Fears of a Slowdown in Consumer Spending Dragged Target Corporation (TGT) in Q2

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” Q2 2023 investor letter. A copy of the same can be downloaded here. The S&P Index closed the quarter with a gain of 8.7%, which made the first half of the year’s return rose 16%. These gains suggest steady growth, but the reality is much more mixed. Macroeconomic fears still exist in the market. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Growth & Income Fund highlighted stocks like Target Corporation (NYSE:TGT) in the second quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Target Corporation (NYSE:TGT) is a general merchandise retailer. On September 11, 2023, Target Corporation (NYSE:TGT) stock closed at $122.67 per share. One-month return of Target Corporation (NYSE:TGT) was -5.22%, and its shares lost 29.44% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $56.625 billion.

Carillon Eagle Growth & Income Fund made the following comment about Target Corporation (NYSE:TGT) in its Q2 2023 investor letter:

“Target Corporation (NYSE:TGT) traded lower over fears of a consumer spending slowdown. While the firm’s management announced a stronger than expected first quarter, second-quarter expectations were guided lower.”

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Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Target Corporation (NYSE:TGT) at the end of second quarter which was 46 in the previous quarter.

We discussed Target Corporation (NYSE:TGT) in another article and shared the list of biggest supermarket chains in the US. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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