stake by 5.4% Amid Portfolio Shift

Flavin Financial Services Inc. has reduced its holdings in The Home Depot, Inc. (NYSE: HD) by 5.4%, as revealed in the firm’s latest 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 389 shares during the second quarter, Flavin now holds 6,801 shares, which represent 2.4% of its investment portfolio and make Home Depot its 14th largest holding. As of the most recent filing, Flavin’s stake in Home Depot is valued at approximately $2,494,000.

Other institutional investors are also adjusting their positions in Home Depot. Notably, Vanguard Group Inc. increased its stake by 0.8% in the first quarter, now owning 96,484,199 shares worth about $35.36 billion after acquiring an additional 720,447 shares. Similarly, Asset Planning Services Inc. LA ADV made a remarkable adjustment, boosting its holdings by 99,400.7% to 18,975,772 shares, valued at around $6.95 billion. Charles Schwab Investment Management Inc. and Price T Rowe Associates Inc. also expanded their stakes, with increases of 6.6% and 19.3%, respectively.

This trend reflects a broader involvement of hedge funds and institutional investors in Home Depot, with approximately 70.86% of the stock currently held by such entities.

Shares of Home Depot opened at $391.79 on Friday, with a market capitalization of $389.98 billion. The company has maintained a price-to-earnings ratio of 26.62 and a beta of 1.00. Over the past year, Home Depot’s stock has fluctuated between a low of $326.31 and a high of $439.37.

Dividend Announcement and Insider Activity

Home Depot recently declared a quarterly dividend of $2.30 per share, which was paid on September 18, 2024. The dividend represents an annualized amount of $9.20, translating to a yield of 2.3%. Investors of record as of September 4 received the payment, with a payout ratio currently at 62.50%.

In related news, CFO Richard V. Mcphail sold 3,369 shares on August 20 at an average price of $403.66, totaling approximately $1,359,930.54. This sale reduced his ownership to 45,455 shares, valued at around $18.35 million. Additionally, EVP Angie Brown sold 1,000 shares on the same day for about $404,070, decreasing her holdings to 3,837 shares valued at approximately $1.55 million. Over the last ninety days, insiders have sold a total of 48,835 shares valued at about $19.62 million, with company insiders now holding 0.10% of the stock.

Analysts Adjust Price Targets

Home Depot has recently been the subject of several research reports from analysts. Stifel Nicolaus raised its price target from $425.00 to $432.00 with a “buy” rating. Conversely, JPMorgan Chase & Co. lowered their price target from $460.00 to $452.00 while maintaining an “overweight” rating. Other firms, including Morgan Stanley and Truist Financial, have also adjusted their price objectives, with Morgan Stanley setting a new target of $430.00 and Truist Financial raising theirs to $433.00.

Overall, Home Depot has garnered a consensus rating of “Moderate Buy” with a target price of approximately $435.42, according to MarketBeat.

The Home Depot, Inc. operates as a leading home improvement retailer, offering a wide range of products and services in building materials, home improvement items, and installation services across the United States and internationally.