5 Best Consumer Cyclical Dividend Stocks to Buy Now

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

Dividend Yield as of November 1: 2.58%

The Home Depot, Inc. (NYSE:HD) is a multinational home improvement retail company that sells various construction products and provides related services. Cowen presented a positive view of the company’s sales productivity and share growth. The firm initiated its coverage on the stock in October with an Outperform rating and a $350 price target.

The Home Depot, Inc. (NYSE:HD) is one of the best dividend stocks on our list as the company has been raising its dividends consistently for the past 12 years. The company currently pays a quarterly dividend of $1.90 per share for a dividend yield of 2.58%, as of November 1.

The number of hedge funds tracked by Insider Monkey owning stakes in The Home Depot, Inc. (NYSE:HD) grew to 80 in Q2 2022, from 75 in the preceding quarter. The collective value of these stakes is over $5.3 billion. Arrowstreet Capital was one of the company’s most prominent stakeholders in Q2.

Diamond Hill Capital mentioned The Home Depot, Inc. (NYSE:HD) in its Q2 2022 investor letter. Here is what the firm had to say:

“The Home Depot, Inc. (NYSE:HD) is a high-quality operator in the home improvement industry. Macroeconomic concerns, particularly the rise in mortgage rates, caused the share price to pull back and trade at a greater discount to our estimate of intrinsic value. We believe Home Depot is well positioned to continue gaining share due to its premium real estate locations, strong operations and recent investments in its supply chain. We like Home Depot’s exposure to the professional customer and believe in its ability to take market share in this segment as we believe home improvement spending has the potential to remain resilient in upcoming years.”