Deutsche Bank AG bought a new position in shares of Target Corporation (NYSE:TGT – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,716,849 shares of the retailer’s stock, valued at approximately $224,238,000.
Other large investors have also added to or reduced their stakes in the company. Perigon Wealth Management LLC bought a new stake in Target during the 2nd quarter worth about $1,402,000. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of Target in the second quarter valued at about $3,239,000. Trust Co. of Vermont acquired a new stake in shares of Target in the second quarter valued at about $1,680,000. Principle Wealth Partners LLC bought a new stake in Target during the second quarter worth about $317,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Target during the second quarter worth about $150,784,000. Institutional investors and hedge funds own 79.73% of the company’s stock.
Insider Buying and Selling at Target
In other news, insider Cara A. Sylvester sold 10,000 shares of Target stock in a transaction 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 completion of the sale, the insider owned 45,930 shares of the company’s stock, valued at approximately $5,782,127.70. This trade represents a 17.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.13% of the company’s stock.
Target Price Performance
Target (NYSE:TGT – Get Free Report) last released its quarterly earnings results on Wednesday, May 20th. The retailer reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.24. The business had revenue of $25.44 billion during the quarter, compared to analysts’ expectations of $24.66 billion. Target had a return on equity of 22.92% and a net margin of 3.24%.The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period last year, the firm posted $1.30 EPS. Equities research analysts expect that Target Corporation will post 8.43 EPS for the current year.
Target Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 12th will be given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, August 12th. This is a positive change from Target’s previous quarterly dividend of $1.14. Target’s dividend payout ratio (DPR) is 61.29%.
Target News Summary
Here are the key news stories impacting Target this week:
- Positive Sentiment: DA Davidson raised its price target on Target from $155 to $170 and reiterated a “buy” rating, implying additional upside from recent trading levels. Target price target raised by DA Davidson
- Positive Sentiment: Analysts are highlighting Target’s dividend appeal, which may support demand from income-oriented investors while the stock trades at a valuation below some retail peers. Why Target is a great dividend stock right now
- Neutral Sentiment: Target is scheduled to report second-quarter earnings before the market opens on Wednesday, August 19, followed by a 7:00 a.m. conference call. The event is the immediate catalyst for the stock and could produce significant volatility. Target second-quarter earnings conference call
- Neutral Sentiment: Pre-earnings coverage points to rising estimates, improving merchandising and the possibility of another earnings beat. Investors will focus on sales trends, margins, costs and management’s outlook, particularly because tough year-over-year comparisons could limit gains. Target pre-second-quarter earnings preview
- Negative Sentiment: A review of Target’s five-year performance underscores longer-term concerns: the stock has substantially lagged other major U.S. retailers, raising questions about its competitive position and sustainable growth prospects. Target’s stock down 40 percent in five years
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on TGT shares. Evercore set a $150.00 price target on Target in a research note on Tuesday, August 4th. Piper Sandler upped their price objective on Target from $127.00 to $146.00 and gave the stock a “neutral” rating in a research note on Friday. Robert W. Baird increased their price objective on Target from $125.00 to $135.00 and gave the company a “neutral” rating in a report on Thursday, May 21st. TD Cowen reissued a “hold” rating on shares of Target in a research note on Monday, August 10th. Finally, Telsey Advisory Group boosted their target price on shares of Target from $150.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, sixteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Target presently has an average rating of “Hold” and a consensus target price of $143.85.
Check Out Our Latest 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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