5 Best Consumer Discretionary Dividend Stocks To Buy Now

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

Number of Hedge Fund Holders: 62

In February, The Home Depot, Inc. (NYSE:HD) increased its quarterly dividend by 10%.

As of the end of the fourth quarter of 2022, 62 hedge funds out of the 943 hedge funds tracked by Insider Monkey reported owning stakes in The Home Depot, Inc. (NYSE:HD). The net worth of these stakes was $4.8 billion. The biggest hedge fund stakeholder of The Home Depot, Inc. (NYSE:HD) during this period was Ric Dillon’s Diamond Hill Capital which owns a $340 million stake in the company.

Matrix Asset Advisors made the following comment about The Home Depot, Inc. (NYSE:HD) in its Q3 2022 investor letter:

“During the quarter, we re-established a position in The Home Depot, Inc. (NYSE:HD) sold earlier this year, after the shares declined sharply on big picture concerns about a softer housing market and lower consumer spending. We believe that HD is a very well-managed company, positioned to continue showing good profits even as the economy decelerates. The products it carries in inventory are in year-round demand from contractors and homeowners wanting to maintain and improve their homes. The company has historically been shareholder friendly, repurchasing shares and increasing the dividend, most recently by 15% earlier this year. On September 30, HD’s current dividend yield was 2.8%.”

You can also take a peek at 15 Best Short-Term Stocks to Buy and 10 Best Stocks to Buy for High Returns.