5 Best Department Store Stocks To Invest In

3. Target Corporation (NYSE:TGT)

Number of Hedge Fund Holders: 58

Target Corporation (NYSE:TGT) is an American general merchandise retailer, ranking 3rd on our list of the best department store stocks. On March 5, Target Corporation (NYSE:TGT) reported a Q4 non-GAAP EPS of $2.98, beating market consensus by $0.56. The revenue of $31.47 billion, however, fell short of Street estimates by $400 million. 

According to Insider Monkey’s fourth quarter database, 58 hedge funds were bullish on Target Corporation (NYSE:TGT), same as the prior quarter. Ric Dillon’s Diamond Hill Capital is a significant position holder in the company, with 2.8 million shares worth over $401 million. 

Diamond Hill Large Cap Strategy stated the following regarding Target Corporation (NYSE:TGT) in its fourth quarter 2023 investor letter:

“Other top contributors in Q4 included Allstate, American International Group (AIG) and Target Corporation (NYSE:TGT). US-based mass retailer Target is capitalizing on cleaner inventory, lower freight costs and improved efficiency to improve profitability — and investors rewarded shares accordingly in Q4.”