Down 18% from its March high, this growth stock has become incredibly oversold.

But this no-brainer dividend stock won’t stay down for long.

Instead, we’re looking for Home Depot (HD) to push aggressively higher, as it did the last time it
became this technically oversold in December of last year.

Better, while we wait for it to recover, we can collect its yield of 2.76%.

In fact, if you pick it up by the close of business on May 30, you’ll receive its $2.25 dividend on
June 13. Plus, with a severe hurricane season about to kick-off, the stock has a historical
tendency to push aggressively higher.

After all, stocks like Home Depot “typically see a boost in sales post-storm as damaged property
is repaired,” says Morgan Stanley, as quoted by MarketWatch.

And unfortunately, hurricane season could get bad this year.

The National Oceanic and Atmospheric Administration called for a more active than normal
season — thanks in large part to the off-the-charts high temperatures in the Atlantic Ocean, as
noted by the Miami Herald.
 
“NOAA is predicting that 17 to 25 named storms could form this year, with eight to 13 powering
up into hurricanes and four to seven of those reaching major hurricane status, Category 3 or
higher. That’s above the average: 14 named storms, 7 hurricanes and 3 major hurricanes.”

“In fact, they’re the highest ever forecast by the federal agency. In 2020, NOAA had predicted
the highest number of storms of all time. That season wound up with 30 named storms, 14 of
them growing into hurricanes,” they added.