Cornerstone Capital Acquires New Shares in The Home Depot
Cornerstone Capital Inc., a financial firm, acquired new shares in The Home Depot, Inc. (NYSE:HD) during the second quarter. According to its most recent filing with the SEC, Cornerstone purchased 81,328 shares of HD's stock, valued at approximately $28,683,000. This represents about 2.6% of Cornerstone Capital Inc.'s portfolio, making The Home Depot one of their largest positions.
Other large investors have also made changes to their holdings in the company. Advocate Investing Services LLC bought a new stake in shares of Home Depot in the fourth quarter worth around $25,000. Parvin Asset Management LLC raised its position in shares of Home Depot by 110% during the third quarter. Abound Financial LLC acquired a new position in shares of Home Depot in the 4th quarter valued at approximately $29,000.
The institutional investors own about 70.86% of the company's stock. Home Depot recently reported solid execution with earnings and revenue exceeding consensus estimates. The board declared a quarterly dividend of $2.33 per share, payable September 17 to shareholders of record September 3. Several analysts have reiterated or assigned 'Buy' ratings, indicating continued confidence in Home Depot's long-term positioning.
However, some analysts lowered their price targets. Royal Bank of Canada reduced its target to $342, while KeyCorp maintained a Sector Weight rating. The CFO, Richard McPhail, sold 5,989 shares worth approximately $2.1 million, reducing his position by 11.1%.