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Home Depot (HD) Outperforms Broader Market: What You Need to Know
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Home Depot (HD - Free Report) closed at $362.41 in the latest trading session, marking a +1.26% move from the prior day. This change outpaced the S&P 500's 1.23% gain on the day. Elsewhere, the Dow saw an upswing of 1.06%, while the tech-heavy Nasdaq appreciated by 1.7%.
Prior to today's trading, shares of the home-improvement retailer had gained 2.56% over the past month. This has outpaced the Retail-Wholesale sector's loss of 0.02% and the S&P 500's gain of 0.94% in that time.
Market participants will be closely following the financial results of Home Depot in its upcoming release. The company plans to announce its earnings on February 20, 2024. The company's earnings per share (EPS) are projected to be $2.76, reflecting a 16.36% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $34.55 billion, indicating a 3.58% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $15.05 per share and revenue of $152.43 billion, indicating changes of -9.83% and -3.16%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Home Depot. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Home Depot presently features a Zacks Rank of #3 (Hold).
Looking at its valuation, Home Depot is holding a Forward P/E ratio of 23.77. Its industry sports an average Forward P/E of 12.92, so one might conclude that Home Depot is trading at a premium comparatively.
We can additionally observe that HD currently boasts a PEG ratio of 2.66. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Building Products - Retail was holding an average PEG ratio of 2.11 at yesterday's closing price.
The Building Products - Retail industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 213, placing it within the bottom 16% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Home Depot (HD) Outperforms Broader Market: What You Need to Know
Home Depot (HD - Free Report) closed at $362.41 in the latest trading session, marking a +1.26% move from the prior day. This change outpaced the S&P 500's 1.23% gain on the day. Elsewhere, the Dow saw an upswing of 1.06%, while the tech-heavy Nasdaq appreciated by 1.7%.
Prior to today's trading, shares of the home-improvement retailer had gained 2.56% over the past month. This has outpaced the Retail-Wholesale sector's loss of 0.02% and the S&P 500's gain of 0.94% in that time.
Market participants will be closely following the financial results of Home Depot in its upcoming release. The company plans to announce its earnings on February 20, 2024. The company's earnings per share (EPS) are projected to be $2.76, reflecting a 16.36% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $34.55 billion, indicating a 3.58% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $15.05 per share and revenue of $152.43 billion, indicating changes of -9.83% and -3.16%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Home Depot. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Home Depot presently features a Zacks Rank of #3 (Hold).
Looking at its valuation, Home Depot is holding a Forward P/E ratio of 23.77. Its industry sports an average Forward P/E of 12.92, so one might conclude that Home Depot is trading at a premium comparatively.
We can additionally observe that HD currently boasts a PEG ratio of 2.66. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Building Products - Retail was holding an average PEG ratio of 2.11 at yesterday's closing price.
The Building Products - Retail industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 213, placing it within the bottom 16% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.