Daiwa Securities Group Inc. increased its stake in shares of Target Co. (NYSE:TGT) by 6.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,951 shares of the retailer’s stock after buying an additional 1,658 shares during the period. Daiwa Securities Group Inc.’s holdings in Target were worth $2,988,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Krane Funds Advisors LLC purchased a new stake in Target during the second quarter worth about $25,000. Delta Asset Management LLC TN boosted its position in Target by 161.0% during the third quarter. Delta Asset Management LLC TN now owns 261 shares of the retailer’s stock worth $28,000 after purchasing an additional 161 shares during the period. Larson Financial Group LLC bought a new position in Target during the second quarter worth about $31,000. Phocas Financial Corp. bought a new position in Target during the second quarter worth about $33,000. Finally, SRS Capital Advisors Inc. bought a new position in Target during the second quarter worth about $37,000. Institutional investors and hedge funds own 81.92% of the company’s stock.
TGT has been the subject of a number of research reports. UBS Group increased their target price on shares of Target from $86.00 to $103.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. JPMorgan Chase & Co. increased their target price on shares of Target from $115.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday. Goldman Sachs Group lowered shares of Target from a “conviction-buy” rating to a “buy” rating and set a $110.00 target price for the company. in a research report on Friday, October 25th. Buckingham Research increased their target price on shares of Target from $117.00 to $131.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Nomura initiated coverage on shares of Target in a research report on Friday. They set a “buy” rating and a $123.00 target price for the company. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $107.70.
Target (NYSE:TGT) last released its quarterly earnings data on Wednesday, August 21st. The retailer reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.21. Target had a net margin of 4.10% and a return on equity of 27.43%. The company had revenue of $18.42 billion during the quarter, compared to analyst estimates of $18.32 billion. During the same period last year, the business earned $1.47 earnings per share. Target’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts predict that Target Co. will post 6.16 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a $0.66 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.40%. Target’s dividend payout ratio (DPR) is currently 48.98%.
Target announced that its Board of Directors has authorized a share repurchase plan on Thursday, September 19th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the retailer to repurchase up to 9.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Cathy R. Smith sold 8,412 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $104.40, for a total value of $878,212.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Don H. Liu sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the sale, the insider now directly owns 39,890 shares in the company, valued at $4,387,900. The disclosure for this sale can be found here. Insiders sold 83,478 shares of company stock valued at $8,915,363 over the last 90 days. 0.24% of the stock is owned by company insiders.
Target Company Profile
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials; food assortments, including perishables, dry grocery, dairy, and frozen items; and apparel, accessories, home décor products, electronics, toys, seasonal offerings, and other merchandise.
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