Camden National Bank trimmed its position in shares of Target Co. (NYSE:TGT) by 1.0% during the third quarter, HoldingsChannel reports. The firm owned 78,789 shares of the retailer’s stock after selling 788 shares during the quarter. Camden National Bank’s holdings in Target were worth $8,424,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Target by 1.3% during the second quarter. Vanguard Group Inc. now owns 40,186,903 shares of the retailer’s stock worth $3,480,588,000 after purchasing an additional 522,633 shares in the last quarter. Northern Trust Corp boosted its position in shares of Target by 0.3% during the second quarter. Northern Trust Corp now owns 6,944,281 shares of the retailer’s stock worth $601,443,000 after purchasing an additional 19,238 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Target by 1.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 4,359,866 shares of the retailer’s stock worth $377,608,000 after purchasing an additional 54,263 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Target by 889.1% during the second quarter. Nuveen Asset Management LLC now owns 4,284,065 shares of the retailer’s stock worth $371,043,000 after purchasing an additional 3,850,951 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Target by 21.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,555,720 shares of the retailer’s stock worth $307,961,000 after purchasing an additional 630,907 shares in the last quarter. 81.80% of the stock is currently owned by institutional investors.
TGT has been the topic of several research reports. Buckingham Research reaffirmed a “buy” rating and issued a $117.00 price objective (up from $102.00) on shares of Target in a research report on Thursday, August 22nd. Robert W. Baird set a $115.00 price objective on shares of Target and gave the company a “buy” rating in a research report on Wednesday, August 21st. Cowen boosted their price objective 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. Credit Suisse Group set a $112.00 price objective on shares of Target and gave the company a “buy” rating in a research report on Monday, September 23rd. Finally, Barclays set a $115.00 price objective on shares of Target and gave the company a “buy” rating in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Target presently has an average rating of “Buy” and an average target price of $105.21.
In other Target news, insider Cathy R. Smith sold 8,412 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $104.40, for a total transaction of $878,212.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 transaction of $413,668.80. The disclosure for this sale can be found here. Insiders have sold a total of 83,478 shares of company stock worth $8,915,363 over the last three months. Insiders own 0.24% of the company’s stock.
NYSE:TGT traded up $1.26 on Friday, hitting $111.83. 4,562,119 shares of the company’s stock were exchanged, compared to its average volume of 4,113,514. The firm has a 50-day moving average price of $107.22 and a 200-day moving average price of $88.75. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.84 and a quick ratio of 0.21. Target Co. has a 52 week low of $60.15 and a 52 week high of $111.25. The company has a market cap of $55.45 billion, a P/E ratio of 20.75, a price-to-earnings-growth ratio of 2.49 and a beta of 0.54.
Target (NYSE:TGT) last issued its quarterly 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. Target had a net margin of 4.10% and a return on equity of 27.43%. The firm had revenue of $18.42 billion for the quarter, compared to analysts’ expectations of $18.32 billion. During the same period in the previous year, the firm posted $1.47 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, research analysts expect that Target Co. will post 6.15 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $2.64 annualized dividend and a yield of 2.36%. Target’s dividend payout ratio (DPR) is presently 48.98%.
Target declared that its board has authorized a stock repurchase program on Thursday, September 19th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the retailer to purchase up to 9.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are 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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