Panagora Asset Management Inc. Raises Stake in Target Co. (NYSE:TGT)

Panagora Asset Management Inc. boosted its position in Target Co. (NYSE:TGT) by 8.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 565,399 shares of the retailer’s stock after buying an additional 45,060 shares during the period. Target makes up approximately 0.6% of Panagora Asset Management Inc.’s investment portfolio, making the stock its 22nd largest holding. Panagora Asset Management Inc. owned 0.11% of Target worth $111,989,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Insight Wealth Strategies LLC boosted its position in Target by 72.7% in the first quarter. Insight Wealth Strategies LLC now owns 9,837 shares of the retailer’s stock valued at $1,949,000 after buying an additional 4,142 shares during the last quarter. Ritholtz Wealth Management boosted its position in Target by 42.1% in the first quarter. Ritholtz Wealth Management now owns 4,882 shares of the retailer’s stock valued at $967,000 after buying an additional 1,447 shares during the last quarter. E Fund Management Co. Ltd. purchased a new stake in Target in the first quarter valued at approximately $174,000. Norinchukin Bank The boosted its position in Target by 1.7% in the first quarter. Norinchukin Bank The now owns 41,675 shares of the retailer’s stock valued at $8,255,000 after buying an additional 690 shares during the last quarter. Finally, Alpha DNA Investment Management LLC boosted its position in Target by 35.1% in the first quarter. Alpha DNA Investment Management LLC now owns 404 shares of the retailer’s stock valued at $79,000 after buying an additional 105 shares during the last quarter. Hedge funds and other institutional investors own 78.24% of the company’s stock.

TGT has been the topic of several recent research reports. Raymond James upped their price objective on Target from $215.00 to $252.00 and gave the stock a “strong-buy” rating in a research report on Thursday, May 20th. Morgan Stanley upped their price objective on Target from $205.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Monday, May 24th. Zacks Investment Research lowered Target from a “buy” rating to a “hold” rating and set a $180.00 price objective on the stock. in a research report on Friday, March 5th. Stifel Nicolaus upped their price objective on Target from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, March 30th. Finally, UBS Group upgraded Target from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $210.00 to $265.00 in a research report on Tuesday. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Target presently has an average rating of “Buy” and a consensus price target of $231.06.

NYSE TGT traded up $0.54 during mid-day trading on Friday, hitting $232.20. The stock had a trading volume of 7,054 shares, compared to its average volume of 3,725,660. The stock’s 50 day moving average is $214.25. Target Co. has a twelve month low of $114.81 and a twelve month high of $236.80. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.07 and a quick ratio of 0.51. The company has a market capitalization of $114.87 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 1.50 and a beta of 1.01.

Target (NYSE:TGT) last posted its quarterly earnings data on Tuesday, May 18th. The retailer reported $3.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.25 by $1.44. Target had a return on equity of 45.70% and a net margin of 6.30%. The firm had revenue of $23.88 billion during the quarter, compared to the consensus estimate of $21.13 billion. During the same period in the prior year, the company earned $0.59 EPS. The firm’s revenue was up 23.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Target Co. will post 11.82 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 10th. Shareholders of record on Wednesday, August 18th will be paid a $0.90 dividend. The ex-dividend date is Tuesday, August 17th. This is an increase from Target’s previous quarterly dividend of $0.68. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.55%. Target’s dividend payout ratio (DPR) is 28.87%.

In other Target news, insider Christina Hennington sold 1,852 shares of the firm’s stock in a transaction on Friday, March 19th. The stock was sold at an average price of $183.00, for a total value of $338,916.00. Following the completion of the sale, the insider now directly owns 25,249 shares of the company’s stock, valued at approximately $4,620,567. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Robert M. Harrison sold 2,353 shares of the firm’s stock in a transaction on Thursday, April 8th. The stock was sold at an average price of $203.61, for a total value of $479,094.33. Following the completion of the sale, the chief accounting officer now directly owns 10,395 shares of the company’s stock, valued at $2,116,525.95. The disclosure for this sale can be found here. Insiders sold a total of 46,218 shares of company stock valued at $9,483,744 over the last ninety days. Corporate insiders own 0.52% of the company’s stock.

About Target

Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food, and other merchandise; and beauty and household essentials.

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Institutional Ownership by Quarter for Target (NYSE:TGT)

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