Reasons to Hold Target Corporation (TGT) for the Long-term

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s performance lagged behind the S&P 500 Index, which returned 7.5% in the quarter, with a very narrow market. Both Sector Allocation and Stock Selection affected the performance of the fund in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like Target Corporation (NYSE:TGT) in the first quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Target Corporation (NYSE:TGT) is a general merchandise store. On April 18, 2023, Target Corporation (NYSE:TGT) stock closed at $162.40 per share. One-month return of Target Corporation (NYSE:TGT) was 3.13%, and its shares lost 34.86% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $74.763 billion.

Madison Sustainable Equity Fund made the following comment about Target Corporation (NYSE:TGT) in its Q1 2023 investor letter:

“Target Corporation (NYSE:TGT) reported a solid fourth quarter, exceeding expectations. Same store sales were positive with better-than-expected margins resulting in earnings for the quarter ahead of expectations. At the same time, Target provided guidance for 2023 that was below expectations, which sets them up to meet or exceed expectations after a difficult 2022. Target expects same store sales for 2023 to range from a low single digit decline to a low single digit increase, with operating margins in the 4.5% to 5% range. We continue to view Target as well positioned for long-term growth with its strong owned brand strategy and omnichannel offerings.”

Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds.  As per our database, 48 hedge fund portfolios held Target Corporation (NYSE:TGT) at the end of the fourth quarter which was 52 in the previous quarter.

We discussed Target Corporation (NYSE:TGT) in another article and shared the list of best stocks for dividends. In addition, please check out our hedge fund investor letters Q1 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.