Lombard Odier Asset Management Switzerland SA increased its stake in Target Corporation (NYSE:TGT – Free Report) by 27.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,255 shares of the retailer’s stock after buying an additional 9,300 shares during the quarter. Lombard Odier Asset Management Switzerland SA’s holdings in Target were worth $5,243,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Target in the fourth quarter valued at $587,903,000. TOMS Capital Investment Management LP acquired a new position in shares of Target during the 4th quarter worth about $257,571,000. AQR Capital Management LLC increased its stake in shares of Target by 243.8% during the 4th quarter. AQR Capital Management LLC now owns 2,870,210 shares of the retailer’s stock worth $280,563,000 after purchasing an additional 2,035,298 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Target by 6,639.1% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,912,963 shares of the retailer’s stock valued at $186,992,000 after purchasing an additional 1,884,577 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Target by 104.7% in the 4th quarter. Marshall Wace LLP now owns 65,505 shares of the retailer’s stock valued at $6,403,000 after purchasing an additional 1,448,146 shares during the period. 79.73% of the stock is owned by institutional investors.
Target Stock Performance
Shares of TGT stock opened at $136.85 on Friday. The company has a market capitalization of $62.16 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 2.67 and a beta of 0.98. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.30 and a current ratio of 0.93. The company has a 50-day simple moving average of $130.97 and a 200 day simple moving average of $121.80. Target Corporation has a 52 week low of $83.44 and a 52 week high of $144.40.
Target Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 12th will be given a $1.16 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This is a positive change from Target’s previous quarterly dividend of $1.14. This represents a $4.64 annualized dividend and a dividend yield of 3.4%. Target’s dividend payout ratio (DPR) is currently 60.24%.
Insider Activity at Target
In other news, insider Cara A. Sylvester sold 10,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $125.89, for a total transaction of $1,258,900.00. Following the transaction, the insider owned 45,930 shares in the company, valued at approximately $5,782,127.70. This trade represents a 17.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.13% of the company’s stock.
Wall Street Analysts Forecast Growth
TGT has been the subject of several recent analyst reports. Guggenheim raised their target price on shares of Target from $145.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Piper Sandler restated a “neutral” rating on shares of Target in a research note on Friday, June 12th. KeyCorp reaffirmed a “sector weight” rating on shares of Target in a research report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $123.00 price objective on shares of Target in a research report on Friday, May 15th. Finally, Zacks Research raised Target from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seventeen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $132.15.
Read Our Latest Research Report on TGT
About Target
Target Corporation (NYSE: TGT) is a U.S.-based general merchandise retailer headquartered in Minneapolis, Minnesota. The company operates a network of full-line and small-format stores across the United States alongside a national e-commerce platform and mobile app. Target’s retail assortment spans apparel, home goods, electronics, groceries and household essentials, plus beauty, baby and pet categories. The firm complements national brands with a portfolio of owned and exclusive labels and partnerships that help differentiate its merchandise assortment.
Target traces its roots to the Dayton Company, founded by George Dayton in 1902; the Target discount chain was launched in 1962 and the parent company later adopted the Target Corporation name.
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