Inlet Private Wealth LLC Sells 5,534 Shares of Target Co. (NYSE:TGT)

Inlet Private Wealth LLC reduced its holdings in shares of Target Co. (NYSE:TGT) by 26.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,466 shares of the retailer’s stock after selling 5,534 shares during the quarter. Inlet Private Wealth LLC’s holdings in Target were worth $1,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA increased its position in Target by 62.2% during the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 365 shares of the retailer’s stock valued at $29,000 after acquiring an additional 140 shares during the last quarter. Advisory Alpha LLC purchased a new stake in Target during the first quarter valued at $30,000. Icon Wealth Partners LLC purchased a new stake in Target during the first quarter valued at $31,000. Larson Financial Group LLC purchased a new stake in Target during the second quarter valued at $31,000. Finally, C J Advisory Inc purchased a new stake in Target during the first quarter valued at $33,000. 83.11% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Janna A. Potts sold 8,759 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $79.00, for a total transaction of $691,961.00. Following the completion of the transaction, the insider now directly owns 27,720 shares of the company’s stock, valued at $2,189,880. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael Edward Mcnamara sold 11,891 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $88.79, for a total value of $1,055,801.89. The disclosure for this sale can be found here. Insiders have sold 33,180 shares of company stock valued at $2,854,650 in the last quarter. 0.24% of the stock is currently owned by company insiders.

A number of research firms recently commented on TGT. JPMorgan Chase & Co. upgraded Target from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $81.00 to $100.00 in a research report on Thursday, May 23rd. They noted that the move was a valuation call. Citigroup upped their price target on Target from $78.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, May 23rd. Telsey Advisory Group restated an “outperform” rating and issued a $92.00 price target (up previously from $88.00) on shares of Target in a research report on Thursday, April 18th. Deutsche Bank assumed coverage on Target in a research report on Monday, July 15th. They issued a “hold” rating and a $85.00 price target for the company. Finally, Morgan Stanley upgraded Target from an “underweight” rating to an “equal weight” rating and set a $67.00 price target for the company in a research report on Monday, May 20th. Twelve investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $89.88.

NYSE:TGT opened at $86.59 on Thursday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.88 and a quick ratio of 0.19. Target Co. has a 12-month low of $60.15 and a 12-month high of $90.39. The stock’s 50-day simple moving average is $87.45. The stock has a market capitalization of $44.08 billion, a PE ratio of 16.06, a P/E/G ratio of 2.08 and a beta of 0.60.

Target (NYSE:TGT) last released its earnings results on Wednesday, May 22nd. The retailer reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.10. Target had a return on equity of 26.48% and a net margin of 3.96%. The firm had revenue of $17.63 billion during the quarter, compared to analysts’ expectations of $17.49 billion. During the same quarter last year, the business posted $1.32 earnings per share. The firm’s revenue was up 5.0% on a year-over-year basis. Research analysts predict that Target Co. will post 5.92 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $2.64 annualized dividend and a dividend yield of 3.05%. This is a boost from Target’s previous quarterly dividend of $0.64. Target’s dividend payout ratio (DPR) is currently 47.50%.

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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Institutional Ownership by Quarter for Target (NYSE:TGT)

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