Target Co. (NYSE:TGT) Stake Lessened by Palouse Capital Management Inc.
Palouse Capital Management Inc. lowered its stake in shares of Target Co. (NYSE:TGT) by 3.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,304 shares of the retailer’s stock after selling 2,490 shares during the quarter. Target comprises approximately 2.4% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 9th largest holding. Palouse Capital Management Inc.’s holdings in Target were worth $6,204,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Lord Abbett & CO. LLC raised its holdings in shares of Target by 40.9% in the fourth quarter. Lord Abbett & CO. LLC now owns 897,700 shares of the retailer’s stock worth $59,329,000 after acquiring an additional 260,700 shares during the last quarter. Actinver Wealth Management Inc. acquired a new position in shares of Target in the fourth quarter worth $835,000. Swedbank raised its holdings in shares of Target by 4.5% in the fourth quarter. Swedbank now owns 2,349,986 shares of the retailer’s stock worth $152,655,000 after acquiring an additional 101,671 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Target by 0.6% in the fourth quarter. CIBC Asset Management Inc now owns 52,674 shares of the retailer’s stock worth $3,481,000 after acquiring an additional 335 shares during the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA raised its holdings in shares of Target by 62.2% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 365 shares of the retailer’s stock worth $29,000 after acquiring an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.
TGT has been the subject of several analyst reports. Telsey Advisory Group reiterated an “outperform” rating and issued a $92.00 target price (up from $88.00) on shares of Target in a research note on Thursday, April 18th. Sanford C. Bernstein reiterated a “mkt perform” rating on shares of Target in a research note on Friday, May 3rd. BMO Capital Markets upped their target price on Target from $70.00 to $78.00 and gave the company a “market perform” rating in a research note on Wednesday, March 6th. Zacks Investment Research upgraded Target from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research note on Friday, March 8th. Finally, Evercore ISI assumed coverage on Target in a research note on Wednesday, March 20th. They set an “in-line” rating and a $80.00 price target for the company. Twelve equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Target has a consensus rating of “Buy” and a consensus price target of $89.33.
Shares of NYSE TGT traded up $0.18 on Wednesday, hitting $88.03. The company had a trading volume of 134,516 shares, compared to its average volume of 5,282,136. Target Co. has a 12-month low of $60.15 and a 12-month high of $90.39. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.88 and a quick ratio of 0.19. The company has a market capitalization of $45.01 billion, a price-to-earnings ratio of 16.33, a PEG ratio of 2.07 and a beta of 0.57.
Target (NYSE:TGT) last issued its earnings results on Wednesday, May 22nd. The retailer reported $1.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.10. Target had a return on equity of 26.48% and a net margin of 3.96%. The company had revenue of $17.63 billion during the quarter, compared to the consensus estimate of $17.49 billion. During the same quarter in the prior year, the business earned $1.32 earnings per share. The company’s revenue was up 5.0% compared to the same quarter last year. Research analysts expect that Target Co. will post 5.92 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Wednesday, May 15th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Tuesday, May 14th. Target’s payout ratio is 47.50%.
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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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