Meritage Portfolio Management Increases Stake in Target Corporation (TGT)
Meritage Portfolio Management raised its stake in Target Corporation (NYSE:TGT) by 28.2% during the second quarter, Holdings Channel reports. The fund owned 88,412 shares of the retailer’s stock after buying an additional 19,467 shares during the period. Meritage Portfolio Management’s holdings in Target Corporation were worth $4,623,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of TGT. Fulton Bank N.A. acquired a new position in shares of Target Corporation during the first quarter valued at about $212,000. National Pension Service raised its position in shares of Target Corporation by 7.1% in the first quarter. National Pension Service now owns 454,612 shares of the retailer’s stock valued at $25,117,000 after buying an additional 30,044 shares during the last quarter. Carroll Financial Associates Inc. raised its position in shares of Target Corporation by 5.8% in the first quarter. Carroll Financial Associates Inc. now owns 2,664 shares of the retailer’s stock valued at $147,000 after buying an additional 147 shares during the last quarter. Bank of Montreal Can raised its position in shares of Target Corporation by 29.1% in the first quarter. Bank of Montreal Can now owns 1,045,560 shares of the retailer’s stock valued at $57,704,000 after buying an additional 235,920 shares during the last quarter. Finally, Gradient Investments LLC raised its position in shares of Target Corporation by 30.2% in the first quarter. Gradient Investments LLC now owns 93,276 shares of the retailer’s stock valued at $5,148,000 after buying an additional 21,631 shares during the last quarter. Institutional investors own 82.63% of the company’s stock.
Target Corporation (TGT) traded up 0.0262% during trading on Friday, hitting $55.6546. 3,777,101 shares of the company were exchanged. Target Corporation has a 1-year low of $48.56 and a 1-year high of $79.33. The stock has a market capitalization of $30.71 billion, a PE ratio of 11.4046 and a beta of 0.61. The firm’s 50 day moving average price is $53.97 and its 200-day moving average price is $56.53. Target Corporation also saw unusually large options trading activity on Tuesday. Stock investors acquired 43,644 call options on the stock. This represents an increase of approximately 350% compared to the typical daily volume of 9,688 call options.
Target Corporation (NYSE:TGT) last issued its quarterly 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 Corporation had a net margin of 4.02% and a return on equity of 25.17%. The company had revenue of $16.02 billion for the quarter, compared to the consensus estimate of $15.63 billion. During the same quarter in the prior year, the company earned $1.29 EPS. Target Corporation’s quarterly revenue was down 1.1% on a year-over-year basis. Equities analysts predict that Target Corporation will post $4.39 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 10th. Investors of record on Wednesday, August 16th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 4.46%. The ex-dividend date of this dividend is Monday, August 14th. This is an increase from Target Corporation’s previous quarterly dividend of $0.60. Target Corporation’s dividend payout ratio is 48.98%.
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Several research analysts recently issued reports on TGT shares. Buckingham Research reiterated a “buy” rating and issued a $71.00 price target on shares of Target Corporation in a research note on Wednesday, April 19th. Gordon Haskett started coverage on shares of Target Corporation in a research note on Tuesday, May 9th. They issued a “sell” rating and a $47.00 price target for the company. Vetr lowered shares of Target Corporation from a “buy” rating to a “hold” rating and set a $59.51 price target for the company. in a research note on Tuesday, May 9th. Zacks Investment Research upgraded shares of Target Corporation from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Finally, Telsey Advisory Group increased their price target on shares of Target Corporation from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Thursday, May 18th. Six equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seven have issued a buy rating to the company. Target Corporation has a consensus rating of “Hold” and a consensus target price of $61.99.
In related news, insider Robert M. Harrison sold 2,639 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $52.05, for a total value of $137,359.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is currently owned by corporate insiders.
Target Corporation Company Profile
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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