Advisors Asset Management Inc. Cuts Stake in Target Co. (TGT)
Advisors Asset Management Inc. cut its position in shares of Target Co. (NYSE:TGT) by 13.2% during the first quarter, Holdings Channel reports. The fund owned 103,700 shares of the retailer’s stock after selling 15,743 shares during the period. Advisors Asset Management Inc.’s holdings in Target were worth $5,723,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Tompkins Financial Corp raised its position in Target by 84.0% in the first quarter. Tompkins Financial Corp now owns 1,711 shares of the retailer’s stock worth $141,000 after buying an additional 781 shares during the period. Cribstone Capital Management LLC raised its position in Target by 114.2% in the first quarter. Cribstone Capital Management LLC now owns 1,906 shares of the retailer’s stock worth $101,000 after buying an additional 1,016 shares during the period. Reilly Financial Advisors LLC raised its position in Target by 77.6% in the first quarter. Reilly Financial Advisors LLC now owns 2,000 shares of the retailer’s stock worth $110,000 after buying an additional 874 shares during the period. Pinnacle Bank purchased a new position in Target during the first quarter worth about $123,000. Finally, Peoples Financial Services CORP. raised its position in Target by 116.7% in the first quarter. Peoples Financial Services CORP. now owns 2,275 shares of the retailer’s stock worth $125,000 after buying an additional 1,225 shares during the period. 88.53% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Target Co. (NYSE:TGT) opened at 55.52 on Monday. Target Co. has a 12 month low of $52.72 and a 12 month high of $79.33. The firm has a 50-day moving average of $55.55 and a 200 day moving average of $63.29. The firm has a market cap of $30.63 billion, a P/E ratio of 11.38 and a beta of 0.63.
Target (NYSE:TGT) last posted its earnings results on Wednesday, May 17th. The retailer reported $1.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.30. Target had a return on equity of 25.18% and a net margin of 4.75%. The firm had revenue of $16.02 billion during the quarter, compared to analyst estimates of $15.63 billion. During the same period in the previous year, the company earned $1.29 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities research analysts anticipate that Target Co. will post $4.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, June 10th. Investors of record on Wednesday, May 17th will be issued a $0.60 dividend. The ex-dividend date is Monday, May 15th. This represents a $2.40 annualized dividend and a yield of 4.32%. Target’s dividend payout ratio (DPR) is currently 42.93%.
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A number of research analysts have issued reports on the stock. ValuEngine lowered shares of Target from a “buy” rating to a “hold” rating in a report on Friday. Jefferies Group LLC restated a “hold” rating and issued a $59.00 target price (up from $56.00) on shares of Target in a report on Friday, May 19th. Deutsche Bank AG restated a “hold” rating and issued a $59.00 target price (up from $55.00) on shares of Target in a report on Friday, May 19th. Telsey Advisory Group upped their target price on shares of Target from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Thursday, May 18th. Finally, Zacks Investment Research upgraded shares of Target from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Six investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $65.49.
In related news, Director Donald R. Knauss bought 10,000 shares of Target stock in a transaction that occurred on Thursday, March 9th. The stock was purchased at an average cost of $54.86 per share, for a total transaction of $548,600.00. Following the acquisition, the director now owns 16,431 shares in the company, valued at $901,404.66. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.25% of the stock is currently owned by insiders.
Target Corporation (Target) is a general merchandise retailer selling products through its stores and digital channels. Its general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items. Its digital channels include a range of general merchandise, including a range of items found in its stores, along with an assortment, such as additional sizes and colors sold only online.
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