5 Best Dividend Stocks to Buy for Passive Income

4. Target Corporation (NYSE:TGT)

Number of Hedge Funds: 68

Dividend Yield as of June 26: 3.31%

On June 26, Jefferies raised its price recommendation on Target Corporation (NYSE:TGT) to $161 from $140. It reiterated a Buy rating on the shares. The update came after hosting CFO Jim Lee and other company executives for a meeting in Boston. According to the analyst, management “struck a measured but confident tone” when discussing the company’s early progress under its strategic reset. The team pointed to early gains from merchandising-led changes and a cultural shift toward faster, bolder execution. The analyst also said Target remains one of his top stock picks.

Earlier, on June 12, Guggenheim raised its price goal on TGT to $145 from $140. It kept its Buy rating following a meeting with CEO Michael Fiddelke and CFO Jim Lee. The discussion focused on improving the execution of a clear go-to-market strategy centered on “specialization at scale.”The analyst noted that the stock’s 35% year-to-date rally “suggests the easy money has been made.” Even so, continued operational progress could attract long-term investors.

Target Corporation (NYSE:TGT) is a general merchandise retailer that sells products through its stores and digital channels. The company offers its customers, referred to as guests, differentiated merchandise and everyday essentials at discounted prices.