Hayek Kallen Investment Management lowered its stake in Target Co. (NYSE:TGT) by 11.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 23,180 shares of the retailer’s stock after selling 2,993 shares during the quarter. Target accounts for 1.5% of Hayek Kallen Investment Management’s portfolio, making the stock its 26th biggest position. Hayek Kallen Investment Management’s holdings in Target were worth $2,478,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Nuveen Asset Management LLC lifted its holdings in shares of Target by 889.1% in the second quarter. Nuveen Asset Management LLC now owns 4,284,065 shares of the retailer’s stock worth $371,043,000 after acquiring an additional 3,850,951 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Target by 613.5% during the 2nd quarter. Renaissance Technologies LLC now owns 3,129,200 shares of the retailer’s stock worth $271,020,000 after buying an additional 2,690,600 shares during the period. AQR Capital Management LLC grew its position in shares of Target by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 2,362,331 shares of the retailer’s stock worth $204,601,000 after buying an additional 842,348 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of Target by 310.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 877,818 shares of the retailer’s stock worth $75,594,000 after buying an additional 663,782 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Target by 21.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,555,720 shares of the retailer’s stock worth $307,961,000 after buying an additional 630,907 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.
Several analysts have recently commented on TGT shares. Goldman Sachs Group downgraded shares of Target from a “conviction-buy” rating to a “buy” rating and set a $110.00 price objective for the company. in a research report on Friday, October 25th. KeyCorp lifted their price target on shares of Target from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Nomura began coverage on shares of Target in a research report on Friday. They issued a “buy” rating and a $123.00 price target for the company. Cowen lifted their price target on shares of Target from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Finally, Citigroup raised shares of Target from a “neutral” rating to a “buy” rating and lifted their price target for the company from $80.00 to $130.00 in a research report on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $107.70.
In other news, CAO Robert M. Harrison sold 13,540 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $104.66, for a total transaction of $1,417,096.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Don H. Liu sold 4,140 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $99.92, for a total value of $413,668.80. The disclosure for this sale can be found here. Insiders have sold 83,478 shares of company stock valued at $8,915,363 in the last three months. 0.24% of the stock is owned by insiders.
Shares of NYSE TGT traded down $0.44 during mid-day trading on Friday, reaching $110.15. 2,779,112 shares of the company’s stock were exchanged, compared to its average volume of 5,086,021. The firm has a market capitalization of $56.23 billion, a price-to-earnings ratio of 20.44, a price-to-earnings-growth ratio of 2.53 and a beta of 0.54. Target Co. has a 52 week low of $60.15 and a 52 week high of $114.83. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.84 and a quick ratio of 0.21. The firm has a 50-day moving average price of $109.29 and a two-hundred day moving average price of $93.06.
Target (NYSE:TGT) last announced its quarterly earnings data on Wednesday, August 21st. The retailer reported $1.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.21. The business 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 firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.47 EPS. As a group, sell-side analysts forecast that Target Co. will post 6.16 EPS for the current fiscal year.
The firm also recently disclosed 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 48.98%.
Target announced that its board has authorized a share buyback program on Thursday, September 19th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the retailer to buy up to 9.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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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