Manitou Investment Management Offloads $12 Million of Home Depot (NYSE: HD) Shares: What Should Investors Do?
Key Points
Manitou sold 30,004 shares of Home Depot; Estimated trade size of $11.80 million for Q3 2025.
The transaction represented 2.06% of Manitou’s reportable U.S. equity assets under management.
Manitou's post-trade stake: 37,869 shares, valued at $15.34 million as of September 30, 2025.
The position now makes up 2.68% of the fund’s AUM as of September 30, 2025, which places it outside the fund’s top five holdings.
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On October 17, 2025, Manitou Investment Management Ltd. disclosed in a Securities and Exchange Commission filing for the period ended Q3 2025 that it sold 30,004 shares of The Home Depot.
This was an estimated $11.80 million trade based on the average price for the quarter.
What happened
According to a filing with the Securities and Exchange Commission dated October 17, 2025, Manitou Investment Management Ltd. reduced its stake in The Home Depot by 30,004 shares during Q3 2025.
The estimated value of the shares sold was $11.80 million, calculated using the average closing price for the quarter.
The fund held 37,869 shares after the transaction.
What else to know
The move was a reduction; Home Depot now represents 2.68% of Manitou’s 13F assets under management.
Manitou Investment Management's top holdings after the filing:
- Berkshire Hathaway: $84.91 million (14.8% of AUM) as of September 30, 2025
- Alphabet: $81.33 million (14.2% of AUM) as of September 30, 2025
- Idexx Laboratories: $60.74 million (10.6% of AUM) as of September 30, 2025
- Microsoft: $53.19 million (9.3% of AUM) as of September 30, 2025
- Amazon: $47.31 million (8.3% of AUM) as of September 30, 2025
As of October 16, 2025, shares were priced at $387.39, down 7.46% over the past year, underperforming the S&P 500 by 19 percentage points over the past year.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $165.05 billion |
| Net Income (TTM) | $14.63 billion |
| Dividend Yield | 2.33% |
| Price (as of market close 2025-10-16) | $387.39 |
Company Snapshot
The Home Depot:
- Offers building materials, home improvement products, lawn and garden supplies, décor, and installation services; generates revenue from in-store and online retail sales, tool rentals, and installation projects.
- Operates a large-scale retail model with both physical stores and e-commerce platforms, earning revenue through direct product sales and value-added services.
- Serves homeowners, professional contractors, property managers, and specialty trades across the United States.
The Home Depot, Inc. is a leading home improvement retailer with a nationwide presence and a diversified product portfolio.
The company leverages its extensive store network and robust online platforms to serve both consumer and professional markets.
Foolish take
Manitou Investment Management has held The Home Depot for a number of years prior to last quarter's sales.
Home Depot accounted for 6.3% of the firm's portfolio as recently as late 2024. However, the stock has jumped 34% in the last two years alone, and it looked like Manitou wanted to cash in on a portion of its holding while the stock was back near all-time highs.
Said another way, the stock was trading at 29 times earnings during the last quarter -- which equaled its highest levels seen over the last decade. This lofty valuation and Home Depot's rising price may have been enough for the firm to decide to pare down its holding to 2.7% of its portfolio.
From a Foolish investing perspective, Home Depot remains a top-tier compounder -- albeit at a slightly lofty valuation today.
Recently spending roughly $22 billion acquiring distributors adjacent to its core home improvement operations, Home Depot still offers investors mid-single digit sales growth rates, a growing dividend, and ample stock buybacks.
That said, the stock now boasts a market capitalization of nearly $400 billion, so investors shouldn't plan on this being a quick multibagger. Rather, it looks like an ideal dividend growth stock that should keep chugging along, especially if lower interest rates come to fruition.
Glossary
AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or firm.
13F assets: U.S. equity securities reported by institutional investment managers in quarterly SEC Form 13F filings.
Reportable U.S. equity assets: U.S. stocks that institutional managers must disclose in regulatory filings, typically large, publicly traded equities.
Stake: The ownership interest or number of shares held in a particular company by an investor or fund.
Top holdings: The largest investments in a fund’s portfolio, usually ranked by market value.
Dividend yield: Annual dividends per share divided by the share price, expressed as a percentage.
TTM: The 12-month period ending with the most recent quarterly report.
Quarter (Q3 2025): The third three-month period of 2025, typically July through September.
Filing: An official document submitted to a regulatory agency, often disclosing financial or ownership information.
Reduction (in position): Selling part of an investment, decreasing the number of shares or value held.
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Josh Kohn-Lindquist has positions in Alphabet and Idexx Laboratories. The Motley Fool has positions in and recommends Alphabet, Amazon, Berkshire Hathaway, Home Depot, and Microsoft. The Motley Fool recommends Idexx Laboratories and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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