The American Institute for Advanced Investment Management LLP significantly increased its stake in The Home Depot, Inc. (NYSE: HD) during the third quarter, growing its holdings by 68.9%. The fund now owns 16,893 shares of the home improvement retailer, making Home Depot its fifth-largest holding at 2.7% of its portfolio. The value of these holdings was $4,806,000 at the end of the quarter.
Other institutional investors also made substantial moves. BlackRock Inc. acquired a new position worth about $28,771,247,000 during the second quarter, while State Street Corp increased its stake by 1.1%, owning 47,175,026 shares valued at $16,637,688,000. Bank of America Corp DE and Bank of New York Mellon Corp also purchased new positions worth $5,780,468,000 and $2,777,396,000, respectively. Corient Private Wealth LP initiated a stake valued at approximately $390,913,000.
In insider news, CFO Richard McPhail sold 5,989 shares at an average price of $348.40, totaling $2,086,567.60. EVP Teresa Roseborough sold 2,455 shares at $328.77 each, amounting to $807,130.35. Insiders collectively sold 9,829 shares worth $3,339,314 in the last quarter, reducing their ownership by 0.08% of the company's stock.
Analysts have mixed opinions on Home Depot. Truist Financial raised its price target to $373.00 with a "buy" rating, while Guggenheim set a $425.00 target with a "buy" rating. Mizuho increased its target to $390.00 with an "outperform" rating. However, Royal Bank of Canada lowered its target to $342.00 with a "sector perform" rating. The stock currently has an average "Moderate Buy" rating and a target price of $375.31.
Home Depot's stock opened at $343.48 on Friday, with a market cap of $342.69 billion and a price-to-earnings ratio of 24.04. The company reported quarterly earnings of $4.92 per share, beating estimates by $0.19, and revenue of $47.86 billion, up 5.7% year-over-year. Home Depot also announced a quarterly dividend of $2.33, representing a 2.7% yield.