In this article, we discuss 5 dividend stocks to buy according to Steve Cohen’s Point72 Asset Management. If you want to read our detailed analysis of Cohen’s hedge fund and its past performance, go directly to read 10 Dividend Stocks to Buy According to Steve Cohen’s Point72 Asset Management.
5. Target Corporation (NYSE:TGT)
Dividend Yield as of August 5: 2.59%
Point72 Asset Management’s Stake Value: $168,714,000
An American big-box store company, Target Corporation (NYSE:TGT) was one of the recent holdings of Point72 Asset Management. The hedge fund initiated its position in the company with 794,997 shares, valued at over $168.7 million. The company accounted for 0.66% of Steve Cohen’s portfolio.
In June, Target Corporation (NYSE:TGT) raised its dividend for the 51st consecutive year, which takes its quarterly dividend to $1.08 per share. In Q1 2022, the company spent $424 million in dividend payments, up 32.4% from the same period last year. As of August 5, the stock’s dividend yield came in at 2.59%.
On August 1, Wells Fargo upgraded Target Corporation (NYSE:TGT) to Overweight and also raised its price target on the stock to $195. The firm appreciated the company’s earnings recovery after the pandemic.
As per Insider Monkey’s Q1 2022 database, 50 hedge funds owned stakes in Target Corporation (NYSE:TGT), up from 49 a quarter earlier. The collective value of stakes owned by hedge funds stood at nearly $3 billion. Jim Simons, Israel Englander, and Ken Griffin were some of the company’s major stakeholders in Q1.