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Top-Ranked Home Depot Inc Getting Very Oversold

By Dividend Channel Staff, Thursday, May 17, 11:37 AM ET
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The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics strong fundamentals and a valuation that looks inexpensive. Home Depot Inc (NYSE:HD) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.

But making Home Depot Inc an even more interesting and timely stock to look at, is the fact that in trading on Thursday, shares of HD entered into oversold territory, changing hands as low as $47.62 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of Home Depot Inc, the RSI reading has hit 29.4 by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 39.9. A falling stock price all else being equal creates a better opportunity for dividend investors to capture a higher yield. Indeed, HD's recent annualized dividend of 1.16/share (currently paid in quarterly installments) works out to an annual yield of 2.38% based upon the recent $48.77 share price.

A bullish investor could look at HD's 29.4 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on HD is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.

HD Dividend History
Date Div*
03/06/12 0.290
11/29/11 0.290
08/30/11 0.250
06/14/11 0.250
03/08/11 0.250
11/30/10 0.236
08/31/10 0.236
06/01/10 0.236
03/09/10 0.236
12/01/09 0.225
09/01/09 0.225
06/09/09 0.225
03/10/09 0.225
12/02/08 0.225
09/02/08 0.225
06/03/08 0.225
03/11/08 0.225
11/27/07 0.225
08/28/07 0.225
06/05/07 0.225
03/06/07 0.225
11/28/06 0.225
09/05/06 0.150
06/06/06 0.150
03/07/06 0.150
11/29/05 0.100
08/30/05 0.100
06/07/05 0.100
03/08/05 0.100
11/30/04 0.085
08/31/04 0.085
06/08/04 0.085
03/09/04 0.070
12/02/03 0.070
09/02/03 0.070
06/10/03 0.060
03/11/03 0.060
12/03/02 0.060
09/03/02 0.050
06/11/02 0.050
03/12/02 0.050
11/28/01 0.050
08/28/01 0.040
06/12/01 0.040
03/06/01 0.040
11/28/00 0.040
08/29/00 0.040
06/13/00 0.040
03/07/00 0.040
11/30/99 0.040
08/31/99 0.027
06/08/99 0.027
03/02/99 0.020
12/01/98 0.020
09/01/98 0.020
06/09/98 0.020
03/03/98 0.017
12/02/97 0.017
09/09/97 0.017
06/10/97 0.017
03/11/97 0.013
12/03/96 0.013
09/10/96 0.013
06/07/96 0.013
03/06/96 0.011
12/06/95 0.011
09/07/95 0.011
* Data may be adjusted for splits; we are not responsible for data errors; always verify data with the company.

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According to the ETF Finder at ETF Channel, HD makes up 8.20% of the Retail ETF (AMEX:RTH) which is trading lower by about 0.2% on the day Thursday.

See what other ETFs contain HD
See what other stocks are held by RTH

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