Target Corp. (TGT) Sees Large Decline in Short Interest
Target Corp. (NYSE:TGT) saw a significant decline in short interest in September. As of September 30th, there was short interest totalling 39,246,745 shares, a decline of 14.8% from the September 15th total of 46,044,537 shares. Based on an average daily volume of 4,904,343 shares, the short-interest ratio is presently 8.0 days. Currently, 6.8% of the company’s stock are short sold.
Shares of Target Corp. (NYSE:TGT) opened at 68.11 on Monday. The firm’s 50-day moving average price is $68.99 and its 200 day moving average price is $73.01. The company has a market capitalization of $39.15 billion, a PE ratio of 12.60 and a beta of 0.68. Target Corp. has a 1-year low of $65.50 and a 1-year high of $84.14.
Target Corp. (NYSE:TGT) last posted its earnings results on Wednesday, August 17th. The retailer reported $1.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.11. Target Corp. had a net margin of 4.59% and a return on equity of 23.59%. The firm had revenue of $16.20 billion for the quarter. During the same period in the prior year, the business earned $1.22 EPS. Target Corp.’s quarterly revenue was down 7.2% compared to the same quarter last year. Equities analysts predict that Target Corp. will post $4.95 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Saturday, December 10th. Stockholders of record on Wednesday, November 16th will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, November 14th. This represents a $2.40 annualized dividend and a dividend yield of 3.52%. Target Corp.’s payout ratio is currently 44.44%.
A number of analysts have recently commented on the company. Brean Capital restated a “buy” rating and issued a $28.00 price target on shares of Target Corp. in a report on Saturday, October 8th. Nomura set a $75.00 price target on Target Corp. and gave the company a “hold” rating in a report on Friday, October 7th. Jefferies Group set a $72.00 price target on Target Corp. and gave the company a “hold” rating in a report on Tuesday, October 4th. Vetr upgraded Target Corp. from a “sell” rating to a “hold” rating and set a $68.37 price target on the stock in a report on Tuesday, October 4th. Finally, Guggenheim started coverage on Target Corp. in a research report on Friday, September 30th. They issued a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $74.49.
Several large investors have recently modified their holdings of TGT. Massachusetts Financial Services Co. MA raised its stake in shares of Target Corp. by 13.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 13,035,746 shares of the retailer’s stock valued at $910,156,000 after buying an additional 1,545,167 shares during the last quarter. Dodge & Cox raised its stake in shares of Target Corp. by 12.9% in the second quarter. Dodge & Cox now owns 11,757,005 shares of the retailer’s stock valued at $820,874,000 after buying an additional 1,341,678 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Target Corp. by 2.4% in the second quarter. BlackRock Fund Advisors now owns 8,183,360 shares of the retailer’s stock valued at $571,362,000 after buying an additional 189,882 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Target Corp. by 3.9% in the second quarter. BlackRock Group LTD now owns 6,339,423 shares of the retailer’s stock valued at $442,618,000 after buying an additional 236,371 shares during the last quarter. Finally, LSV Asset Management raised its stake in shares of Target Corp. by 6.6% in the second quarter. LSV Asset Management now owns 4,556,988 shares of the retailer’s stock valued at $318,168,000 after buying an additional 283,650 shares during the last quarter. Institutional investors own 86.18% of the company’s stock.
About Target Corp.
Target Corporation offers everyday essentials and merchandise to its customers. The Company sells a range of general merchandise and food through its store and digital channels. The Company’s general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items.
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