Iberiabank Corp lifted its stake in Target Co. (NYSE:TGT) by 1.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,178 shares of the retailer’s stock after buying an additional 314 shares during the period. Iberiabank Corp’s holdings in Target were worth $2,300,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Prestige Wealth Management Group LLC lifted its position in Target by 888.9% during the 1st quarter. Prestige Wealth Management Group LLC now owns 267 shares of the retailer’s stock worth $25,000 after buying an additional 240 shares in the last quarter. IMA Wealth Inc. bought a new stake in Target during the 1st quarter worth about $28,000. Stonebridge Financial Planning Group LLC grew its holdings in Target by 250.0% during the 2nd quarter. Stonebridge Financial Planning Group LLC now owns 350 shares of the retailer’s stock worth $42,000 after acquiring an additional 250 shares during the last quarter. Baystate Wealth Management LLC grew its holdings in Target by 211.4% during the 2nd quarter. Baystate Wealth Management LLC now owns 411 shares of the retailer’s stock worth $49,000 after acquiring an additional 279 shares during the last quarter. Finally, TFG Advisers LLC bought a new stake in Target during the 4th quarter worth about $56,000. 80.99% of the stock is owned by institutional investors and hedge funds.
NYSE TGT opened at $125.88 on Friday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.42 and a current ratio of 1.01. The stock has a market cap of $62.29 billion, a price-to-earnings ratio of 22.82, a PEG ratio of 4.16 and a beta of 0.79. The business has a 50 day simple moving average of $119.96 and a 200 day simple moving average of $113.35. Target Co. has a 52-week low of $80.03 and a 52-week high of $130.24.
Target (NYSE:TGT) last released its quarterly earnings results on Wednesday, May 20th. The retailer reported $0.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.19. Target had a net margin of 3.46% and a return on equity of 24.17%. The company had revenue of $19.37 billion during the quarter, compared to analysts’ expectations of $19.04 billion. During the same quarter in the prior year, the company earned $1.53 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts predict that Target Co. will post 4.96 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Tuesday, August 18th. This is a boost from Target’s previous quarterly dividend of $0.66. Target’s dividend payout ratio is 41.31%.
In other news, Director Roxanne S. Austin sold 4,109 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $120.04, for a total transaction of $493,244.36. Following the completion of the transaction, the director now directly owns 48,947 shares of the company’s stock, valued at $5,875,597.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian C. Cornell sold 110,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $120.00, for a total value of $13,200,000.00. Following the transaction, the insider now owns 208,502 shares of the company’s stock, valued at $25,020,240. The disclosure for this sale can be found here. Insiders sold a total of 139,524 shares of company stock worth $16,783,219 in the last three months. Company insiders own 0.52% of the company’s stock.
A number of equities research analysts have commented on the stock. Nomura Instinet increased their price objective on shares of Target from $121.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Cowen reissued a “buy” rating and set a $150.00 price objective on shares of Target in a report on Wednesday, April 8th. Bank of America increased their price objective on shares of Target from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. UBS Group increased their price objective on shares of Target from $115.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, May 21st. Finally, Stifel Nicolaus upped their target price on shares of Target from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, May 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $128.08.
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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