5 Best Consumer Cyclical Dividend Stocks To Buy Now

3. The TJX Companies, Inc. (NYSE:TJX)

Number of Hedge Fund Holders: 69

The TJX Companies, Inc. (NYSE:TJX) is an American multinational off-price department store corporation. On February 22, the company announced a 12.7% hike in its quarterly dividend to $0.3325 per share. The stock has a dividend yield of 1.57%, as of March 27. Throughout the year, the company returned $3.6 billion to shareholders in dividends and share repurchases, which makes it one of the best dividend stocks on our list.

Baird presented a positive outlook of The TJX Companies, Inc. (NYSE:TJX) and lifted its price target on the stock to $90 in February, and maintained an Outperform rating on the shares.

The number of hedge funds tracked by Insider Monkey owning stakes in The TJX Companies, Inc. (NYSE:TJX) grew to 69 in Q4 2022, from 55 in the previous quarter. The collective value of these stakes is over $2.55 billion.

Artisan Partners mentioned The TJX Companies, Inc. (NYSE:TJX) in its Q4 2022 investor letter. Here is what the firm has to say:

“Also, shares of The TJX Companies, Inc. (NYSE:TJX), an off-price retailer of apparel and home goods across North America, Europe and Australia, rose on strong Black Friday sales and market share gains as shoppers searched for deals in physical stores. The company showed that it is maintaining margins and beating earnings estimates on strong sales and by selectively raising prices. TJX’s business model is to sell brand name and designer merchandise in limited quantities at every day discounted prices in stores with flexible, low-cost layouts. Its strategy is to tap into shoppers’ psychological need to “treasure hunt,” as the company describes it, to find unique, branded items at deep discounts. TJX buyers opportunistically purchase merchandise from vendors at deep discounts to keep the cost of goods low for stores. As the largest off-price retailer, the company has used its channel power to its advantage in recent months to gain steep discounts on merchandise as other retailers struggle to clear their inventory. We appreciate the company’s inventory management and pricing  prowess. This holding is an example of our broad universe of companies that we consider for the portfolio and one that we believe is well-positioned for the current market environment.”