PNC Financial Services Group Inc. decreased its holdings in shares of Target Co. (NYSE:TGT) by 1.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 695,783 shares of the retailer’s stock after selling 9,587 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.13% of Target worth $52,964,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in TGT. Uncommon Cents Investing LLC increased its position in Target by 2.2% during the 2nd quarter. Uncommon Cents Investing LLC now owns 31,623 shares of the retailer’s stock worth $2,407,000 after buying an additional 685 shares during the period. Beese Fulmer Investment Management Inc. bought a new position in Target during the 2nd quarter worth $219,000. Rockland Trust Co. bought a new position in Target during the 2nd quarter worth $1,219,000. Franklin Street Advisors Inc. NC bought a new position in Target during the 2nd quarter worth $426,000. Finally, Twin Capital Management Inc. bought a new position in Target during the 1st quarter worth $2,093,000. 82.50% of the stock is owned by institutional investors and hedge funds.
TGT has been the topic of several recent research reports. ValuEngine upgraded Target from a “hold” rating to a “buy” rating in a research report on Wednesday, July 4th. Credit Suisse Group set a $86.00 price objective on Target and gave the stock a “buy” rating in a research report on Monday, June 4th. Wolfe Research upgraded Target from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 16th. Wells Fargo & Co increased their price objective on Target from $72.00 to $90.00 and gave the stock a “market perform” rating in a research report on Thursday, August 23rd. Finally, Zacks Investment Research cut Target from a “buy” rating to a “hold” rating in a research report on Friday, May 25th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Target has a consensus rating of “Hold” and a consensus price target of $87.67.
Shares of NYSE TGT opened at $87.31 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.17 and a debt-to-equity ratio of 1.09. Target Co. has a 52 week low of $54.04 and a 52 week high of $88.89. The firm has a market capitalization of $45.63 billion, a P/E ratio of 18.54, a P/E/G ratio of 2.40 and a beta of 0.74.
Target (NYSE:TGT) last issued its quarterly earnings results on Wednesday, August 22nd. The retailer reported $1.47 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.07. Target had a return on equity of 24.29% and a net margin of 4.19%. The company had revenue of $17.78 billion for the quarter, compared to analysts’ expectations of $17.33 billion. During the same quarter last year, the business earned $1.23 earnings per share. Target’s revenue was up 6.9% on a year-over-year basis. equities analysts anticipate that Target Co. will post 5.37 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 10th. Investors of record on Wednesday, August 15th will be given a $0.64 dividend. The ex-dividend date of this dividend is Tuesday, August 14th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.93%. This is a boost from Target’s previous quarterly dividend of $0.62. Target’s dividend payout ratio (DPR) is presently 54.35%.
In related news, insider Laysha Ward sold 43,926 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $79.33, for a total value of $3,484,649.58. Following the sale, the insider now directly owns 90,460 shares of the company’s stock, valued at $7,176,191.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Janna A. Potts sold 5,152 shares of the firm’s stock in a transaction dated Monday, June 4th. The shares were sold at an average price of $75.00, for a total value of $386,400.00. Following the completion of the sale, the insider now directly owns 22,304 shares in the company, valued at $1,672,800. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials, including beauty products, personal and baby care products, cleaning products, paper products, and pet supplies; food and beverage products, such as dry grocery, dairy, frozen food, beverage, candy, snacks, deli, bakery, meat, and produce products; and apparel for women, men, boys, girls, toddlers, infants, and newborns, as well as intimate apparel, jewelry, accessories, and shoes.
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