HD stock was trading at $280.23 as of 12:55 PM EDT.
The Home Depot Foundation (NYSE:HD) has pledged up to $1 million to help with long-term recovery efforts and short-term disaster relief in communities affected by Hurricane Ian. The Foundation’s commitment to disaster relief in 2022 now exceeds $5.5 million, thanks to this new award for catastrophe response.
The Foundation is offering immediate assistance to communities in need by distributing water and relief supplies, delivering meals, providing shelter, and removing debris in the affected areas as soon as the storm passes. In collaboration with nonprofit partners and Team Depot, The Home Depot’s associate volunteer force.
Additionally, the Foundation is transporting more than 1,800 disaster assistance kits to Florida, where Convoy of Hope and other charitable partners will distribute them. The N95 masks, along with waste bags, paper towels, cleansers, hand sanitizer, scour pads, gloves, and cleaning supplies, are included in the kits, which will be given out to those in need and those who are helping with the storm’s cleanup.
Shannon Gerber, executive director of The Home Depot Foundation, said, “Our thoughts are with the towns hit by this tragic storm.” We are prepared to help everyone struggling with the harm left behind at this trying time. We will be there to offer resources, relief, and support not just in the days to come but also throughout the recovery process with the aid of our nonprofit partners. “
More than 600 truckloads of emergency supplies, including generators, gas cans, extension cords, batteries, tarps, lanterns, plywood, drywall, and water, have been transported to Home Depot stores in the storm’s path by the hurricane command center, which has been operating nonstop since the storm’s landfall. To make emergency supplies more available to clients, businesses brought them to the front.
Since more than 100 Home Depot (NYSE:HD) locations had to close as Hurricane Ian made landfall, IT teams were positioned outside of the affected area to assist the stores in reopening as soon as possible for consumers. In order to free up staff members who reside in the affected areas to concentrate on their homes and families, colleagues and leaders from other regions of the state are stepping in to assist at those stores.
Home Depot’s employee assistance program, The Homer Fund, is offering urgent financial assistance to affected employees who require temporary shelter, food, and clothes. The Homer Fund has already provided more than $1.1 million in grants to help colleagues affected by natural catastrophes in 2022.
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HD stock outlook
As the company announced positive business trends in its most recent quarterly report, Trust increased its price objective on the stock to $399 in August and reiterated its Buy recommendation on the shares. The Home Improvement industry for the company maintained its bullish outlook.
Home Depot, Inc. (NYSE:HD) outperformed analysts’ expectations on a number of accounts in Q2 2022. The business outperformed projections by $0.11 and $460 million for GAAP EPS of $5.05 and revenue of $43.8 billion, respectively. Operating cash flow for the business was $3.4 billion, and free cash flow was $2.6 billion. During the quarter, it distributed dividends of around $4 billion.
For the past 12 years, The Home Depot, Inc. (NYSE:HD) has continuously increased its dividends, with a five-year dividend CAGR of 16.4%. As of September 26, it was paying quarterly dividends of $1.90 per share with a dividend yield of 2.85%.
Consumers would spend more money on improvements to their current homes as they put off buying new homes due to rising recession fears and mortgage rates. This might be advantageous for Home Depot. It is one of the best dividend stocks to buy due to its strong market position and excellent cash flows.
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