5 Best Retail Dividend Stocks to Buy

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

Number of Hedge Fund Holders: 65

The Home Depot, Inc. (NYSE:HD) is an American home improvement retailer. The company offers a wide range of products, tools, and services for various home improvement projects. In the first quarter of 2023, the company posted revenue of $37.3 billion and its net earnings amounted to over $3.8 billion. Its operating cash flow for the quarter grew to $5.6 billion, from $3.8 billion in the prior-year period.

On May 18, The Home Depot, Inc. (NYSE:HD) declared a quarterly dividend of $2.09 per share, which was in line with its previous dividend. The company maintains a 13-year streak of consistent dividend growth, which makes it one of the best dividend stocks in the retail sector. The stock has a dividend yield of 2.62%, as of July 19.

The number of hedge funds tracked by Insider Monkey owning stakes in The Home Depot, Inc. (NYSE:HD) grew to 65 in Q1 2023, from 62 in the previous quarter. These stakes are collectively worth over $2 billion.

Madison Investments highlighted The Home Depot, Inc. (NYSE:HD)’s sustainable activities in its Q2 2023 investor letter.

“The Home Depot, Inc. (NYSE:HD) celebrates 30 years of giving back. Team Depot was created in 1993 as a way of organizing associates who were eager to volunteer in their communities. For 30 years, Team Depot associates have worked side by side with non-profits around the United States. Focus areas include spending time with the elderly and activities with at risk youth. Team Depot also improves the homes and lives of veterans and helps communities impacted by natural disasters.

During the quarter, Home Depot set a goal for battery-powered products to represent over 85% of outdoor lawn equipment sales in the U.S. and Canada by the end of fiscal 2028. Push lawn mowers and handheld leaf blowers and trimmers will run on rechargeable battery technology instead of gas. This will reduce 2 million metric tons of greenhouse gas emissions annually.”