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Factors that Pushed Target Corporation (TGT) in Q4

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy trailed the Russell 1000 Index for Q4 and underperformed for the calendar year. In Q4, both the fund’s below-benchmark weighting and individual holdings underperformed index peers, resulting in relative weakness in the technology exposure for both the full year and the quarter. In addition, overweight exposure to the weak energy sector detracted from the relative results, along with healthcare holdings. Financial holdings and over-benchmark allocation boosted performance. Positive stock picks in real estate and consumer staples sectors also contributed. The strategy returned 11.39% (net) in Q4 compared to 11.96% for the Russell 1000 Index. For the full year, the strategy returned 13.68% (net) compared to a 26.53% return for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Large Cap Strategy featured stocks like Target Corporation (NYSE:TGT) in its Q4 2023 investor letter. Headquartered in Minneapolis, Minnesota, Target Corporation (NYSE:TGT) is a general merchandise retailer. On February 28, 2024, Target Corporation (NYSE:TGT) stock closed at $151.44 per share. One-month return of Target Corporation (NYSE:TGT) was 4.86%, and its shares lost 8.74% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $69.914 billion.

Diamond Hill Large Cap Strategy stated the following regarding Target Corporation (NYSE:TGT) in its fourth quarter 2023 investor letter:

Other top contributors in Q4 included Allstate, American International Group (AIG) and Target Corporation (NYSE:TGT). US-based mass retailer Target is capitalizing on cleaner inventory, lower freight costs and improved efficiency to improve profitability — and investors rewarded shares accordingly in Q4.

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Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Target Corporation (NYSE:TGT) was held by 58 hedge fund portfolios, compared to 58 in the previous quarter, according to our database.

We discussed Target Corporation (NYSE:TGT) in another article and shared the list of top e-commerce companies in the world. In addition, please check out our hedge fund investor letters Q4 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.