Target Corporation (TGT) Stake Lessened by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. reduced its stake in shares of Target Corporation (NYSE:TGT) by 9.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,023,913 shares of the retailer’s stock after selling 101,798 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.19% of Target Corporation worth $53,540,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of TGT. BlackRock Inc. increased its stake in Target Corporation by 2,069.0% in the 1st quarter. BlackRock Inc. now owns 47,046,403 shares of the retailer’s stock worth $2,596,495,000 after buying an additional 44,877,391 shares during the period. Franklin Resources Inc. lifted its holdings in Target Corporation 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 buying an additional 1,686,774 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Target Corporation by 14.2% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 10,307,951 shares of the retailer’s stock valued at $568,896,000 after buying an additional 1,279,077 shares in the last quarter. Prudential Financial Inc. lifted its holdings in Target Corporation by 43.4% during the 2nd quarter. Prudential Financial Inc. now owns 3,778,242 shares of the retailer’s stock valued at $197,565,000 after buying an additional 1,143,598 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Target Corporation by 11.6% during the 1st quarter. Bank of New York Mellon Corp now owns 9,555,703 shares of the retailer’s stock valued at $527,380,000 after buying an additional 996,689 shares in the last quarter. 83.22% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Hourigan Rice Jacqueline sold 4,679 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $59.37, for a total value of $277,792.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by company insiders.
Several research firms have issued reports on TGT. BMO Capital Markets reissued a “market weight” rating on shares of Target Corporation in a research report on Thursday, September 14th. TheStreet raised shares of Target Corporation from a “c+” rating to a “b” rating in a research report on Thursday, September 28th. Vetr lowered shares of Target Corporation from a “buy” rating to a “hold” rating and set a $59.67 target price on the stock. in a research report on Monday, August 7th. BidaskClub raised shares of Target Corporation from a “hold” rating to a “buy” rating in a research note on Sunday, August 6th. Finally, MKM Partners lifted their price target on shares of Target Corporation from $58.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, August 17th. Five investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have given a buy rating to the company’s stock. Target Corporation currently has a consensus rating of “Hold” and an average target price of $61.64.
Shares of Target Corporation (TGT) opened at 58.58 on Wednesday. Target Corporation has a 1-year low of $48.56 and a 1-year high of $79.33. The stock’s 50 day moving average is $57.34 and its 200 day moving average is $55.28. The firm has a market capitalization of $32.00 billion, a P/E ratio of 11.84 and a beta of 0.62. Target Corporation also was the target of unusually large options trading activity on Monday. Stock investors acquired 10,752 put options on the stock. This represents an increase of approximately 126% compared to the average daily volume of 4,756 put options.
Target Corporation (NYSE:TGT) last issued its earnings results on Wednesday, August 16th. The retailer reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $16.43 billion during the quarter, compared to analysts’ expectations of $16.30 billion. Target Corporation had a net margin of 3.99% and a return on equity of 25.06%. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.23 EPS. Equities analysts predict that Target Corporation will post $4.51 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Wednesday, November 15th will be paid a dividend of $0.62 per share. The ex-dividend date is Tuesday, November 14th. This represents a $2.48 annualized dividend and a yield of 4.23%. Target Corporation’s dividend payout ratio is currently 50.00%.
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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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