Target Co. (NYSE:TGT) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp reduced its stake in shares of Target Co. (NYSE:TGT) by 20.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,485 shares of the retailer’s stock after selling 10,730 shares during the period. Fifth Third Bancorp’s holdings in Target were worth $4,434,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Bernard Wealth Management Corp. acquired a new position in Target in the 4th quarter valued at $30,000. Hopwood Financial Services Inc. purchased a new stake in shares of Target during the 4th quarter valued at $29,000. Legacy Investment Solutions LLC grew its stake in shares of Target by 47.5% during the 4th quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer’s stock valued at $35,000 after buying an additional 85 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Target during the 4th quarter valued at $36,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Target during the 4th quarter valued at $40,000. 79.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the completion of the transaction, the insider now owns 246,453 shares in the company, valued at approximately $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TGT. Royal Bank of Canada lowered their price objective on shares of Target from $112.00 to $103.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Guggenheim lowered their price objective on shares of Target from $155.00 to $115.00 and set a “buy” rating for the company in a research note on Tuesday, May 27th. Barclays began coverage on shares of Target in a research note on Thursday, May 22nd. They set an “equal weight” rating for the company. Piper Sandler set a $94.00 price objective on shares of Target and gave the company a “neutral” rating in a research note on Thursday, May 22nd. Finally, Cfra Research cut shares of Target from a “moderate buy” rating to a “hold” rating in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $116.70.

Target Stock Down 4.1%

Target stock opened at $95.25 on Friday. The stock has a market capitalization of $43.28 billion, a PE ratio of 10.10, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. Target Co. has a twelve month low of $87.35 and a twelve month high of $167.40. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average of $95.48 and a 200-day moving average of $115.23.

Target (NYSE:TGT) last released its quarterly earnings results on Wednesday, May 21st. The retailer reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.35). The company had revenue of $24.20 billion during the quarter, compared to analyst estimates of $24.54 billion. Target had a net margin of 4.06% and a return on equity of 31.11%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.03 EPS. On average, equities research analysts anticipate that Target Co. will post 8.69 EPS for the current fiscal year.

Target Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be issued a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 4.70%. The ex-dividend date is Wednesday, August 13th. Target’s dividend payout ratio (DPR) is presently 49.23%.

About Target

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.