5 Best Retail Stocks to Buy Now

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

Number of Hedge Fund Holders: 89

The Home Depot, Inc. (NYSE:HD) is a home improvement retailer that provides tools, construction material, appliances, and services. On November 14, The Home Depot, Inc. (NYSE:HD) announced market-beating earnings for the fiscal third quarter of 2022. The company reported an EPS of $4.24 and outperformed consensus by $0.13. The company generated a revenue of $38.87 billion, up 5.6% year over year, and beat estimates by $910 million.

Scot Ciccarelli, an analyst at Truist, slashed his price target on The Home Depot, Inc. (NYSE:HD) stock from $400 to $382 on November16 while maintaining a ‘Buy’ recommendation on the stock. The analyst noted that the business remains resilient despite broader housing concerns.

At the end of Q3 2022, 89 hedge funds were bullish on The Home Depot, Inc. (NYSE:HD) and disclosed stakes worth $5.6 billion in the company. This is compared to 80 positions in the preceding quarter with stakes worth $5.4 billion. The hedge fund sentiment for the stock is positive. As of December 2, 2022, Fisher Asset Management is the largest shareholder in The Home Depot, Inc. (NYSE:HD) in our database and holds a stake worth more than $2 billion.