Quant Billionaire Jim Simons Loves These 5 Defensive Stocks

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

Number of Hedge Fund Holders: 80

The Home Depot, Inc. (NYSE:HD) operates as a home improvement retailer. According to regulatory filings, Renaissance Technologies owned 1.7 million shares of The Home Depot, Inc. (NYSE:HD) at the end of June 2022 worth $488 million, representing 0.57% of the portfolio.

On September 1, Atlantic Equities analyst Sam Hudson maintained an Overweight rating on The Home Depot, Inc. (NYSE:HD) stock, noting that despite near-term recession risk, the firm had a unique position as a diversified home improvement retailer.

Among the hedge funds being tracked by Insider Monkey, Washington-based firm Fisher Asset Management is a leading shareholder in The Home Depot, Inc. (NYSE:HD), with 8.4 million shares worth more than $2.2 billion.

In its Q1 2022 investor letter, Diamond Hill Capital , an asset management firm, highlighted a few stocks and The Home Depot, Inc. (NYSE:HD) was one of them. Here is what the fund said:

“The Home Depot, Inc. (NYSE:HD) 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.”