Rockland Trust Co. lowered its stake in Target Co. (NYSE:TGT) by 38.9% during the third quarter, Holdings Channel reports. The firm owned 11,225 shares of the retailer’s stock after selling 7,143 shares during the period. Rockland Trust Co.’s holdings in Target were worth $1,197,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of TGT. Vanguard Group Inc. grew its position in Target by 1.3% in the second quarter. Vanguard Group Inc. now owns 40,186,903 shares of the retailer’s stock valued at $3,480,588,000 after acquiring an additional 522,633 shares during the last quarter. Northern Trust Corp grew its position in Target by 0.3% in the second quarter. Northern Trust Corp now owns 6,944,281 shares of the retailer’s stock valued at $601,443,000 after acquiring an additional 19,238 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Target by 1.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 4,359,866 shares of the retailer’s stock valued at $377,608,000 after acquiring an additional 54,263 shares during the last quarter. Nuveen Asset Management LLC grew its position in Target by 889.1% in the second quarter. Nuveen Asset Management LLC now owns 4,284,065 shares of the retailer’s stock valued at $371,043,000 after acquiring an additional 3,850,951 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in Target by 21.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,555,720 shares of the retailer’s stock valued at $307,961,000 after acquiring an additional 630,907 shares during the last quarter. Institutional investors own 81.80% of the company’s stock.
A number of research analysts have issued reports on the company. Barclays set a $115.00 target price on Target and gave the company a “buy” rating in a research report on Wednesday, August 21st. ValuEngine lowered Target from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. UBS Group lifted their price target on Target from $86.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Guggenheim reissued a “hold” rating on shares of Target in a research note on Wednesday, August 21st. Finally, Raymond James started coverage on Target in a research note on Monday, October 7th. They set a “strong-buy” rating and a $130.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $105.21.
Shares of TGT stock opened at $111.83 on Friday. The business’s 50-day moving average price is $107.43 and its 200-day moving average price is $88.92. The company has a current ratio of 0.84, a quick ratio of 0.21 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $56.39 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 2.54 and a beta of 0.54. Target Co. has a 12 month low of $60.15 and a 12 month high of $112.94.
Target (NYSE:TGT) last posted its quarterly earnings data on Wednesday, August 21st. The retailer reported $1.82 EPS for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.21. The company had revenue of $18.42 billion for the quarter, compared to analyst estimates of $18.32 billion. Target had a return on equity of 27.43% and a net margin of 4.10%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.47 earnings per share. On average, sell-side analysts predict that Target Co. will post 6.15 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a dividend of $0.66 per share. The ex-dividend date is Tuesday, November 19th. This represents a $2.64 annualized dividend and a dividend yield of 2.36%. Target’s dividend payout ratio is 48.98%.
Target declared that its Board of Directors has initiated a share repurchase plan on Thursday, September 19th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the retailer to buy up to 9.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Don H. Liu sold 4,140 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $99.92, for a total transaction of $413,668.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Edward Mcnamara sold 20,386 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $108.25, for a total value of $2,206,784.50. Following the sale, the insider now owns 64,517 shares of the company’s stock, valued at approximately $6,983,965.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,478 shares of company stock valued at $8,915,363. Corporate insiders own 0.24% of the company’s stock.
Target Company Profile
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials; food assortments, including perishables, dry grocery, dairy, and frozen items; and apparel, accessories, home décor products, electronics, toys, seasonal offerings, and other merchandise.
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