Is Target Corporation (TGT) Going to Burn These Hedge Funds?

… as General Electric Company (NYSE:GE), NetEase, Inc (NASDAQ:NTES), and Duke Energy Corporation (NYSE:DUK) to gather more data points.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Target Corporation (NYSE:TGT) but similarly valued. These stocks are General Electric Company (NYSE:GE), NetEase, Inc (NASDAQ:NTES), Duke Energy Corporation (NYSE:DUK), Activision Blizzard, Inc. (NASDAQ:ATVI), CME Group Inc (NASDAQ:CME), Micron Technology, Inc. (NASDAQ:MU), and Chubb Limited (NYSE:CB). All of these stocks’ market caps match TGT’s market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position GE,57,3186232,-1 NTES,38,4594320,-1 DUK,33,906929,-2 ATVI,97,3564560,-4 CME,60,2336649,-2 MU,84,4285777,-10 CB,40,1288157,7 Average,58.4,2880375,-1.9 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 58.4 hedge funds with bullish positions and the average amount invested in these stocks was $2880 million. That figure was $3159 million in TGT’s case. Activision Blizzard, Inc. (NASDAQ:ATVI) is the most popular stock in this table. On the other hand Duke Energy Corporation (NYSE:DUK) is the least popular one with only 33 bullish hedge fund positions. Target Corporation (NYSE:TGT) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for TGT is 50.9. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks gained 28.2% in 2020 through August 24th and still beat the market by 20.6 percentage points. A small number of hedge funds were also right about betting on TGT as the stock returned 28.4% since the end of June and outperformed the market by an even larger margin.

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Disclosure: None. This article was originally published at Insider Monkey.

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