Should You Invest in The Home Depot (HD) For Dividend Yield?

Matrix Asset Advisors, an asset management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s Large Cap Value Portfolio trailed the S&P 500 and the Russell 1000 Value index performance in the third quarter and year-to-date through September 30, 2022. Its Matrix Dividend Income portfolio outperformed the S&P 500 and the Russell 1000 Value Index benchmarks for the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Matrix Asset Advisors highlighted stocks like The Home Depot, Inc. (NYSE:HD) in the Q3 2022 investor letter. Headquartered in Atlanta, Georgia, The Home Depot, Inc. (NYSE:HD) is a home improvement retailer. On December 8, 2022, The Home Depot, Inc. (NYSE:HD) stock closed at $324.09 per share. One-month return of The Home Depot, Inc. (NYSE:HD) was 2.91%, and its shares lost 21.98% of their value over the last 52 weeks. The Home Depot, Inc. (NYSE:HD) has a market capitalization of $330.309 billion.

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%.”

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The Home Depot, Inc. (NYSE:HD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 89 hedge fund portfolios held The Home Depot, Inc. (NYSE:HD) at the end of the third quarter, which was 80 in the previous quarter.

We discussed The Home Depot, Inc. (NYSE:HD) in another article and shared the best best low-risk dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.