5 Stocks to Buy According to Richard Scott Greeder’s Broad Bay Capital

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

Broad Bay Capital’s Stake Value: $56,688,000
Percentage of Broad Bay Capital’s 13F Portfolio: 8.87%
Number of Hedge Fund Holders: 49

The TJX Companies, Inc. (NYSE:TJX) works as an off-price retailer of clothing and home goods with the help of its subsidiaries. Marmaxx, HomeGoods, TJX Canada, and TJX International are its four business segments. On September 19, The TJX Companies, Inc. (NYSE:TJX) announced a quarterly dividend of $0.295 per share, in line with the previous.

On September 16, JPMorgan analyst Matthew Boss maintained an ‘Overweight’ rating on the stock while raising his price objective to $80 from $71. As of the end of the second quarter of 2022, 49 hedge funds out of Insider Monkey’s database of 895 funds held stakes in The TJX Companies, Inc. (NYSE:TJX), compared to 55 funds in the previous quarter.

During Q2 2022, Broad Bay Capital sold 109,000 shares of The TJX Companies, Inc. (NYSE:TJX) and held a stake worth over $56.69 million. Panayotis Takis Sparaggis’ Alkeon Capital Management is The TJX Companies, Inc. (NYSE:TJX)’s most significant stakeholder, with 5.71 million shares worth $318.82 million.

ClearBridge Investments shared its outlook on The TJX Companies, Inc. (NYSE:TJX) in its Q4 2021 investor letter. Here’s what was said about the company:

“The pandemic created opportunities for us to be more aggressive in a variety of areas of the market. We were opportunistic throughout the year, for example, in positioning the portfolio to benefit from a flush consumer eager to return to spending and traveling. New positions included TJX, an off-brand retailer with a large presence in the U.S. and Europe that should continue to benefit from the contraction of many traditional retailers, particularly as consumer spending resumes.”