Intellectus Partners LLC cut its position in shares of Target Co. (NYSE:TGT) by 2.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 4,633 shares of the retailer’s stock after selling 126 shares during the period. Intellectus Partners LLC’s holdings in Target were worth $1,120,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Emerald Advisers LLC acquired a new position in shares of Target in the 2nd quarter valued at about $31,000. Holloway Wealth Management LLC grew its holdings 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 purchasing an additional 83 shares during the last quarter. Avion Wealth acquired a new position in Target during the second quarter valued at approximately $36,000. Godsey & Gibb Associates acquired a new position in Target during the first quarter valued at approximately $42,000. Finally, MV Capital Management Inc. grew its holdings in Target by 237.9% during the second quarter. MV Capital Management Inc. now owns 196 shares of the retailer’s stock valued at $47,000 after purchasing an additional 138 shares during the last quarter. 76.73% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on TGT shares. Raymond James increased their price objective on Target from $252.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 19th. Citigroup increased their price objective on Target from $258.00 to $287.00 and gave the company a “buy” rating in a research report on Thursday, August 19th. Zacks Investment Research cut Target from a “buy” rating to a “hold” rating and set a $269.00 target price for the company. in a research report on Friday, July 23rd. DA Davidson reaffirmed a “buy” rating on shares of Target in a research report on Thursday, August 19th. Finally, Credit Suisse Group raised their target price on Target from $283.00 to $286.00 and gave the stock an “outperform” rating in a research report on Thursday, August 19th. Five research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $252.30.
Target (NYSE:TGT) last announced its quarterly earnings data on Tuesday, August 17th. The retailer reported $3.64 EPS for the quarter, topping the Zacks’ consensus estimate of $3.49 by $0.15. Target had a return on equity of 44.68% and a net margin of 6.29%. The firm had revenue of $24.83 billion during the quarter, compared to analyst estimates of $25.03 billion. During the same period last year, the company earned $3.38 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. On average, equities analysts predict that Target Co. will post 12.86 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 10th. Shareholders of record on Wednesday, November 17th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Tuesday, November 16th. Target’s dividend payout ratio (DPR) is currently 38.22%.
Target announced that its board has approved a stock buyback plan on Wednesday, August 18th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the retailer to buy up to 12.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In other news, insider John J. Mulligan sold 80,782 shares of Target stock in a transaction dated Thursday, August 19th. The stock was sold at an average price of $247.20, for a total transaction of $19,969,310.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Brian C. Cornell sold 25,000 shares of Target 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 transaction, the insider now owns 195,271 shares in the company, valued at approximately $48,032,760.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 136,744 shares of company stock worth $34,106,184. Company insiders own 0.29% of the company’s stock.
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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