Meritage Portfolio Management trimmed its holdings in shares of Target Co. (NYSE:TGT) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,254 shares of the retailer’s stock after selling 614 shares during the quarter. Meritage Portfolio Management’s holdings in Target were worth $3,374,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Bath Savings Trust Co acquired a new position in shares of Target during the 3rd quarter worth approximately $229,000. Highstreet Asset Management Inc. raised its stake in shares of Target by 2.6% during the 2nd quarter. Highstreet Asset Management Inc. now owns 38,835 shares of the retailer’s stock worth $2,956,000 after buying an additional 980 shares during the period. Uncommon Cents Investing LLC raised its stake in shares of Target by 2.2% during the 2nd quarter. Uncommon Cents Investing LLC now owns 31,623 shares of the retailer’s stock worth $2,407,000 after buying an additional 685 shares during the period. D L Carlson Investment Group Inc. raised its stake in shares of Target by 21.2% during the 2nd quarter. D L Carlson Investment Group Inc. now owns 61,919 shares of the retailer’s stock worth $4,713,000 after buying an additional 10,835 shares during the period. Finally, Capital Investment Advisors LLC raised its stake in shares of Target by 7.4% during the 3rd quarter. Capital Investment Advisors LLC now owns 58,289 shares of the retailer’s stock worth $5,142,000 after buying an additional 4,011 shares during the period. 83.90% of the stock is owned by institutional investors and hedge funds.
Several research firms recently commented on TGT. Bank of America set a $90.00 price objective on Target and gave the company a “buy” rating in a research note on Wednesday, August 22nd. Citigroup increased their price objective on Target from $76.00 to $92.00 and gave the company a “neutral” rating in a research note on Monday, August 27th. Credit Suisse Group set a $86.00 price objective on Target and gave the company a “hold” rating in a research note on Saturday, August 25th. Deutsche Bank set a $90.00 price objective on Target and gave the company a “hold” rating in a research note on Saturday, August 25th. Finally, BMO Capital Markets began coverage on Target in a research note on Monday, September 17th. They issued a “market perform” rating and a $88.00 price objective for the company. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $87.68.
Target (NYSE:TGT) last issued its earnings results on Wednesday, August 22nd. The retailer reported $1.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.07. The company had revenue of $17.78 billion during the quarter, compared to analysts’ expectations of $17.33 billion. Target had a return on equity of 24.29% and a net margin of 4.19%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.23 EPS. As a group, equities analysts expect that Target Co. will post 5.38 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Wednesday, November 21st will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Tuesday, November 20th. Target’s payout ratio is currently 54.35%.
In other news, insider Janna A. Potts sold 15,172 shares of the stock in a transaction on Monday, September 24th. The stock was sold at an average price of $88.00, for a total transaction of $1,335,136.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephanie A. Lundquist sold 2,100 shares of the stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $86.00, for a total value of $180,600.00. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials, including beauty products, personal and baby care products, cleaning products, paper products, and pet supplies; food and beverage products, such as dry grocery, dairy, frozen food, beverage, candy, snacks, deli, bakery, meat, and produce products; and apparel for women, men, boys, girls, toddlers, infants, and newborns, as well as intimate apparel, jewelry, accessories, and shoes.
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