Rockland Trust Co. lowered its holdings in Target Co. (NYSE:TGT) by 38.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 institutional investors and hedge funds have also made changes to their positions in the company. Krane Funds Advisors LLC acquired a new stake in Target in the second quarter valued at approximately $25,000. Advisory Alpha LLC acquired a new stake in Target in the first quarter valued at approximately $30,000. Larson Financial Group LLC acquired a new stake in Target in the second quarter valued at approximately $31,000. Phocas Financial Corp. acquired a new stake in Target in the second quarter valued at approximately $33,000. Finally, SRS Capital Advisors Inc. acquired a new stake in Target in the second quarter valued at approximately $37,000. 81.80% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on the stock. UBS Group lifted their target price on shares of Target from $86.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Deutsche Bank upgraded shares of Target from a “hold” rating to a “buy” rating and lifted their target price for the company from $85.00 to $99.00 in a research note on Monday, August 5th. Raymond James assumed coverage on shares of Target in a research note on Monday, October 7th. They issued a “strong-buy” rating and a $130.00 target price for the company. Citigroup upgraded shares of Target from a “neutral” rating to a “buy” rating and lifted their target price for the company from $80.00 to $130.00 in a research note on Thursday, August 22nd. Finally, Goldman Sachs Group assumed coverage on shares of Target in a research note on Thursday, July 11th. They issued a “buy” rating and a $102.00 price objective for the company. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Target has a consensus rating of “Buy” and a consensus price target of $105.21.
Target (NYSE:TGT) last announced its earnings results on Wednesday, August 21st. The retailer reported $1.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.21. The business had revenue of $18.42 billion for the quarter, compared to analyst estimates of $18.32 billion. Target had a net margin of 4.10% and a return on equity of 27.43%. Target’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.47 earnings per share. Equities research analysts anticipate that Target Co. will post 6.15 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, November 19th. Target’s dividend payout ratio (DPR) is presently 48.98%.
Target announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 19th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the retailer to reacquire up to 9.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Target news, insider Don H. Liu sold 4,140 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $99.92, for a total value of $413,668.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Cathy R. Smith sold 8,412 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $104.40, for a total transaction of $878,212.80. The disclosure for this sale can be found here. Insiders sold a total of 83,478 shares of company stock worth $8,915,363 in the last three months. 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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