5 Stocks American Politicians are Buying in 2024

4. Home Depot Inc (NYSE:HD)

Number of Hedge Fund Investors: 70

Home Depot Inc (NYSE:HD) is another stock Congressman Kevin Hern is buying for dividend investments. He bought the home improvement company’s shares in two transactions worth between $1,000 to $15,000 on March 12. Since then the stock is down 15%.

As of the end of the last quarter of 2023, 70 hedge funds tracked by Insider Monkey reported having stakes in Home Depot Inc (NYSE:HD).

ClearBridge Sustainability Leaders Strategy made the following comment about The Home Depot, Inc. (NYSE:HD) in its Q3 2023 investor letter:

“The Home Depot, Inc. (NYSE:HD) has long been a leader in advancing sustainable forestry, and its wood products can have a significant impact, as timber rates at the top of high-risk commodities responsible for most agriculture-related deforestation (Exhibit 3). The home improvement retailer adopted its first wood purchasing policy in 1999, pledging to give preference to sustainably sourced wood and to eliminate wood purchases from endangered regions around the world.

Biodiversity-boosting efforts at Home Depot have included tracing the origin of all the wood products it sells. This forms part of the process of verifying sustainable production, which it does using the certification standards of the Forest Stewardship Council (FSC). Since 2000 Home Depot has developed programs to purchase FSC wood products, such as doors, boards and patio furniture, from over 60 global suppliers. It has also moved more than 90% of its cedar purchases to second-and third-growth forests, with the rest coming from areas with local community stakeholder review.”