Perpetual Ltd decreased its stake in shares of Target Co. (NYSE:TGT) by 30.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,703 shares of the retailer’s stock after selling 1,600 shares during the quarter. Perpetual Ltd’s holdings in Target were worth $321,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Breiter Capital Management Inc. increased its holdings in Target by 4.0% during the 2nd quarter. Breiter Capital Management Inc. now owns 6,348 shares of the retailer’s stock worth $483,000 after purchasing an additional 245 shares during the period. Murphy Pohlad Asset Management LLC increased its holdings in Target by 3.1% during the 1st quarter. Murphy Pohlad Asset Management LLC now owns 54,688 shares of the retailer’s stock worth $4,389,000 after purchasing an additional 1,645 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA increased its holdings in Target by 62.2% during the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 365 shares of the retailer’s stock worth $29,000 after purchasing an additional 140 shares during the period. Northpointe Capital LLC increased its holdings in Target by 42.0% during the 1st quarter. Northpointe Capital LLC now owns 57,087 shares of the retailer’s stock worth $4,582,000 after purchasing an additional 16,886 shares during the period. Finally, Goelzer Investment Management Inc. increased its holdings in Target by 1.3% during the 2nd quarter. Goelzer Investment Management Inc. now owns 86,320 shares of the retailer’s stock worth $7,476,000 after purchasing an additional 1,104 shares during the period. Institutional investors own 83.15% of the company’s stock.
In related news, insider Michael Edward Mcnamara sold 11,891 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $88.79, for a total transaction of $1,055,801.89. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Roxanne S. Austin sold 4,163 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $89.00, for a total value of $370,507.00. The disclosure for this sale can be found here. Insiders have sold a total of 33,180 shares of company stock worth $2,854,650 in the last 90 days. 0.24% of the stock is currently owned by company insiders.
Target (NYSE:TGT) last released its quarterly earnings results on Wednesday, May 22nd. The retailer reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.10. The firm had revenue of $17.63 billion for the quarter, compared to the consensus estimate of $17.49 billion. Target had a return on equity of 26.48% and a net margin of 3.96%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.32 EPS. Sell-side analysts expect that Target Co. will post 5.92 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, August 20th. This is an increase from Target’s previous quarterly dividend of $0.64. Target’s dividend payout ratio (DPR) is currently 47.50%.
Several equities research analysts have weighed in on the company. Citigroup upped their price target on Target from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, May 23rd. Deutsche Bank upgraded Target from a “hold” rating to a “buy” rating and upped their price target for the stock from $85.00 to $99.00 in a report on Monday, August 5th. Goldman Sachs Group initiated coverage on Target in a report on Thursday, July 11th. They issued a “buy” rating and a $102.00 price objective on the stock. UBS Group increased their price objective on Target from $77.00 to $82.00 and gave the company a “neutral” rating in a report on Thursday, May 23rd. Finally, Credit Suisse Group set a $90.00 price objective on Target and gave the company a “buy” rating in a report on Thursday, May 23rd. Eleven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Target currently has a consensus rating of “Buy” and a consensus target price of $90.52.
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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