13 Best Consistent Dividend Stocks to Buy Now

8. The Home Depot, Inc. (NYSE:HD)

Number of Hedge Fund Holders: 93

The Home Depot, Inc. (NYSE:HD) is an American multinational home improvement retail company. The main reason to hold on to the stock is the potential for its dividend to keep growing over time. The company has consistently raised its payouts, with the quarterly dividend climbing to $2.30, up 53% from $1.50 in 2020.

Despite these steady increases, its payout ratio is about 62%, leaving room for further growth. Although consumer spending has slowed in tough economic conditions, Home Depot still expects 1% comparable sales growth for the fiscal year ending in January. With its strong brand, solid financials, and reliable dividend, the stock remains a compelling long-term investment.

On August 21, The Home Depot, Inc. (NYSE:HD) declared a quarterly dividend of $2.30 per share, which was consistent with its previous dividend. The company has been rewarding shareholders with growing dividends for the past 16 years, which makes it one of the best dividend stocks. The stock supports a dividend yield of 2.18%, as of September 12.