Somerset Trust Co lifted its stake in Target Co. (NYSE:TGT) by 1.6% during the fourth quarter, Holdings Channel reports. The fund owned 16,328 shares of the retailer’s stock after acquiring an additional 264 shares during the quarter. Somerset Trust Co’s holdings in Target were worth $2,094,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of TGT. Wetherby Asset Management Inc. increased its holdings in shares of Target by 4.8% in the third quarter. Wetherby Asset Management Inc. now owns 19,553 shares of the retailer’s stock worth $2,090,000 after acquiring an additional 903 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in shares of Target during the third quarter worth approximately $1,881,000. EP Wealth Advisors LLC bought a new position in shares of Target during the third quarter worth approximately $4,946,000. Metropolitan Life Insurance Co NY increased its stake in shares of Target by 0.9% during the third quarter. Metropolitan Life Insurance Co NY now owns 78,432 shares of the retailer’s stock worth $8,385,000 after purchasing an additional 702 shares during the period. Finally, BTC Capital Management Inc. bought a new position in shares of Target during the third quarter worth approximately $1,282,000. 76.89% of the stock is currently owned by institutional investors and hedge funds.
In other Target news, insider Don H. Liu sold 2,274 shares of Target stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $122.20, for a total transaction of $277,882.80. Following the transaction, the insider now directly owns 37,616 shares of the company’s stock, valued at approximately $4,596,675.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephanie A. Lundquist sold 6,630 shares of Target stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $127.00, for a total value of $842,010.00. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
Target (NYSE:TGT) last released its quarterly earnings data on Wednesday, November 20th. The retailer reported $1.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.17. Target had a return on equity of 28.22% and a net margin of 4.18%. The company had revenue of $18.41 billion for the quarter, compared to the consensus estimate of $18.45 billion. During the same quarter last year, the business posted $1.09 EPS. Target’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts predict that Target Co. will post 6.38 earnings per share for the current year.
Target declared that its board has authorized a stock buyback program on Thursday, September 19th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the retailer to purchase up to 9.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Wednesday, February 19th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Tuesday, February 18th. Target’s dividend payout ratio (DPR) is 48.98%.
A number of equities analysts have recently weighed in on TGT shares. Buckingham Research reiterated a “buy” rating and set a $145.00 target price (up previously from $131.00) on shares of Target in a research note on Thursday, November 21st. Raymond James assumed coverage on Target in a research note on Monday, October 7th. They set a “strong-buy” rating and a $130.00 target price on the stock. Telsey Advisory Group raised their price objective on Target from $120.00 to $137.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Nomura assumed coverage on Target in a research note on Friday, November 8th. They set a “buy” rating and a $123.00 price objective on the stock. Finally, Credit Suisse Group set a $112.00 price objective on Target and gave the stock a “buy” rating in a research note on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $117.19.
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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