5 Best Passive Income Stocks To Buy Now

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

Number of Hedge Fund Holders: 62

The Home Depot, Inc. (NYSE:HD) is a Georgia-based home improvement company that sells related products to its consumers. In February, Truist maintained a Buy rating on the stock with a $352 price target, following the company’s recent quarterly earnings. The firm also appreciated the company’s strong business model.

The Home Depot, Inc. (NYSE:HD), one of the best dividend stocks, currently pays a quarterly dividend of $2.09 per share. The company has been rewarding shareholders with increased dividends for the past 13 years. The stock has a dividend yield of 2.82%, as of April 19.

According to Insider Monkey’s Q4 2022 database, 62 hedge funds owned stakes in the company, with a total value of over $4.8 billion.

Matrix Asset Advisors mentioned The Home Depot, Inc. (NYSE:HD) in its Q3 2022 investor letter. Here is what the firm has to say:

“During the quarter, we re-established a position in The Home Depot, Inc. (NYSE:HD) sold earlier this year, after the shares declined sharply on big picture concerns about a softer housing market and lower consumer spending. We believe that HD is a very well-managed company, positioned to continue showing good profits even as the economy decelerates. The products it carries in inventory are in year-round demand from contractors and homeowners wanting to maintain and improve their homes. The company has historically been shareholder friendly, repurchasing shares and increasing the dividend, most recently by 15% earlier this year. On September 30, HD’s current dividend yield was 2.8%.”