Parsons Capital Management Inc. RI Lowers Stake in Target Corporation (TGT)
Parsons Capital Management Inc. RI decreased its stake in Target Corporation (NYSE:TGT) by 49.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,942 shares of the retailer’s stock after selling 8,647 shares during the period. Parsons Capital Management Inc. RI’s holdings in Target Corporation were worth $494,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of TGT. Tompkins Financial Corp increased its position in shares of Target Corporation by 84.0% in the first quarter. Tompkins Financial Corp now owns 1,711 shares of the retailer’s stock valued at $141,000 after buying an additional 781 shares in the last quarter. Cribstone Capital Management LLC boosted its stake in 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 during the last quarter. Reilly Financial Advisors LLC boosted its stake in 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 during the last quarter. Pinnacle Bank purchased a new stake in Target Corporation during the first quarter valued at approximately $123,000. Finally, Peoples Financial Services CORP. boosted its stake in 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 during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.
Shares of Target Corporation (NYSE:TGT) traded up 3.33% during trading on Wednesday, reaching $56.16. 14,506,065 shares of the company’s stock were exchanged. The firm has a market capitalization of $30.98 billion, a P/E ratio of 11.51 and a beta of 0.61. Target Corporation has a 52-week low of $48.56 and a 52-week high of $79.33. The company has a 50 day moving average of $54.34 and a 200 day moving average of $56.22.
Target Corporation (NYSE:TGT) last posted its earnings results on Wednesday, August 16th. The retailer reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Target Corporation had a net margin of 4.02% and a return on equity of 25.17%. The business had revenue of $16.43 billion for the quarter, compared to analyst estimates of $16.30 billion. During the same period last year, the business posted $1.23 EPS. Target Corporation’s revenue was up 1.6% compared to the same quarter last year. Equities analysts anticipate that Target Corporation will post $4.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 10th. Investors of record on Wednesday, August 16th will be paid a $0.62 dividend. The ex-dividend date 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 yield of 4.56%. Target Corporation’s dividend payout ratio (DPR) is presently 50.61%.
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Several analysts have commented on the stock. UBS AG reaffirmed a “neutral” rating and issued a $56.00 target price (down from $60.00) on shares of Target Corporation in a research note on Tuesday, June 20th. Gordon Haskett raised shares of Target Corporation from a “sell” rating to a “hold” rating and set a $58.00 target price for the company in a research note on Wednesday. Vetr cut shares of Target Corporation from a “buy” rating to a “hold” rating and set a $59.67 target price for the company. in a research note on Monday, August 7th. BidaskClub cut shares of Target Corporation from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, MKM Partners reaffirmed a “neutral” rating on shares of Target Corporation in a research note on Tuesday. Five analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $62.41.
In related news, insider Robert M. Harrison sold 2,639 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $52.05, for a total value of $137,359.95. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.
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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