Wedge Capital Management L L P NC Buys 157,483 Shares of Target Co. (NYSE:TGT)

Wedge Capital Management L L P NC lifted its stake in shares of Target Co. (NYSE:TGTGet Rating) by 14,086.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 158,601 shares of the retailer’s stock after purchasing an additional 157,483 shares during the period. Wedge Capital Management L L P NC’s holdings in Target were worth $33,658,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in TGT. Norges Bank bought a new stake in shares of Target during the 4th quarter worth approximately $1,094,330,000. Capital World Investors raised its stake in shares of Target by 22.9% during the 4th quarter. Capital World Investors now owns 8,941,995 shares of the retailer’s stock worth $2,069,535,000 after purchasing an additional 1,666,948 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Target by 73.9% during the 1st quarter. Nordea Investment Management AB now owns 1,902,355 shares of the retailer’s stock worth $414,599,000 after purchasing an additional 808,485 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Target during the 4th quarter worth approximately $162,042,000. Finally, Alliancebernstein L.P. raised its stake in shares of Target by 40.3% during the 4th quarter. Alliancebernstein L.P. now owns 2,148,499 shares of the retailer’s stock worth $497,249,000 after purchasing an additional 617,060 shares in the last quarter. Institutional investors own 81.83% of the company’s stock.

TGT opened at $140.81 on Thursday. The firm has a market cap of $65.29 billion, a P/E ratio of 11.68, a price-to-earnings-growth ratio of 1.56 and a beta of 0.96. Target Co. has a 52-week low of $138.58 and a 52-week high of $268.98. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.14 and a current ratio of 0.87. The business’s fifty day moving average is $190.88 and its 200-day moving average is $209.86.

Target (NYSE:TGTGet Rating) last released its quarterly earnings data on Wednesday, May 18th. The retailer reported $2.19 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.88). The business had revenue of $24.83 billion during the quarter, compared to analyst estimates of $24.48 billion. Target had a net margin of 5.48% and a return on equity of 44.75%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business earned $3.69 earnings per share. On average, research analysts predict that Target Co. will post 8.7 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 10th. Investors of record on Wednesday, August 17th will be paid a $1.08 dividend. The ex-dividend date of this dividend is Tuesday, August 16th. This is a positive change from Target’s previous quarterly dividend of $0.90. This represents a $4.32 annualized dividend and a yield of 3.07%. Target’s dividend payout ratio (DPR) is 29.85%.

A number of equities research analysts recently weighed in on TGT shares. Robert W. Baird dropped their price target on Target from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 8th. Morgan Stanley dropped their price target on Target from $255.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 8th. DA Davidson dropped their price target on Target from $205.00 to $171.00 and set a “buy” rating on the stock in a research note on Wednesday, June 8th. Royal Bank of Canada dropped their price target on Target from $239.00 to $231.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 8th. Finally, Gordon Haskett dropped their price target on Target from $300.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, May 19th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $195.81.

In other Target news, insider John J. Mulligan sold 45,490 shares of the stock in a transaction dated Friday, June 17th. The stock was sold at an average price of $139.98, for a total value of $6,367,690.20. Following the completion of the transaction, the insider now directly owns 157,333 shares in the company, valued at $22,023,473.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Don H. Liu sold 18,674 shares of the stock in a transaction dated Thursday, April 7th. The shares were sold at an average price of $219.00, for a total value of $4,089,606.00. Following the completion of the transaction, the insider now owns 60,259 shares of the company’s stock, valued at $13,196,721. The disclosure for this sale can be found here. Insiders sold 79,694 shares of company stock worth $14,055,746 over the last ninety days. 0.29% of the stock is currently owned by insiders.

About Target (Get Rating)

Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food, and other merchandise; and beauty and household essentials.

Further Reading

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Institutional Ownership by Quarter for Target (NYSE:TGT)

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