Municipal Employees Retirement System of Michigan Sells 4,340 Shares of Target Co. (TGT)
Municipal Employees Retirement System of Michigan cut its stake in Target Co. (NYSE:TGT) by 23.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,110 shares of the retailer’s stock after selling 4,340 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Target were worth $833,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the business. State Street Corp grew its holdings in shares of Target by 1.5% during the 2nd quarter. State Street Corp now owns 51,944,505 shares of the retailer’s stock worth $2,716,176,000 after purchasing an additional 775,265 shares during the period. BlackRock Inc. grew its holdings in shares of Target by 2,069.0% during the 1st quarter. BlackRock Inc. now owns 47,046,403 shares of the retailer’s stock worth $2,596,495,000 after purchasing an additional 44,877,391 shares during the period. Vanguard Group Inc. grew its holdings in shares of Target by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 37,154,396 shares of the retailer’s stock worth $1,942,803,000 after purchasing an additional 130,252 shares during the period. Franklin Resources Inc. boosted its holdings in Target by 8.7% during the 2nd quarter. Franklin Resources Inc. now owns 21,112,915 shares of the retailer’s stock valued at $1,103,994,000 after acquiring an additional 1,686,774 shares during the period. Finally, Dodge & Cox boosted its holdings in Target by 83.3% during the 2nd quarter. Dodge & Cox now owns 20,025,223 shares of the retailer’s stock valued at $1,047,119,000 after acquiring an additional 9,102,526 shares during the period. 83.60% of the stock is owned by institutional investors and hedge funds.
In other news, insider Hourigan Rice Jacqueline sold 4,679 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $59.37, for a total value of $277,792.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.25% of the company’s stock.
TGT has been the subject of a number of research analyst reports. Zacks Investment Research cut Target from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Vetr upgraded Target from a “hold” rating to a “buy” rating and set a $59.67 target price for the company in a report on Monday, August 14th. Wells Fargo & Company initiated coverage on Target in a report on Friday, November 3rd. They set a “market perform” rating and a $62.00 target price for the company. BMO Capital Markets restated a “market weight” rating on shares of Target in a report on Thursday, September 14th. Finally, MKM Partners initiated coverage on Target in a report on Wednesday, October 18th. They set a “buy” rating and a $85.00 target price for the company. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $63.15.
Target Co. (NYSE TGT) traded down $1.61 on Monday, reaching $55.88. The company’s stock had a trading volume of 5,892,300 shares, compared to its average volume of 7,334,003. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.27 and a current ratio of 0.96. The stock has a market capitalization of $30,374.86, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 6.91 and a beta of 0.63. Target Co. has a one year low of $48.56 and a one year high of $79.33.
Target (NYSE:TGT) last posted its earnings results on Wednesday, November 15th. The retailer reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.05. The company had revenue of $16.67 billion for the quarter, compared to the consensus estimate of $16.61 billion. Target had a return on equity of 24.09% and a net margin of 3.80%. Target’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.04 earnings per share. equities analysts anticipate that Target Co. will post 4.54 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, December 10th. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.48 dividend on an annualized basis and a yield of 4.44%. Target’s payout ratio is 51.88%.
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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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