Monarch Capital Management Inc. Purchases 10,120 Shares of Target Corporation (TGT)
Monarch Capital Management Inc. boosted its stake in shares of Target Corporation (NYSE:TGT) by 50.0% during the second quarter, Holdings Channel reports. The institutional investor owned 30,365 shares of the retailer’s stock after buying an additional 10,120 shares during the period. Monarch Capital Management Inc.’s holdings in Target Corporation were worth $1,588,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Cribstone Capital Management LLC raised its position in shares of Target Corporation by 114.2% in the first quarter. Cribstone Capital Management LLC now owns 1,906 shares of the retailer’s stock valued at $101,000 after buying an additional 1,016 shares in the last quarter. Reilly Financial Advisors LLC raised its position in shares of Target Corporation by 77.6% in the first quarter. Reilly Financial Advisors LLC now owns 2,000 shares of the retailer’s stock valued at $110,000 after buying an additional 874 shares in the last quarter. Pinnacle Bank purchased a new position in shares of Target Corporation during the first quarter valued at approximately $123,000. Peoples Financial Services CORP. raised its position in shares of Target Corporation by 116.7% in the first quarter. Peoples Financial Services CORP. now owns 2,275 shares of the retailer’s stock valued at $125,000 after buying an additional 1,225 shares in the last quarter. Finally, Penserra Capital Management LLC raised its position in shares of Target Corporation by 9.5% in the first quarter. Penserra Capital Management LLC now owns 2,346 shares of the retailer’s stock valued at $129,000 after buying an additional 204 shares in the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.
Target Corporation (NYSE:TGT) opened at 54.35 on Wednesday. The stock has a market capitalization of $29.99 billion, a PE ratio of 11.14 and a beta of 0.61. The stock’s 50 day moving average price is $54.34 and its 200-day moving average price is $56.22. Target Corporation has a 52-week low of $48.56 and a 52-week high of $79.33.
Target Corporation (NYSE:TGT) last announced its quarterly earnings data on Wednesday, May 17th. The retailer reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.30. The business had revenue of $16.02 billion for the quarter, compared to analyst estimates of $15.63 billion. Target Corporation had a return on equity of 25.17% and a net margin of 4.02%. The company’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.29 earnings per share. On average, equities analysts expect that Target Corporation will post $4.39 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 10th. Stockholders of record on Wednesday, August 16th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Monday, August 14th. This is a positive change from Target Corporation’s previous quarterly dividend of $0.60. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.56%. Target Corporation’s dividend payout ratio is currently 48.98%.
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Several brokerages have commented on TGT. Vetr raised Target Corporation from a “hold” rating to a “buy” rating and set a $59.66 price objective for the company in a research report on Monday, June 19th. ValuEngine lowered Target Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub raised Target Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. Robert W. Baird reissued a “neutral” rating and set a $55.00 price objective on shares of Target Corporation in a research report on Friday, July 14th. Finally, Cowen and Company reissued a “market perform” rating and set a $64.00 price objective on shares of Target Corporation in a research report on Friday, July 14th. Six research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seven have assigned a buy rating to the stock. Target Corporation presently has a consensus rating of “Hold” and an average price target of $61.99.
In other news, insider Robert M. Harrison sold 2,639 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $52.05, for a total value of $137,359.95. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.20% of the stock is currently owned by corporate insiders.
About Target Corporation
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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