AlphaCore Capital LLC has significantly increased its investment in Lowe’s Companies, Inc. (NYSE: LOW) by acquiring an additional 2,094 shares during the second quarter of 2023. This move raised AlphaCore’s total holdings in the home improvement retailer by 33.4%, bringing its total to 8,356 shares valued at approximately $1.854 million as of the latest reporting period, according to its Form 13F filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also adjusted their positions in Lowe’s. Notably, Mufg Securities Americas Inc. increased its stake by 24.1%, acquiring 2,409 shares to reach a total of 12,404 shares, worth around $2.752 million. Similarly, Evelyn Partners Investment Management LLP expanded its holdings by a remarkable 642.4%, now owning 8,010 shares valued at $1.822 million after purchasing 6,931 shares during the same period.
Journey Strategic Wealth LLC and White Pine Capital LLC also reported increases of 30.5% and 6.8%, respectively. Journey now owns 5,333 shares valued at $1.183 million, while White Pine controls 1,254 shares worth approximately $278,000. Additionally, Hillsdale Investment Management Inc. entered the fray by acquiring a new stake valued at $710,000. Overall, institutional investors and hedge funds now own approximately 74.06% of Lowe’s stock.
Lowe’s Financial Performance and Dividend Declaration
On November 19, 2023, Lowe’s announced its latest earnings results, reporting $3.06 earnings per share (EPS) for the quarter, exceeding analyst expectations of $2.97 by $0.09. The company generated revenue of $20.81 billion, slightly below the anticipated $20.88 billion. Lowe’s achieved a net margin of 8.20% and reported a negative return on equity of 52.02%. Compared to the same quarter last year, the firm’s revenue increased by 3.2%, and its EPS rose from $2.89 in the previous year.
In addition to its earnings performance, Lowe’s recently declared a quarterly dividend of $1.20 per share, set to be paid on February 4, 2024. Shareholders of record as of January 21, 2024, will receive this dividend, which represents an annualized total of $4.80 and a yield of 2.1%. The company’s dividend payout ratio stands at 39.80%.
Analyst Ratings and Market Outlook
Lowe’s stock has attracted attention from various analysts, with numerous research reports issued recently. Mizuho adjusted its price target from $285.00 to $272.00, maintaining an “outperform” rating. Telsey Advisory Group reduced its price objective from $305.00 to $285.00, also rating the stock as “outperform.” In contrast, Wells Fargo & Company lowered its target from $290.00 to $280.00, classifying it as “overweight.”
Currently, analysts have rated Lowe’s stock with an average of 16 “Buy” ratings, ten “Hold” ratings, and one “Sell” rating. The consensus target price stands at $274.75, indicating a robust outlook for the company’s performance in the coming months.
In summary, AlphaCore Capital and other institutional investors continue to show confidence in Lowe’s Companies, reflecting a favorable market sentiment. The home improvement retailer’s solid financial results and consistent dividend payments further enhance its appeal among investors in a competitive sector.
