Spectrum Financial Alliance Ltd LLC Buys 3,322 Shares of Target Co. (NYSE:TGT)
Spectrum Financial Alliance Ltd LLC increased its stake in shares of Target Co. (NYSE:TGT) by 5.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 65,599 shares of the retailer’s stock after acquiring an additional 3,322 shares during the quarter. Target comprises about 3.6% of Spectrum Financial Alliance Ltd LLC’s portfolio, making the stock its 11th largest holding. Spectrum Financial Alliance Ltd LLC’s holdings in Target were worth $5,672,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of TGT. Krane Funds Advisors LLC bought a new position in shares of Target during the second quarter worth $25,000. Advisory Alpha LLC bought a new position in shares of Target during the first quarter worth $30,000. Icon Wealth Partners LLC purchased a new stake in Target during the first quarter valued at $31,000. Larson Financial Group LLC purchased a new stake in Target during the second quarter valued at $31,000. Finally, SRS Capital Advisors Inc. purchased a new stake in Target during the second quarter valued at $37,000. Hedge funds and other institutional investors own 81.82% of the company’s stock.
In other news, insider Cathy R. Smith sold 8,412 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $104.40, for a total value of $878,212.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Edward Mcnamara sold 20,386 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $108.25, for a total value of $2,206,784.50. Following the completion of the sale, the insider now owns 64,517 shares of the company’s stock, valued at $6,983,965.25. The disclosure for this sale can be found here. Insiders sold a total of 93,369 shares of company stock valued at $9,751,164 over the last quarter. Company insiders own 0.24% of the company’s stock.
Target (NYSE:TGT) last issued its quarterly earnings results on Wednesday, August 21st. The retailer reported $1.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.21. Target had a return on equity of 27.43% and a net margin of 4.10%. The business had revenue of $18.42 billion during the quarter, compared to the consensus estimate of $18.32 billion. During the same period in the previous year, the business earned $1.47 EPS. The business’s quarterly revenue was up 3.6% on a year-over-year basis. On average, research analysts expect that Target Co. will post 6.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a $0.66 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.46%. Target’s dividend payout ratio (DPR) is 48.98%.
A number of equities research analysts recently issued reports on the stock. Wells Fargo & Co raised shares of Target from a “market perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a research note on Wednesday, August 21st. JPMorgan Chase & Co. set a $115.00 price objective on Target and gave the stock a “buy” rating in a report on Wednesday, August 21st. Cowen set a $120.00 price objective on Target and gave the stock a “buy” rating in a report on Wednesday, August 21st. Credit Suisse Group set a $90.00 price objective on Target and gave the stock a “buy” rating in a report on Thursday, May 23rd. Finally, Deutsche Bank upgraded Target from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $99.00 in a report on Monday, August 5th. Five analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $102.37.
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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