Meyer Handelman Co. Increases Stake in Target Co. (NYSE:TGT)

Meyer Handelman Co. boosted its position in shares of Target Co. (NYSE:TGTGet Rating) by 7.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 39,375 shares of the retailer’s stock after purchasing an additional 2,820 shares during the quarter. Meyer Handelman Co.’s holdings in Target were worth $5,561,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of TGT. Landmark Wealth Management LLC purchased a new stake in shares of Target during the 1st quarter valued at about $25,000. Blume Capital Management Inc. purchased a new position in shares of Target in the first quarter worth approximately $25,000. Delos Wealth Advisors LLC purchased a new position in shares of Target in the fourth quarter worth approximately $29,000. Roble Belko & Company Inc purchased a new position in shares of Target in the first quarter worth approximately $32,000. Finally, Cornerstone Advisory LLC purchased a new position in shares of Target in the fourth quarter worth approximately $36,000. 77.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Target

In related news, insider John J. Mulligan sold 39,101 shares of Target stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $166.02, for a total value of $6,491,548.02. Following the completion of the sale, the insider now directly owns 118,425 shares in the company, valued at $19,660,918.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Matthew A. Liegel sold 1,226 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $173.80, for a total transaction of $213,078.80. Following the transaction, the chief accounting officer now owns 2,812 shares in the company, valued at $488,725.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John J. Mulligan sold 39,101 shares of the company’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $166.02, for a total transaction of $6,491,548.02. Following the transaction, the insider now owns 118,425 shares in the company, valued at approximately $19,660,918.50. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

Target Trading Down 1.5 %

Shares of TGT traded down $2.29 during trading hours on Friday, reaching $150.67. 137,091 shares of the company traded hands, compared to its average volume of 3,364,889. The firm has a market cap of $69.35 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 1.99 and a beta of 1.02. Target Co. has a 12-month low of $137.16 and a 12-month high of $268.98. The company has a current ratio of 0.82, a quick ratio of 0.14 and a debt-to-equity ratio of 1.27. The stock’s fifty day moving average price is $163.84 and its 200 day moving average price is $182.03.

Target (NYSE:TGTGet Rating) last issued its earnings results on Wednesday, August 17th. The retailer reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.32). The company had revenue of $26.04 billion for the quarter, compared to analysts’ expectations of $26.07 billion. Target had a net margin of 3.92% and a return on equity of 35.15%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.64 earnings per share. Sell-side analysts forecast that Target Co. will post 8.11 earnings per share for the current year.

Target Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Investors of record on Wednesday, November 16th will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 2.87%. Target’s payout ratio is currently 49.09%.

Analyst Ratings Changes

TGT has been the topic of a number of research reports. MKM Partners dropped their price objective on shares of Target from $163.00 to $161.00 and set a “neutral” rating on the stock in a report on Thursday, August 18th. Robert W. Baird decreased their target price on shares of Target from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 8th. Barclays decreased their target price on shares of Target from $200.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 8th. The Goldman Sachs Group raised their target price on shares of Target from $155.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, August 18th. Finally, Tigress Financial decreased their target price on shares of Target from $320.00 to $215.00 and set a “buy” rating on the stock in a research note on Friday, July 29th. Nine equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $193.67.

Target Profile

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Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food, and other merchandise; and beauty and household essentials.

Further Reading

Institutional Ownership by Quarter for Target (NYSE:TGT)

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