Wedge Capital Management L L P NC Sells 75,868 Shares of Target Co. (NYSE:TGT)

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Wedge Capital Management L L P NC cut its holdings in shares of Target Co. (NYSE:TGT) by 23.1% in the 4th quarter, HoldingsChannel reports. The fund owned 252,385 shares of the retailer’s stock after selling 75,868 shares during the period. Wedge Capital Management L L P NC’s holdings in Target were worth $32,358,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Delta Asset Management LLC TN raised its position in Target by 161.0% in the 3rd quarter. Delta Asset Management LLC TN now owns 261 shares of the retailer’s stock valued at $28,000 after buying an additional 161 shares during the last quarter. Phocas Financial Corp. bought a new stake in shares of Target in the 2nd quarter worth $33,000. Corbenic Partners LLC bought a new stake in shares of Target in the 4th quarter worth $33,000. KCS Wealth Advisory purchased a new stake in shares of Target in the third quarter valued at about $37,000. Finally, Capital Bank & Trust Co raised its holdings in shares of Target by 309.7% in the second quarter. Capital Bank & Trust Co now owns 635 shares of the retailer’s stock valued at $55,000 after purchasing an additional 480 shares during the last quarter. Institutional investors own 76.89% of the company’s stock.

In other news, insider Stephanie A. Lundquist sold 6,630 shares of Target stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $127.00, for a total value of $842,010.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Don H. Liu sold 2,274 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $122.20, for a total transaction of $277,882.80. Following the completion of the sale, the insider now directly owns 37,616 shares in the company, valued at approximately $4,596,675.20. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.

Several research analysts recently weighed in on TGT shares. Guggenheim restated a “hold” rating on shares of Target in a report on Wednesday. Cowen reiterated a “buy” rating and issued a $150.00 price objective on shares of Target in a research note on Wednesday. Barclays reissued a “buy” rating and set a $135.00 target price on shares of Target in a research report on Friday, November 22nd. ValuEngine downgraded Target from a “hold” rating to a “sell” rating in a research note on Friday, January 3rd. Finally, Bank of America upped their target price on Target from $125.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, November 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $117.19.

NYSE:TGT opened at $117.00 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.15 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $63.47 billion, a PE ratio of 21.71, a price-to-earnings-growth ratio of 2.60 and a beta of 0.56. The firm’s 50 day moving average is $126.16 and its 200 day moving average is $107.55. Target Co. has a 12 month low of $67.17 and a 12 month high of $130.24.

Target (NYSE:TGT) last announced its quarterly earnings data on Wednesday, November 20th. The retailer reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.17. Target had a return on equity of 28.22% and a net margin of 4.18%. The business had revenue of $18.41 billion during the quarter, compared to analyst estimates of $18.45 billion. During the same period in the prior year, the company earned $1.09 earnings per share. Target’s revenue was up 4.7% compared to the same quarter last year. Research analysts predict that Target Co. will post 6.38 earnings per share for the current year.

Target declared that its board has authorized a share repurchase plan on Thursday, September 19th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the retailer to purchase up to 9.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 19th will be given a dividend of $0.66 per share. The ex-dividend date is Tuesday, February 18th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.26%. Target’s dividend payout ratio is presently 48.98%.

Target 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 d├ęcor products, electronics, toys, seasonal offerings, and other merchandise.

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Want to see what other hedge funds are holding TGT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Target Co. (NYSE:TGT).

Institutional Ownership by Quarter for Target (NYSE:TGT)

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