Sequoia Financial Advisors LLC reduced its stake in shares of Target Co. (NYSE:TGT) by 6.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,478 shares of the retailer’s stock after selling 447 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Target were worth $693,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Nuveen Asset Management LLC increased its stake in shares of 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 buying an additional 3,850,951 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Target by 613.5% in the second quarter. Renaissance Technologies LLC now owns 3,129,200 shares of the retailer’s stock valued at $271,020,000 after buying an additional 2,690,600 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Target by 55.4% in the second quarter. AQR Capital Management LLC now owns 2,362,331 shares of the retailer’s stock valued at $204,601,000 after buying an additional 842,348 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Target by 310.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 877,818 shares of the retailer’s stock valued at $75,594,000 after buying an additional 663,782 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of 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 buying an additional 630,907 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.
Target stock traded down $2.16 during mid-day trading on Wednesday, hitting $111.03. The stock had a trading volume of 204,082 shares, compared to its average volume of 4,038,627. The stock has a 50-day simple moving average of $108.94 and a two-hundred day simple moving average of $90.72. The stock has a market capitalization of $58.08 billion, a PE ratio of 20.59, a P/E/G ratio of 2.61 and a beta of 0.54. Target Co. has a 12 month low of $60.15 and a 12 month high of $114.83. The company has a current ratio of 0.84, a quick ratio of 0.21 and a debt-to-equity ratio of 1.05.
Target (NYSE:TGT) last posted its quarterly earnings results on Wednesday, August 21st. The retailer reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.21. The business had revenue of $18.42 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business earned $1.47 earnings per share. Sell-side analysts expect that Target Co. will post 6.15 earnings per share for the current fiscal year.
Target declared that its Board of Directors has initiated a share buyback program on Thursday, September 19th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the retailer to buy up to 9.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Tuesday, November 19th. Target’s dividend payout ratio (DPR) is currently 48.98%.
In other Target news, insider Don H. Liu sold 4,140 shares of the firm’s stock in a transaction dated 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 legal filing with the SEC, which is available at the SEC website. Also, insider Don H. Liu sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following the transaction, the insider now owns 39,890 shares in the company, valued at approximately $4,387,900. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,478 shares of company stock worth $8,915,363. Company insiders own 0.24% of the company’s stock.
A number of brokerages have recently weighed in on TGT. KeyCorp raised their target price on Target from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Robert W. Baird set a $115.00 target price on Target and gave the company a “buy” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. set a $115.00 target price on Target and gave the company a “buy” rating in a research note on Wednesday, August 21st. Guggenheim restated a “hold” rating on shares of Target in a research note on Wednesday, August 21st. Finally, Credit Suisse Group set a $112.00 target price on Target and gave the company a “buy” rating in a research note on Monday, September 23rd. Six investment 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’s stock. The company has a consensus rating of “Buy” and a consensus target price of $105.87.
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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