10 Safe Stocks To Invest In For The Long Term in 2024

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

10 Year Revenue Growth: 6.55%

Number of Hedge Fund Holders: 86

The Home Depot, Inc. (NYSE:HD) is a home improvement retailer based in the United States. The company sells tools, construction products, and appliances. The company was founded in 1979 and now owns over 2,300 stores across North America.

The company vowed to expand the day it was brought to life. Its initial stores were sized at an average of 60,000 square feet and today, its stores are 105,000 square feet on average. Additionally, customers can choose from over 35,000 products in stores and 1 million products online at Home Depot, Inc. (NYSE:HD). To strengthen its position in the industry, the company locked in several product launches and acquisitions throughout the year, In June Home Depot completed the acquisition of SRS Distribution, a residential specialty trade distribution company. Last week, Home Depot’s retail media division, Orange Apron Media, launched a new self-service ad platform allowing advertisers to plan, activate, optimize, and report their media campaigns.

The company has over 475,000 associates who enable the smooth running of the company. To keep up with the industry requirements, Home Depot, Inc. (NYSE:HD) improved the tools its associates use for selling. The advancements allow associates to view customers’ activity and experience at Home Depot. Home Depot, Inc. (NYSE:HD) also launched another platform allowing associates and store leaders to have a quick digital view of a customer’s journey. As a result, associates can understand customer behavior and their likes, dislikes, and buying patterns.

In the second quarter of 2024, Home Depot, Inc. (NYSE:HD) logged $43.2 billion in sales, up by 0.6% year-over-year. 86 hedge funds held the stock at the end of Q2 2024, of which, Fisher Asset Management was the largest shareholder, as of June 30. Analysts are bullish on the stock, and that may be because of the stock’s consistent financial performance and strategic expansion outlook.