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Zacks.com users have recently been watching Home Depot (HD) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Home Depot reported declining sales in Q4 of 2023 and for the full fiscal year, driven by various factors including commodity deflation and softness in big ticket sales. The company expects macroeconomic headwinds to persist in 2024, raising skepticism about the current valuation based on traditional price multiples. Home Depot's capital allocation decisions, including acquisitions and returning value to shareholders through dividends and buybacks, have been attractive. The quarterly dividend has been increased by 7.7%.
Home Depot's customer traffic fell again in 2023, but the pace of declines improved. The home improvement chain is still profitable and generating plenty of free cash flow.
Retail stocks continue to underperform. Year to date (YTD), the S&P Retail Select Industry Index is up 0.35% compared to a 7% gain in the benchmark S&P 500 index.
Sales at the home improvement retailer are expected to increase by just 1% this fiscal year. But the company's tremendous scale can help it gain market share in a fragmented industry.
I like tracking Home Depot (NYSE: HD ) stock given just how important housing is to the broader economy (and I like that they sell lumber!). That's why its fourth-quarter earnings report is particularly interesting.
'Mad Money' host Jim Cramer takes a closer look at the state of home improvement with Home Depot numbers.
Sysco holds a leadership position in a market that's difficult to disrupt. Home Depot is experiencing a rough patch, but has strong long-term catalysts.
There are plenty of Dow stocks that are around 52-week highs. Home Depot sports impressive margins for a high-volume retail business.
Investors hoping to see Home Depot's NYSE: HD stock price move higher in 2024 may have to wait until later for it to happen. As bullish as the recent break-out was, the ensuing pattern is a Rising Wedge, and now the market is falling.