These 5 Companies Just Increased Their Dividends By Over 10%

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

Number of Hedge Fund Holders: 68

Percentage of Dividend Increase: 15.2%

The Home Depot, Inc. (NYSE:HD) is an American home improvement retailer that sells construction tools, home appliances, builders hardware, and relevant services. The Home Depot, Inc. (NYSE:HD) declared a $1.90 per share quarterly dividend on February 22, a 15.2% increase from its prior dividend of $1.65, which will be payable on March 24. 

Raymond James analyst Bobby Griffin lowered his price target on The Home Depot, Inc. (NYSE:HD) on February 24 to $350 from $420 and kept an ‘Outperform’ rating on the shares to better reflect the compressed valuation multiples for the sector. The Home Depot, Inc. (NYSE:HD) delivered a “solid” Q4 with comps and EPS above the consensus view, the analyst told investors in a research note.

Among the hedge funds tracked by Insider Monkey, 68 funds were bullish on The Home Depot, Inc. (NYSE:HD) at the close of Q4 2021, up from 58 funds a quarter earlier. Fisher Asset Management was the leading shareholder on that list with 7.8 million shares worth $3.2 billion. 

Here is what Ensemble Capital Management had to say about The Home Depot, Inc. (NYSE:HD) in its Q4 2021 investor letter:

“On the more positive side, we saw notable performance contribution from Home Depot. In the midst of a housing shortage and rising home prices, Americans turned to home improvement projects with Home Depot’s startlingly fast growth in 2020 continuing throughout 2021. With each quarter that passed showing a continuation of strong growth rather than the slowdown that many investors expected, the stock led the S&P 500 for most of the year and turned in a heady 27% rally in the fourth quarter to close out the year. Notably, while Do It Yourself homeowners did indeed shop at Home Depot less than they did during record setting 2020, almost half of the company’s revenue comes from Pro contractors where strong growth continues.”