Wambolt & Associates LLC has reduced its stake in Lowe’s Companies, Inc. (NYSE: LOW) by 4.9% during the first quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The investment firm now holds 3,073 shares of the home improvement retailer after selling 159 shares, which are valued at approximately $719,000 as of the end of the quarter.
Several other institutional investors have also made adjustments to their holdings in Lowe’s. Notably, Wood Tarver Financial Group LLC acquired a new position worth around $25,000 in the last quarter, while Fairway Wealth LLC purchased shares valued at about $32,000 during the same period. Additionally, Orion Capital Management LLC and Inlight Wealth Management LLC both established new stakes worth approximately $36,000. IFS Advisors LLC further increased its position by 60% during the first quarter, now owning 160 shares valued at $37,000. Institutional investors collectively own 74.06% of Lowe’s stock.
Stock Performance and Dividend Announcement
As of the latest trading session, shares of Lowe’s Companies opened at $238.47. The stock has a market capitalization of $133.65 billion, a price-to-earnings (P/E) ratio of 19.76, and a beta of 0.89. The company reported a fifty-day moving average of $224.08 and a two-hundred-day moving average of $231.12. Over the past year, Lowe’s has seen a low of $206.38 and a high of $287.01.
In a recent development, Lowe’s announced an increase in its quarterly dividend, which was paid on August 6, 2023. Shareholders of record as of July 23, 2023 received a dividend of $1.20 per share, up from the previous $1.15. This raises the annualized dividend to $4.80, resulting in a dividend yield of 2.0%, with a payout ratio currently at 39.77%.
Analysts Adjust Price Targets
Lowe’s has attracted attention from various analysts, who have recently adjusted their price targets for the stock. The Royal Bank of Canada decreased its target from $244.00 to $242.00, maintaining a “sector perform” rating. In contrast, Mizuho reiterated an “outperform” rating with a target of $280.00. Analysts from Sanford C. Bernstein set a target of $266.00, while Citigroup lowered its price objective from $253.00 to $242.00, rating it as “neutral.” DA Davidson also reduced its target from $270.00 to $240.00, retaining a “neutral” stance.
The current consensus rating for Lowe’s stock stands at “Moderate Buy,” with an average price target of $270.68 according to MarketBeat.com. Among analysts, one has assigned a sell rating, nine have given a hold rating, and seventeen have designated the stock as a buy.
In a related insider transaction, Executive Vice President Juliette Williams Pryor sold 1,130 shares of the company’s stock on June 3, 2023, at an average price of $227.50. This sale totaled $257,075.00 and resulted in a 3.42% decrease in her ownership, leaving her with 31,898 shares valued at approximately $7,256,795. Insider ownership currently stands at 0.27% of the company’s stock.
Lowe’s Companies, Inc. operates as a leading home improvement retailer in the United States, offering a wide range of products for construction, maintenance, repair, and home improvement. The company’s diverse inventory includes appliances, outdoor living products, lawn and garden supplies, tools, and building materials.
