Target Corporation (TGT) Fell on Slowdown in Discretionary Spending
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Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Sustainable Equity Fund highlighted stocks like Target Corporation (NYSE:TGT) in the third quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Target Corporation (NYSE:TGT) is a general merchandise retailer. On October 24, 2023, Target Corporation (NYSE:TGT) stock closed at $108.68 per share. One-month return of Target Corporation (NYSE:TGT) was -1.10%, and its shares lost 34.928% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $50.123 billion.
Madison Sustainable Equity Fund made the following comment about Target Corporation (NYSE:TGT) in its Q3 2023 investor letter:
"Target Corporation (NYSE:TGT) has seen a traffic slowdown as discretionary spending by consumers has softened with inflation as well as spending on services. Although we are disappointed with top line trends, we view the stock as attractive at 11.9x consensus earnings for 2024."
A woman purchasing groceries at a Target store, with a cart full of products. Editorial photo for a financial news article. 8k. --ar 16:9
Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Target Corporation (NYSE:TGT) at the end of second quarter which was 46 in the previous quarter.
We discussed Target Corporation (NYSE:TGT) in another article and shared the list of best dividend aristocrats with over 3% yield. In addition, please check out our hedge fund investor letters Q3 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.