Spearhead Capital Advisors LLC Trims Stock Position in Target Co. (NYSE:TGT)
Spearhead Capital Advisors LLC lessened its stake in shares of Target Co. (NYSE:TGT) by 16.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,389 shares of the retailer’s stock after selling 8,849 shares during the quarter. Target comprises about 1.3% of Spearhead Capital Advisors LLC’s holdings, making the stock its 26th biggest holding. Spearhead Capital Advisors LLC’s holdings in Target were worth $4,746,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the company. Arbor Investment Advisors LLC purchased a new stake in shares of Target during the 3rd quarter worth approximately $214,000. Newman Dignan & Sheerar Inc. purchased a new stake in shares of Target during the 3rd quarter worth approximately $205,000. Main Street Research LLC purchased a new stake in shares of Target during the 3rd quarter worth approximately $16,046,000. Independence Bank of Kentucky lifted its position in shares of Target by 13.9% during the 3rd quarter. Independence Bank of Kentucky now owns 2,272 shares of the retailer’s stock worth $243,000 after buying an additional 277 shares during the last quarter. Finally, Calamos Advisors LLC lifted its position in shares of Target by 70.4% during the 3rd quarter. Calamos Advisors LLC now owns 231,638 shares of the retailer’s stock worth $24,764,000 after buying an additional 95,668 shares during the last quarter. Institutional investors and hedge funds own 81.89% of the company’s stock.
TGT stock traded up $0.87 on Monday, hitting $113.68. The company’s stock had a trading volume of 2,904,429 shares, compared to its average volume of 5,164,666. The firm has a 50 day moving average of $108.48 and a two-hundred day moving average of $90.06. Target Co. has a 1 year low of $60.15 and a 1 year high of $113.81. The stock has a market cap of $57.85 billion, a price-to-earnings ratio of 21.09, a price-to-earnings-growth ratio of 2.60 and a beta of 0.54. The company has a current ratio of 0.84, a quick ratio of 0.21 and a debt-to-equity ratio of 1.05.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be paid a $0.66 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $2.64 annualized dividend and a yield of 2.32%. Target’s dividend payout ratio is currently 48.98%.
Target declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 19th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the retailer to repurchase up to 9.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Several analysts have recently weighed in on the stock. Raymond James assumed coverage on shares of Target in a research report on Monday, October 7th. They set a “strong-buy” rating and a $130.00 price objective for the company. Goldman Sachs Group assumed coverage on shares of Target in a research report on Thursday, July 11th. They set a “buy” rating and a $102.00 price objective for the company. Barclays set a $115.00 price objective on shares of Target and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Robert W. Baird set a $115.00 price target on shares of Target and gave the company a “buy” rating in a research report on Wednesday, August 21st. Finally, Buckingham Research upped their price target on shares of Target from $117.00 to $131.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Six investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $105.87.
In other Target news, CAO Robert M. Harrison sold 13,540 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $104.66, for a total value of $1,417,096.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Don H. Liu sold 4,140 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $99.92, for a total transaction of $413,668.80. The disclosure for this sale can be found here. Insiders sold a total of 83,478 shares of company stock worth $8,915,363 over the last three months. 0.24% of the stock is currently owned by corporate insiders.
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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