Cvfg LLC Expands Stake in Home Depot by 7% Amid Market Changes

Cvfg LLC has increased its investment in The Home Depot, Inc. (NYSE:HD) by 7.0% during the second quarter of 2023, as reported in its latest filing with the Securities and Exchange Commission. The institutional investor now holds 2,946 shares of the home improvement retailer, following the acquisition of an additional 193 shares in the quarter. This investment represents 0.9% of Cvfg LLC’s total holdings, making Home Depot its 29th largest position. As of the end of the quarter, the value of Cvfg LLC’s holdings in Home Depot stood at approximately $1,080,000.

Several other institutional investors have also shown interest in Home Depot during the same period. For instance, Legend Financial Advisors Inc. acquired a new position valued at $28,000, while LFA Lugano Financial Advisors SA and Legacy Investment Solutions LLC bought stakes worth about $32,000 and $35,000, respectively. Additionally, Global X Japan Co. Ltd. and Decker Retirement Planning Inc. each purchased shares valued at around $40,000. Collectively, institutional investors own approximately 70.86% of Home Depot’s stock.

Insider Activity and Stock Performance

In related developments, Angie Brown, Executive Vice President of Home Depot, sold 1,000 shares on August 20, 2023, at an average price of $404.07, totaling $404,070. Following this transaction, Brown’s remaining shares are valued at about $1,550,416.59, reflecting a 20.67% reduction in her holdings. Similarly, Chief Financial Officer Richard V. McPhail sold 3,369 shares on the same date for approximately $1,359,930.54, resulting in a 6.90% decrease in his position. Over the last 90 days, insiders have sold a total of 48,835 shares valued at $19,623,432.

The stock opened at $370.18 on August 22, 2023. The company’s fifty-day simple moving average is $396.54, while its two-hundred day simple moving average is $381.71. Home Depot has experienced a 52-week low of $326.31 and a 52-week high of $439.37. The firm has a market capitalization of $368.47 billion, a price-to-earnings ratio of 25.15, and a PEG ratio of 3.59.

Recent Earnings and Dividend Announcement

On August 19, 2023, Home Depot released its earnings report, revealing an earnings per share (EPS) of $4.68, slightly falling short of analysts’ expectations of $4.69. The company reported revenue of $45.28 billion for the quarter, compared to the anticipated $45.43 billion. Year-over-year, this revenue reflects a growth of 4.9%, with the prior year’s EPS at $4.60. Home Depot has set its FY 2025 guidance at 14.940 EPS, with analysts predicting an EPS of 15.13 for the current fiscal year.

In addition, the company has announced a quarterly dividend of $2.30 per share, which was paid on September 18, 2023, to shareholders of record as of September 4, 2023. This dividend represents an annualized amount of $9.20 and offers a yield of 2.5%, with a current dividend payout ratio of 62.50%.

As one of the leading home improvement retailers, Home Depot operates in the United States and internationally, offering various building materials, home improvement products, and installation services. Its continued growth and strategic investments by institutional investors indicate a robust outlook for the company in the evolving market landscape.