Meritage Portfolio Management Cuts Stock Position in Target Co. (NYSE:TGT)

Meritage Portfolio Management cut its position in Target Co. (NYSE:TGT) by 0.2% during the second quarter, HoldingsChannel.com reports. The fund owned 58,273 shares of the retailer’s stock after selling 134 shares during the period. Meritage Portfolio Management’s holdings in Target were worth $5,047,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Murphy Pohlad Asset Management LLC boosted its stake in shares of Target by 3.1% in the first quarter. Murphy Pohlad Asset Management LLC now owns 54,688 shares of the retailer’s stock worth $4,389,000 after acquiring an additional 1,645 shares during the last quarter. Breiter Capital Management Inc. boosted its stake in shares of Target by 4.0% in the second quarter. Breiter Capital Management Inc. now owns 6,348 shares of the retailer’s stock worth $483,000 after acquiring an additional 245 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its stake in shares of Target by 62.2% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 365 shares of the retailer’s stock worth $29,000 after acquiring an additional 140 shares during the last quarter. Northpointe Capital LLC boosted its stake in shares of Target by 42.0% in the first quarter. Northpointe Capital LLC now owns 57,087 shares of the retailer’s stock worth $4,582,000 after acquiring an additional 16,886 shares during the last quarter. Finally, Azimuth Capital Management LLC boosted its stake in Target by 2.2% during the first quarter. Azimuth Capital Management LLC now owns 75,296 shares of the retailer’s stock worth $6,043,000 after buying an additional 1,625 shares during the last quarter. 83.15% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:TGT traded down $1.39 on Friday, reaching $82.41. The company’s stock had a trading volume of 4,853,628 shares, compared to its average volume of 4,452,023. Target Co. has a 12-month low of $60.15 and a 12-month high of $90.39. The company has a current ratio of 0.88, a quick ratio of 0.19 and a debt-to-equity ratio of 1.21. The firm has a market capitalization of $42.53 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 1.98 and a beta of 0.61. The company has a 50 day moving average of $86.56.

Target (NYSE:TGT) last posted its earnings results on Wednesday, May 22nd. The retailer reported $1.53 EPS for the quarter, beating the Zacks’ 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 company had revenue of $17.63 billion for the quarter, compared to the consensus estimate of $17.49 billion. During the same quarter in the previous year, the business earned $1.32 earnings per share. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. Research analysts anticipate that Target Co. will post 5.92 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 21st will be given a $0.66 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $2.64 dividend on an annualized basis and a yield of 3.20%. This is an increase from Target’s previous quarterly dividend of $0.64. Target’s payout ratio is currently 47.50%.

A number of research firms have weighed in on TGT. Sanford C. Bernstein reissued a “mkt perform” rating on shares of Target in a research note on Friday, May 3rd. Barclays reissued a “buy” rating and set a $95.00 price objective on shares of Target in a research note on Thursday, May 30th. Telsey Advisory Group reissued an “outperform” rating and set a $92.00 price objective (up previously from $88.00) on shares of Target in a research note on Thursday, April 18th. Morgan Stanley raised Target from an “underweight” rating to an “equal weight” rating and set a $67.00 price objective on the stock in a research note on Monday, May 20th. Finally, Credit Suisse Group set a $90.00 price objective on Target and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Eleven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Target presently has a consensus rating of “Buy” and a consensus target price of $90.52.

In related news, Director Roxanne S. Austin sold 4,163 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $89.00, for a total value of $370,507.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael Edward Mcnamara sold 11,891 shares of the business’s stock in a transaction 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 sold 33,180 shares of company stock worth $2,854,650 in the last 90 days. Company insiders own 0.24% of the company’s stock.

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.

Further Reading: Certificate of Deposit (CD)

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Institutional Ownership by Quarter for Target (NYSE:TGT)

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