Parkside Financial Bank & Trust boosted its holdings in shares of Target Co. (NYSE:TGT) by 14.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,402 shares of the retailer’s stock after purchasing an additional 698 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Target were worth $578,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of TGT. Principle Wealth Partners LLC bought a new stake in Target during the third quarter worth about $254,000. Rikoon Group LLC bought a new position in shares of Target in the third quarter worth approximately $221,000. Martin Investment Management LLC lifted its stake in shares of Target by 9.7% in the third quarter. Martin Investment Management LLC now owns 132,885 shares of the retailer’s stock worth $14,207,000 after buying an additional 11,739 shares in the last quarter. Private Ocean LLC lifted its stake in shares of Target by 22.2% in the third quarter. Private Ocean LLC now owns 794 shares of the retailer’s stock worth $85,000 after buying an additional 144 shares in the last quarter. Finally, Bourgeon Capital Management LLC bought a new position in shares of Target in the third quarter worth approximately $118,000. Institutional investors own 81.92% of the company’s stock.
TGT stock traded down $0.44 during midday trading on Friday, reaching $110.15. 2,779,112 shares of the company’s stock traded hands, compared to its average volume of 5,086,021. Target Co. has a 52-week low of $60.15 and a 52-week high of $114.83. The stock has a market cap of $56.23 billion, a P/E ratio of 20.44, a PEG ratio of 2.53 and a beta of 0.54. 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 stock’s 50-day moving average is $109.29 and its 200 day moving average is $93.06.
Target announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 19th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the retailer to purchase up to 9.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Tuesday, November 19th. Target’s dividend payout ratio is currently 48.98%.
In other Target news, insider Don H. Liu sold 4,140 shares of Target stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $99.92, for a total transaction of $413,668.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Don H. Liu sold 2,000 shares of Target stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the sale, the insider now owns 39,890 shares of the company’s stock, valued at $4,387,900. The disclosure for this sale can be found here. In the last three months, insiders sold 83,478 shares of company stock worth $8,915,363. Insiders own 0.24% of the company’s stock.
Several research analysts have recently issued reports on TGT shares. JPMorgan Chase & Co. upped their target price on shares of Target from $115.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday. Credit Suisse Group set a $112.00 price objective on shares of Target and gave the company a “buy” rating in a report on Monday, September 23rd. UBS Group boosted their price objective on shares of Target from $86.00 to $103.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Goldman Sachs Group cut shares of Target from a “conviction-buy” rating to a “buy” rating and set a $110.00 price objective for the company. in a report on Friday, October 25th. Finally, Buckingham Research boosted their price objective on shares of Target from $117.00 to $131.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Six investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Target currently has a consensus rating of “Buy” and an average target price of $107.70.
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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