Target Co. (NYSE:TGT) Plans Quarterly Dividend of $1.08

Target Co. (NYSE:TGTGet Rating) declared a quarterly dividend on Thursday, September 22nd, RTT News reports. Investors of record on Wednesday, November 16th will be given a dividend of 1.08 per share by the retailer on Saturday, December 10th. This represents a $4.32 dividend on an annualized basis and a yield of 2.82%.

Target has increased its dividend payment by an average of 7.8% per year over the last three years and has raised its dividend annually for the last 50 consecutive years. Target has a dividend payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Target to earn $12.06 per share next year, which means the company should continue to be able to cover its $4.32 annual dividend with an expected future payout ratio of 35.8%.

Target Stock Performance

TGT opened at $152.96 on Friday. The firm has a market capitalization of $70.40 billion, a PE ratio of 17.38, a PEG ratio of 1.99 and a beta of 1.02. Target has a twelve month low of $137.16 and a twelve month high of $268.98. The firm’s 50-day moving average price is $163.84 and its 200 day moving average price is $182.03. The company has a current ratio of 0.82, a quick ratio of 0.14 and a debt-to-equity ratio of 1.27.

Target (NYSE:TGTGet Rating) last issued its earnings results on Wednesday, August 17th. The retailer reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.32). The firm had revenue of $26.04 billion for the quarter, compared to analysts’ expectations of $26.07 billion. Target had a return on equity of 35.15% and a net margin of 3.92%. Target’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $3.64 earnings per share. As a group, sell-side analysts expect that Target will post 8.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TGT. Barclays reduced their price target on shares of Target from $200.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 8th. Guggenheim boosted their price target on shares of Target to $190.00 in a research note on Monday, August 22nd. Telsey Advisory Group cut their target price on shares of Target from $200.00 to $185.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 8th. TheStreet cut shares of Target from a “b-” rating to a “c+” rating in a report on Friday, June 24th. Finally, Royal Bank of Canada lowered their price target on shares of Target from $231.00 to $223.00 and set an “outperform” rating for the company in a report on Thursday, August 18th. Nine investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Target has a consensus rating of “Moderate Buy” and an average target price of $193.67.

Insider Activity

In other news, CAO Matthew A. Liegel sold 1,226 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $173.80, for a total value of $213,078.80. Following the completion of the transaction, the chief accounting officer now owns 2,812 shares in the company, valued at approximately $488,725.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider John J. Mulligan sold 39,101 shares of the stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $166.02, for a total value of $6,491,548.02. Following the sale, the insider now directly owns 118,425 shares of the company’s stock, valued at approximately $19,660,918.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Matthew A. Liegel sold 1,226 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $173.80, for a total transaction of $213,078.80. Following the completion of the sale, the chief accounting officer now directly owns 2,812 shares in the company, valued at $488,725.60. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Target

A number of large investors have recently added to or reduced their stakes in TGT. Plancorp LLC boosted its stake in shares of Target by 2.1% during the 1st quarter. Plancorp LLC now owns 2,520 shares of the retailer’s stock worth $535,000 after purchasing an additional 53 shares during the last quarter. MidWestOne Financial Group Inc. boosted its stake in shares of Target by 0.9% during the 1st quarter. MidWestOne Financial Group Inc. now owns 10,200 shares of the retailer’s stock worth $2,164,000 after purchasing an additional 86 shares during the last quarter. Zions Bancorporation N.A. boosted its stake in shares of Target by 3.3% during the 1st quarter. Zions Bancorporation N.A. now owns 3,045 shares of the retailer’s stock worth $646,000 after purchasing an additional 96 shares during the last quarter. Renaissance Group LLC boosted its stake in shares of Target by 2.7% during the 1st quarter. Renaissance Group LLC now owns 3,783 shares of the retailer’s stock worth $803,000 after purchasing an additional 99 shares during the last quarter. Finally, Laffer Tengler Investments boosted its stake in shares of Target by 1.6% during the 1st quarter. Laffer Tengler Investments now owns 9,443 shares of the retailer’s stock worth $2,004,000 after purchasing an additional 148 shares during the last quarter. 77.42% of the stock is owned by institutional investors and hedge funds.

Target Company Profile

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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.

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Dividend History for Target (NYSE:TGT)

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