Private Ocean LLC increased its stake in Target Co. (NYSE:TGT) by 22.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 794 shares of the retailer’s stock after purchasing an additional 144 shares during the quarter. Private Ocean LLC’s holdings in Target were worth $85,000 at the end of the most recent reporting period.
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Several other hedge funds have also modified their holdings of the company. Bourgeon Capital Management LLC acquired a new position in shares of Target during the third quarter worth approximately $118,000. Alps Advisors Inc. bought a new stake in shares of Target during the third quarter valued at approximately $1,327,000. CNB Bank increased its position in shares of Target by 151.7% during the third quarter. CNB Bank now owns 3,795 shares of the retailer’s stock valued at $406,000 after purchasing an additional 2,287 shares during the period. Montag A & Associates Inc. increased its position in shares of Target by 2.5% during the third quarter. Montag A & Associates Inc. now owns 5,966 shares of the retailer’s stock valued at $638,000 after purchasing an additional 145 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in shares of Target by 6.3% during the third quarter. Daiwa Securities Group Inc. now owns 27,951 shares of the retailer’s stock valued at $2,988,000 after purchasing an additional 1,658 shares during the period. Institutional investors own 81.92% of the company’s stock.
NYSE:TGT traded down $0.44 during trading hours on Friday, reaching $110.15. The company had a trading volume of 2,779,112 shares, compared to its average volume of 5,086,021. The stock has a 50-day moving average of $109.29 and a two-hundred day moving average of $93.06. The company has a quick ratio of 0.21, a current ratio of 0.84 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $56.23 billion, a PE ratio of 20.44, a PEG ratio of 2.53 and a beta of 0.54. Target Co. has a one year low of $60.15 and a one year high of $114.83.
Target (NYSE:TGT) last announced its earnings results on Wednesday, August 21st. The retailer reported $1.82 EPS for the quarter, topping the consensus estimate of $1.61 by $0.21. The company had revenue of $18.42 billion for the quarter, compared to analysts’ expectations of $18.32 billion. Target had a return on equity of 27.43% and a net margin of 4.10%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.47 earnings per share. As a group, sell-side analysts expect that Target Co. will post 6.16 earnings per share for the current year.
Target announced that its Board of Directors has approved a stock repurchase program on Thursday, September 19th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the retailer to buy up to 9.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Tuesday, November 19th. Target’s payout ratio is presently 48.98%.
In other news, insider Don H. Liu sold 4,140 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $99.92, for a total transaction of $413,668.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Cathy R. Smith sold 8,412 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $104.40, for a total value of $878,212.80. The disclosure for this sale can be found here. Insiders have sold 83,478 shares of company stock worth $8,915,363 in the last 90 days. Company insiders own 0.24% of the company’s stock.
A number of analysts have recently issued reports on the company. Guggenheim restated a “hold” rating on shares of Target in a research report on Wednesday, August 21st. UBS Group boosted their price objective on Target from $86.00 to $103.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Cowen boosted their price objective on Target from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Deutsche Bank upgraded Target from a “hold” rating to a “buy” rating and upped their price target for the company from $85.00 to $99.00 in a research report on Monday, August 5th. Finally, Goldman Sachs Group cut Target from a “conviction-buy” rating to a “buy” rating and set a $110.00 price target on the stock. in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $107.70.
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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