Target Corporation (TGT) Declined on Weakening Consumer Demand
Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The positive returns of the portfolio outperformed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index), both of which were negative in Q3. The short book trailed the index, providing a relative tailwind to performance. Long financial holdings were another source of relative strength. On the other hand, the fund’s long industrials and healthcare holdings were sources of relative weakness in Q3. In addition, you may look at the fund's top 5 holdings to learn about its best picks in 2023.
Diamond Hill Long-Short Fund highlighted stocks like Target Corporation (NYSE:TGT) in the third quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Target Corporation (NYSE:TGT) is a general merchandise retailer. On December 21, 2023, Target Corporation (NYSE:TGT) stock closed at $139.37 per share. One-month return of Target Corporation (NYSE:TGT) was 6.80%, and its shares lost 1.40% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $64.342 billion.
Diamond Hill Long-Short Fund made the following comment about Target Corporation (NYSE:TGT) in its Q3 2023 investor letter:
"Other bottom contributors included our long positions in Alaska Air Group, Target Corporation (NYSE:TGT) and Johnson Controls International (JCI). Shares of regional airline Alaska Air Group and general merchandise retailer Target declined during the quarter amid a weakening consumer and (in Alaska’s case) airline pricing environment."
A woman purchasing groceries at a Target store, with a cart full of products.
Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Target Corporation (NYSE:TGT) at the end of third quarter which was 45 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 Q3 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.
