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Home Depot appoints Broggi as EVP and online president

EditorFrank DeMatteo
Published 05/30/2024, 09:26 PM
© Reuters.

ATLANTA - The Home Depot (NYSE:HD), recognized as the world's largest home improvement retailer, announced the promotion of Jordan Broggi to the position of executive vice president (EVP) of customer experience and president of online, set to take effect on June 3, 2024. Broggi, who has been with the company for over a decade, will be tasked with enhancing the customer experience across all platforms, including in-store, online, and via mobile devices.

Broggi's promotion comes as part of a strategic move by The Home Depot to further integrate its digital and physical customer service offerings. With his extensive background within the company, including roles in finance and strategic business development, Broggi has been instrumental in evolving The Home Depot's online presence. His previous post as senior vice president and president of online saw significant advancements in the retailer's digital strategy.

Ted Decker, chair, president and CEO of The Home Depot, praised Broggi's leadership and his role in driving innovation, emphasizing the positive impact he has made on the company's relationship with customers and suppliers. Decker expressed confidence in Broggi's ability to lead the company's efforts in providing a frictionless and interconnected shopping experience.

The announcement also marks the upcoming retirement of Matt Carey, who will be stepping down from his role as EVP of customer experience at the end of the year. Carey has been credited with a series of transformative initiatives within The Home Depot's IT and software development sectors. His contributions have been pivotal in establishing The Home Depot as a leading interconnected retailer.

Carey will continue to serve in an advisory capacity until his retirement, ensuring a smooth transition of responsibilities to Broggi. Decker acknowledged Carey's significant contributions to the company, which have played a crucial role in adapting to the evolving needs of The Home Depot's customer base.

The Home Depot operates over 2,300 retail stores across North America and employs approximately 465,000 associates. Its stock is listed on the New York Stock Exchange under the ticker NYSE:HD, and is a component of both the Dow Jones Industrial Average and the S&P 500 index.

This leadership change at The Home Depot, based on a press release statement, reflects the company's ongoing commitment to customer service excellence and digital innovation.

In other recent news, Home Depot continues to make significant strides in its financial journey. The home improvement retailer has set a Q1 dividend of $2.25 per share for its shareholders, marking the company's 149th consecutive quarter of providing a cash dividend. This move underscores Home Depot's consistent practice of returning value to its shareholders and signals confidence in its ongoing financial performance.

In analyst news, TD Cowen adjusted its price target for Home Depot to $420 from $440, while maintaining a Buy rating. HSBC also revised its price target for Home Depot, reducing it to $318.00 from the previous $323.00 while maintaining a Reduce rating. Truist Securities lowered its price target for Home Depot to $406 from $417 while sustaining a Buy rating, and Stifel reiterated its Hold rating on Home Depot shares with a price target of $374.

These adjustments reflect the analysts' interpretation of Home Depot's financial health and future prospects. Despite the challenges posed by macroeconomic factors such as interest rates and weather conditions, analysts have expressed optimism regarding Home Depot's growth potential, particularly within the professional customer segment. The company's strategic initiatives and its ability to navigate through existing market conditions have been highlighted as key factors that could influence its future financial performance.

These are the recent developments for Home Depot, providing a clear picture of the company's current standing in the financial market. The company's ongoing efforts to return value to its shareholders and its resilience in the face of market challenges continue to draw attention from investors and analysts alike.

InvestingPro Insights

As The Home Depot (NYSE:HD) continues to focus on enhancing customer experience and digital innovation, it is important to consider the financial health and market position of the company. With a robust market capitalization of $323.18 billion and a Price/Earnings (P/E) ratio of 21.76, The Home Depot remains a heavyweight in the Specialty Retail industry. Notably, the company has a track record of maintaining dividend payments for 38 consecutive years, showcasing its commitment to shareholder returns.

The Home Depot's dedication to consistent dividend growth is underscored by a 7.66% increase in dividends over the last twelve months as of Q1 2023. This is in line with the company's history of raising its dividend for 14 consecutive years, reinforcing its status as a reliable dividend-paying stock. Moreover, the organization operates with a moderate level of debt, which is a positive sign for investors looking for a stable investment.

InvestingPro Tips also highlight that The Home Depot is trading at a high Price/Book multiple, which could suggest the stock is valued more for its market presence and future growth potential than its current book value. Additionally, while some analysts have revised their earnings expectations downwards for the upcoming period, the company is still predicted to be profitable this year and has been profitable over the last twelve months.

For investors seeking more in-depth analysis and additional insights on The Home Depot, there are over 9 additional InvestingPro Tips available on https://www.investing.com/pro/HD. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, further empowering your investment decisions with valuable data and expert analysis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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