5 Best Grocery Stocks to Buy

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In this article, we discuss the 5 best grocery stocks to buy. To read the industry analysis, go directly to the 12 Best Grocery Stocks to Buy.

5. Target Corporation (NYSE:TGT)

Number of Hedge Fund Holders: 52

Target Corporation (NYSE:TGT) is a Minnesota-based big box department store chain. The company has around 2000 operating locations. In the third quarter of 2022, 52 hedge funds had a stake in the company with a combined value of $2.03 billion. In the previous quarter, Target Corporation (NYSE:TGT) was a part of 46 investment portfolios, valued at approximately $1.3 billion.

On November 17, Telsey Advisory analyst Joseph Feldman maintained an Outperform rating on Target Corporation (NYSE:TGT)’s stock and lowered the price target to $175 from $185. The analyst believes that the company should bottom in the next couple of quarters. However, from Q2 2023 onwards, Target Corporation (NYSE:TGT) should increase its profits and sales sequentially.

Target Corporation (NYSE:TGT) is one of the best grocery stocks as it has increased its dividends for 50 years. Its next quarterly dividend will be paid on December 12 to the shareholders of record on November 16. As of December 2, the company has a dividend yield of 2.63%.

Here is what Carillon Tower Advisers specifically said about Target Corporation (NYSE:TGT) in its Q2 2022 investor letter:

“Target Corporation (NYSE:TGT) faced its worst day in decades after trimming its profit forecast for the year due to higher costs. While many of the cost pressures are likely to persist in the near term, the company also struggled with a shift in consumer spending, which resulted in inventory write-downs.”

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