Teamwork Financial Advisors LLC boosted its stake in Target Co. (NYSE:TGT) by 27.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,430 shares of the retailer’s stock after purchasing an additional 746 shares during the quarter. Teamwork Financial Advisors LLC’s holdings in Target were worth $785,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in TGT. Mascoma Wealth Management LLC purchased a new stake in Target in the third quarter valued at approximately $28,000. Emerald Advisers LLC acquired a new position in Target during the second quarter valued at approximately $31,000. Holloway Wealth Management LLC lifted its position in Target by 166.0% during the second quarter. Holloway Wealth Management LLC now owns 133 shares of the retailer’s stock valued at $32,000 after buying an additional 83 shares in the last quarter. Activest Wealth Management lifted its position in Target by 107.5% during the third quarter. Activest Wealth Management now owns 139 shares of the retailer’s stock valued at $32,000 after buying an additional 72 shares in the last quarter. Finally, Avion Wealth acquired a new position in Target during the second quarter valued at approximately $36,000. Hedge funds and other institutional investors own 78.36% of the company’s stock.
In related news, insider Brian C. Cornell sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 2nd. The shares were sold at an average price of $245.98, for a total value of $6,149,500.00. Following the completion of the sale, the insider now owns 195,271 shares of the company’s stock, valued at $48,032,760.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christina Hennington sold 4,173 shares of the company’s stock in a transaction dated Friday, November 19th. The stock was sold at an average price of $250.95, for a total transaction of $1,047,214.35. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.
Target (NYSE:TGT) last released its quarterly earnings results on Wednesday, November 17th. The retailer reported $3.03 EPS for the quarter, topping the consensus estimate of $2.83 by $0.20. The business had revenue of $25.29 billion during the quarter, compared to analyst estimates of $24.60 billion. Target had a net margin of 6.29% and a return on equity of 44.68%. The company’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.79 earnings per share. As a group, sell-side analysts forecast that Target Co. will post 12.97 earnings per share for the current year.
Target announced that its Board of Directors has authorized a share buyback plan on Wednesday, August 18th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the retailer to repurchase up to 12.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Stockholders of record on Wednesday, November 17th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Tuesday, November 16th. This represents a $3.60 annualized dividend and a dividend yield of 1.45%. Target’s dividend payout ratio is currently 28.66%.
A number of brokerages have weighed in on TGT. DA Davidson reaffirmed a “buy” rating on shares of Target in a research report on Thursday, August 19th. Raymond James lifted their price target on shares of Target from $285.00 to $290.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 18th. Citigroup boosted their target price on shares of Target from $258.00 to $287.00 and gave the stock a “buy” rating in a research report on Thursday, August 19th. The Goldman Sachs Group boosted their target price on shares of Target from $281.00 to $308.00 and gave the stock a “buy” rating in a research report on Tuesday, October 19th. Finally, Zacks Investment Research cut shares of Target from a “buy” rating to a “hold” rating and set a $276.00 target price on the stock. in a research report on Tuesday, October 26th. Five research 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 company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $259.41.
Target Corp. engages in the operation and ownership of general merchandise stores. It offers food assortments including perishables, dry grocery, dairy, and frozen items. The company was founded by George Draper Dayton in 1902 and is headquartered in Minneapolis, MN.
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