Here’s Why Target Corporation (TGT) Declined in Q2

Smead Capital Management, an investment management company, released its “Smead Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund delivered 3.18% compared to an 8.74% gain for the S&P 500 Index and a 4.07% rise for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Smead Value 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 August 1, 2023, Target Corporation (NYSE:TGT) stock closed at $132.99 per share. One-month return of Target Corporation (NYSE:TGT) was -0.33%, and its shares lost 20.80% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $61.383 billion.

Smead Value Fund made the following comment about Target Corporation (NYSE:TGT) in its second quarter 2023 investor letter:

“Our biggest detractors were Target Corporation (NYSE:TGT), Warner Brothers (WBD), and Pfizer (PFE). Target was our worst performer in the quarter, primarily driven by customers and public reaction to in-store promotions for the month of June. We believe management has listened to its core customers, made the necessary changes, and avoided structural damage to the brand.”

Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Target Corporation (NYSE:TGT) at the end of first quarter which was 48 in the previous quarter.

We discussed Target Corporation (NYSE:TGT) in another article and shared the list of dividend aristocrat stocks. 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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Disclosure: None. This article is originally published at Insider Monkey.