Empirical Asset Management LLC Takes Position in Target Corporation $TGT

Empirical Asset Management LLC purchased a new position in Target Corporation (NYSE:TGT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,597 shares of the retailer’s stock, valued at approximately $600,000.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in Target by 101.3% in the 4th quarter. Brighton Jones LLC now owns 6,080 shares of the retailer’s stock worth $822,000 after purchasing an additional 3,059 shares during the period. Woodline Partners LP raised its stake in Target by 39.9% during the 1st quarter. Woodline Partners LP now owns 38,712 shares of the retailer’s stock valued at $4,040,000 after buying an additional 11,047 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Target by 22.8% during the 2nd quarter. NewEdge Advisors LLC now owns 69,660 shares of the retailer’s stock valued at $6,872,000 after buying an additional 12,948 shares during the period. Sei Investments Co. boosted its stake in shares of Target by 8.0% in the 2nd quarter. Sei Investments Co. now owns 190,860 shares of the retailer’s stock worth $18,832,000 after buying an additional 14,195 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in shares of Target by 11.0% in the 2nd quarter. Treasurer of the State of North Carolina now owns 272,787 shares of the retailer’s stock worth $26,910,000 after buying an additional 27,063 shares during the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.

Target Trading Up 1.1%

NYSE:TGT opened at $152.63 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.93 and a quick ratio of 0.30. The firm has a market capitalization of $69.32 billion, a price-to-earnings ratio of 20.16, a price-to-earnings-growth ratio of 2.51 and a beta of 0.96. Target Corporation has a one year low of $83.44 and a one year high of $156.47. The business has a fifty day moving average price of $139.08 and a 200-day moving average price of $126.98.

Target (NYSE:TGT) last released its earnings results on Wednesday, May 20th. The retailer reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.24. Target had a return on equity of 22.92% and a net margin of 3.24%.The company had revenue of $25.44 billion for the quarter, compared to the consensus estimate of $24.66 billion. During the same period in the previous year, the business earned $1.30 earnings per share. Target’s quarterly revenue was up 6.7% compared to the same quarter last year. Sell-side analysts forecast that Target Corporation will post 8.43 EPS for the current year.

Target Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 12th will be given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, August 12th. This is an increase from Target’s previous quarterly dividend of $1.14. Target’s payout ratio is presently 61.29%.

Key Target News

Here are the key news stories impacting Target this week:

• Positive Sentiment: DA Davidson raised its price target on Target from $155 to $170 and reiterated a “buy” rating, implying additional upside from recent trading levels. Target price target raised by DA Davidson
• Positive Sentiment: Analysts are highlighting Target’s dividend appeal, which may support demand from income-oriented investors while the stock trades at a valuation below some retail peers. Why Target is a great dividend stock right now
• Neutral Sentiment: Target is scheduled to report second-quarter earnings before the market opens on Wednesday, August 19, followed by a 7:00 a.m. conference call. The event is the immediate catalyst for the stock and could produce significant volatility. Target second-quarter earnings conference call
• Neutral Sentiment: Pre-earnings coverage points to rising estimates, improving merchandising and the possibility of another earnings beat. Investors will focus on sales trends, margins, costs and management’s outlook, particularly because tough year-over-year comparisons could limit gains. Target pre-second-quarter earnings preview
• Negative Sentiment: A review of Target’s five-year performance underscores longer-term concerns: the stock has substantially lagged other major U.S. retailers, raising questions about its competitive position and sustainable growth prospects. Target’s stock down 40 percent in five years

Analysts Set New Price Targets

Several brokerages recently commented on TGT. Royal Bank Of Canada lifted their price objective on Target from $153.00 to $166.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Wall Street Zen raised Target from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $140.00 price target on shares of Target in a research note on Friday. Wolfe Research set a $169.00 price target on shares of Target in a research report on Monday, August 3rd. Finally, Truist Financial upped their price target on shares of Target from $130.00 to $147.00 and gave the company a “hold” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, sixteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Target presently has a consensus rating of “Hold” and an average target price of $143.85.

Insider Activity

In related news, insider Cara A. Sylvester sold 10,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $125.89, for a total value of $1,258,900.00. Following the completion of the sale, the insider directly owned 45,930 shares of the company’s stock, valued at approximately $5,782,127.70. This represents a 17.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.13% of the company’s stock.

Target Profile

Target Corporation (NYSE: TGT) is a U.S.-based general merchandise retailer headquartered in Minneapolis, Minnesota. The company operates a network of full-line and small-format stores across the United States alongside a national e-commerce platform and mobile app. Target’s retail assortment spans apparel, home goods, electronics, groceries and household essentials, plus beauty, baby and pet categories. The firm complements national brands with a portfolio of owned and exclusive labels and partnerships that help differentiate its merchandise assortment.

Target traces its roots to the Dayton Company, founded by George Dayton in 1902; the Target discount chain was launched in 1962 and the parent company later adopted the Target Corporation name.