12 Best Stocks to Buy Now for Passive Income

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2. Target Corporation (NYSE:TGT)

Number of Hedge Fund Holders: 54

Target Corporation (NYSE:TGT) ranks among the largest retailers in the US and is one of the few national chains offering a broad range of products. Throughout most of its history, it has been a reliable growth driver. The company operates across urban, suburban, and rural areas, with stores in all 50 states.

Although Target Corporation (NYSE:TGT) has faced challenges recently, the company still holds significant long-term growth potential in both physical retail and e-commerce. Its same-day services, including curbside pickup through Drive Up and delivery via Shipt, add to its competitive edge. The company is aiming for a 15% increase in sales over the next five years, and based on its current valuation, the stock could be a strong performer if it meets that target.

Target Corporation (NYSE:TGT) is also popular among investors because of its strong dividend history. The company is a Dividend King, boasting 54 consecutive years of dividend growth. Currently, it offers a quarterly dividend of $1.14 per share and has a dividend yield of 5.27%, as recorded on September 22.

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