A board member of retailer Home Depot (HD) has bought $1 million of company stock as the share price declined.
So far in 2025, HD stock is down nearly 10%. Home Depot board member Gregory Brenneman has taken advantage of the dip to buy a substantial amount of company stock. It marks the first insider stock buy at the home improvement retailer since 2022.
Home Depot reported strong fourth-quarter 2024 financial results and raised its dividend on Feb. 25. However, that positive news was overshadowed by weak forward guidance issued by management, sending HD stock lower as a result.
Buying the Dip
Brenneman has not been discouraged by the post-earnings selloff in HD stock. On March 14, he paid $1 million to purchase 2,884 shares of Home Depot stock at an average price of $346.66. He made the purchases through two trusts that he controls, according to a form filed with the U.S. Securities and Exchange Commission (SEC).
Brenneman now owns 46,332 Home Depot shares in a personal account, and another 19,711 shares through trusts. In total, his HD stock holdings are worth $23.3 million. Brenneman, is the lead director at Home Depot and has served on the retailer’s board since 2000. He also serves as executive chairman of private equity firm CCMP Capital Advisors. Brenneman last bought HD stock on the open market in 2018.
Is HD Stock a Buy?
The stock of Home Depot has a consensus Moderate Buy rating among 25 Wall Street analysts. That rating is based on 19 Buy, five Hold, and one Sell recommendations issued in the past three months. The average HD price target of $442.73 implies 25.47% upside from current levels.
Read more analyst ratings on HD stock
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