These 5 Companies Just Increased Their Dividends By Over 10%

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

Number of Hedge Fund Holders: 56

Percentage of Dividend Increase: 13.5%

The TJX Companies, Inc. (NYSE:TJX) is an American multinational discount department chain that sells apparel, bedding, furniture, beauty products, and housewares. 

On February 23, The TJX Companies, Inc. (NYSE:TJX) declared a $0.295 per share quarterly dividend, a 13.5% increase from its prior dividend of $0.260. The dividend is expected to be payable in June 2022. The company also plans to repurchase shares worth approximately $2.25 to $2.50 billion during its fiscal year ending January 28, 2023. The new authorization represents approximately 4% of The TJX Companies, Inc. (NYSE:TJX)’s outstanding shares at current prices.

Truist analyst Beth Reed lowered her price target on The TJX Companies, Inc. (NYSE:TJX) to $82 from $88 and kept a ‘Buy’ rating on the shares on February 25. The company’s Q4 results missed expectations due to the omicron variant and persistent freight pressures, but the stock’s pullback offers an attractive buying opportunity into a solid long-term growth story the analyst told investors in a bullish thesis.

Alkeon Capital Management is the biggest shareholder of The TJX Companies, Inc. (NYSE:TJX) among the funds tracked by Insider Monkey, owning 7.3 million shares worth $560.6 million. Overall, 56 hedge funds held long positions in The TJX Companies, Inc. (NYSE:TJX), with collective stakes amounting to more than $2 billion.

Here is what Qualivian Investment Partners had to say about The TJX Companies, Inc. (NYSE:TJX) in its Q2 2021 investor letter:

“TJX Companies: While it still outperformed the S&P 500, TJX landed in the bottom three as its stock’s tepid performance reflected the broader underperformance of stocks levered to post-COVID reopening. These were muted in the quarter given the resurgence of COVID cases due to the Delta variant. Its actual results, which it reported on August 18th, were outstanding, beating across the board on both top and bottom lines and showing strong operating leverage in the operating profit line. Same store sales were up an impressive 20% overall. We remain very confident in TJX’s moat in that its treasure hunt format is hard to replicate for the likes of Amazon and Walmart.”