Wealthfront Dives into Home Depot with $41.9 Million Bet
Wealthfront Advisers LLC has made a new investment in The Home Depot, Inc. (NYSE:HD) worth approximately $41.99 million. According to its latest 13F filing with the Securities & Exchange Commission, Wealthfront purchased 119,059 shares of HD's stock during the second quarter.
This is not an isolated instance; other hedge funds have also made significant changes to their positions in Home Depot. BlackRock Inc. bought a new position in HD valued at $28.77 billion, while State Street Corp increased its holdings by 1.8% and Geode Capital Management LLC boosted its stake by 1.5%.
The company's recent quarterly earnings report showed revenue of $47.86 billion, up 5.7% year-over-year and above expectations. Adjusted diluted EPS came in at $4.92, surpassing the consensus estimate of $4.73. Home Depot's CFO, Richard V. Mcphail, sold approximately $2.1 million worth of company stock, which may have weighed modestly on sentiment.