Here’s Why Investors Like Target Corporation (TGT)

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the fourth quarter, equity markets ended the year on a high note, with the S&P 500 achieving an 11.7% increase. This brought the full-year return to 26.3%. The Fund (Class Y) returned 18.0% for the year, but had a Q4 return of 11.9%, trailing the S&P 500. The fourth quarter’s strength can be attributed to the yield curve’s downward shift. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund featured stocks such as Target Corporation (NYSE:TGT) in its Q4 2023 investor letter. Headquartered in Minneapolis, Minnesota, Target Corporation (NYSE:TGT) is a general merchandise retailer. On February 1, 2024, Target Corporation (NYSE:TGT) stock closed at $144.42 per share. The one-month return of Target Corporation (NYSE:TGT) was 2.61%, and its shares lost 18.30% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $66.673 billion.

Madison Sustainable Equity Fund stated the following regarding Target Corporation (NYSE:TGT) in its fourth quarter 2023 investor letter:

“Target Corporation (NYSE:TGT) reported a solid third quarter with strong gross margin recovery despite slower traffic and sales. Gross margins rebounded from last year’s discounting and cost efficiencies. Same store sales were down -4.9% with traffic down -4.1%. Investors liked the strong margin recovery but will look for improving sales trends.”

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Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Target Corporation (NYSE:TGT) at the end of third quarter which was 45 in the previous quarter.

We discussed Target Corporation (NYSE:TGT) in another article and shared best internet retail stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 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.