Not every investor wants to own high-flying technology stocks. Some investors prefer a more conservative and stable approach when it comes to their stock market strategy, with the intention not necessarily being to take on the most risk to maximize returns.

This is where dividend stocks can play a role. Businesses that pay dividends are typically industry leaders that report steady revenue and positive earnings regardless of the economic climate. They certainly have a place in some portfolios.

If it's consistent quarterly payouts that you seek when making investments, here's one no-brainer dividend stock to buy now with $100 and hold through 2024 and beyond.

Pleasing income investors

The company I'm talking about is Home Depot (HD 0.94%). It just paid a quarterly dividend of $2.25 on March 21. This means the annual yield is 2.3%, so that $100 investment would bring in roughly $2.30 of pre-tax income this year. A smart strategy is to choose to reinvest those dividends, which can further boost returns over time.

The latest payout was the massive home improvement retailer's 148th consecutive quarter that it paid a cash dividend. That's a remarkable track record that shows you just how much the management team prioritizes returning capital to shareholders.

It's also worth mentioning that Home Depot also repurchases lots of shares, paying $8 billion just last fiscal year to retire outstanding stock. This is a more indirect method to return capital to investors. And this strategy is only possible because the business consistently generates lots of free cash flow.

Over the past decade, Home Depot has been able to increase its revenue at a compound annual rate of 6.8%. And during that time period, its operating margin has averaged 14.2%. This leads me to believe that there is minimal risk of the dividend payout ever decreasing or being eliminated.

Focus on the long term

Before rushing to buy shares of Home Depot right now, investors need to consider some other aspects of the current situation. For starters, it's important to know that the stock trades at a price-to-earnings ratio of 25. This represents a bit of a premium to its trailing-10-year average, and it's certainly much more expensive than what the stock was trading at just a few months ago.

This might discourage value-conscious investors, particularly when you consider Home Depot's latest slowdown. Due to ongoing economic headwinds that are pressuring spending on big-ticket items, the business reported a sales dip of 3% in fiscal 2023. And management believes same-store sales will fall by 1% in the current fiscal year.

After Home Depot experienced soaring demand throughout the earlier days of the pandemic, it appears that things are cooling off. And this is at a time when the housing market has taken a hit due to rising interest rates.

However, this is where it's crucial to maintain a long-term perspective. As the clear industry leader in the home improvement market, Home Depot is in a prime position to do well over time. It has 2,335 stores in total, with over 2,000 in the U.S., giving it wide reach to be prepared for when customer demand inevitably bounces back.

And there is a huge opportunity to take market share. The home improvement industry is valued at nearly $1 trillion, with independent hardware stores making up a significant chunk of that figure. With its scale, purchasing power, supply chain capabilities, and omnichannel presence, Home Depot will continue to dominate.

But until things pick up again, investors can at least be satisfied with the stock's dividend.