5 Dividend Stocks to Buy According to Jim Simons’ Renaissance Technologies

In this article, we discuss 5 dividend stocks to buy according to Jim Simons’ Renaissance Technologies. If you want to read our detailed analysis of Renaissance Technologies’ strategy and performance, go directly to 10 Dividend Stocks to Buy According to Jim Simons’ Renaissance Technologies. 

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

Renaissance Technologies Stake Value: $480,219,000

The Home Depot, Inc. (NYSE:HD) is a Georgia-based home improvement company that sells construction products and offers related services to consumers. The company has been raising its dividends consistently for the past 14 years. It currently pays a quarterly dividend of $1.90 per share, giving HD shares a yield of 2.56% as of August 29.

In Q2 2022, Renaissance Technologies owned over 1.7 million shares in The Home Depot, Inc. (NYSE:HD), valued at over $480 million. The hedge fund reduced its position in the company by 7% during the quarter. The company accounted for 0.56% of Jim Simons’ portfolio.

In August, Truist lifted its price target on The Home Depot, Inc. (NYSE:HD) to $399 with a ‘Buy’ rating on the shares, appreciating the company’s strong business trends despite the macro concerns.

The Home Depot, Inc. (NYSE:HD) was a popular buy among elite funds in Q2, as 80 hedge funds in Insider Monkey’s database owned stakes in the company, up from 75 in the previous quarter. Those stakes had a total value of over $5.35 billion. Fisher Asset Management was the company’s leading stakeholder in Q2.

Diamond Hill Capital mentioned The Home Depot, Inc. (NYSE:HD) in its Q1 2022 investor letter. Here is what the firm had to say:

“Home Depot shares underperformed as continued solid fundamental results were outweighed by concerns about the impact rising mortgage rates may have on the housing market and general inflationary pressures potentially leading to a consumer spending slowdown. We view the long-term prospects and multi-year fundamental outlook as unchanged.”