State of Michigan Retirement System Acquires 11,633 Shares of Target Co. (NYSE:TGT)
State of Michigan Retirement System increased its holdings in shares of Target Co. (NYSE:TGT) by 10.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 127,743 shares of the retailer’s stock after acquiring an additional 11,633 shares during the quarter. State of Michigan Retirement System’s holdings in Target were worth $15,320,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Prestige Wealth Management Group LLC increased its position in Target by 888.9% during the first quarter. Prestige Wealth Management Group LLC now owns 267 shares of the retailer’s stock worth $25,000 after acquiring an additional 240 shares during the period. IMA Wealth Inc. acquired a new stake in Target during the first quarter worth about $28,000. Stonebridge Financial Planning Group LLC grew its stake in Target by 250.0% during the second quarter. Stonebridge Financial Planning Group LLC now owns 350 shares of the retailer’s stock worth $42,000 after buying an additional 250 shares in the last quarter. Baystate Wealth Management LLC grew its stake in Target by 211.4% during the second quarter. Baystate Wealth Management LLC now owns 411 shares of the retailer’s stock worth $49,000 after buying an additional 279 shares in the last quarter. Finally, TFG Advisers LLC acquired a new stake in Target during the fourth quarter worth about $56,000. 80.99% of the stock is currently owned by institutional investors and hedge funds.
TGT has been the topic of a number of analyst reports. Stifel Nicolaus increased their price objective on shares of Target from $120.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, May 21st. Morgan Stanley increased their price objective on shares of Target from $105.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Friday, May 22nd. Cleveland Research upgraded shares of Target from a “neutral” rating to a “buy” rating in a research note on Friday, June 19th. Credit Suisse Group reiterated a “buy” rating and set a $132.00 price objective on shares of Target in a research note on Thursday, June 18th. Finally, Nomura Instinet raised their price target on shares of Target from $121.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $128.08.
Target (NYSE:TGT) last released its quarterly earnings results on Wednesday, May 20th. The retailer reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.19. Target had a net margin of 3.46% and a return on equity of 24.17%. The firm had revenue of $19.37 billion during the quarter, compared to analyst estimates of $19.04 billion. During the same quarter last year, the business earned $1.53 EPS. The company’s revenue was up 11.3% compared to the same quarter last year. As a group, analysts forecast that Target Co. will post 4.96 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $0.68 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $2.72 annualized dividend and a dividend yield of 2.16%. This is a positive change from Target’s previous quarterly dividend of $0.66. Target’s payout ratio is currently 41.31%.
In other news, insider Don H. Liu sold 4,000 shares of Target stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $120.00, for a total value of $480,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Brian C. Cornell sold 110,000 shares of Target stock in a transaction on Monday, May 11th. The shares were sold at an average price of $120.00, for a total transaction of $13,200,000.00. Following the completion of the sale, the insider now owns 208,502 shares of the company’s stock, valued at approximately $25,020,240. The disclosure for this sale can be found here. Insiders sold a total of 139,524 shares of company stock valued at $16,783,219 in the last quarter. 0.52% of the stock is currently owned by company 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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