Northwest Bancshares Inc. Reduces Holdings in Target Co. (NYSE:TGT)

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Northwest Bancshares Inc. lowered its position in shares of Target Co. (NYSE:TGT) by 2.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,921 shares of the retailer’s stock after selling 200 shares during the period. Northwest Bancshares Inc.’s holdings in Target were worth $1,061,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of TGT. Nuveen Asset Management LLC raised its stake in shares of Target by 889.1% during the second quarter. Nuveen Asset Management LLC now owns 4,284,065 shares of the retailer’s stock valued at $371,043,000 after purchasing an additional 3,850,951 shares during the period. Renaissance Technologies LLC grew its position in shares of Target by 613.5% during the second quarter. Renaissance Technologies LLC now owns 3,129,200 shares of the retailer’s stock worth $271,020,000 after buying an additional 2,690,600 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Target by 59.7% during the first quarter. Nordea Investment Management AB now owns 2,893,715 shares of the retailer’s stock worth $232,253,000 after buying an additional 1,081,856 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Target by 55.4% during the second quarter. AQR Capital Management LLC now owns 2,362,331 shares of the retailer’s stock worth $204,601,000 after buying an additional 842,348 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Target by 310.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 877,818 shares of the retailer’s stock worth $75,594,000 after buying an additional 663,782 shares in the last quarter. Institutional investors own 81.80% of the company’s stock.

In other news, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cathy R. Smith sold 8,412 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $104.40, for a total transaction of $878,212.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,478 shares of company stock valued at $8,695,363. Corporate insiders own 0.24% of the company’s stock.

A number of analysts have recently weighed in on TGT shares. Citigroup raised shares of Target from a “neutral” rating to a “buy” rating and raised their price target for the stock from $80.00 to $130.00 in a research report on Thursday, August 22nd. Cowen raised their price target on shares of Target from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. set a $115.00 price objective on shares of Target and gave the stock a “buy” rating in a report on Wednesday, August 21st. Goldman Sachs Group assumed coverage on shares of Target in a report on Thursday, July 11th. They issued a “buy” rating and a $102.00 price objective for the company. Finally, Barclays set a $115.00 price objective on shares of Target and gave the stock a “buy” rating in a report on Wednesday, August 21st. Six research 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 company. The stock has an average rating of “Buy” and a consensus target price of $105.21.

Target stock traded up $1.76 during mid-day trading on Wednesday, reaching $110.28. The company’s stock had a trading volume of 410,245 shares, compared to its average volume of 5,236,419. Target Co. has a twelve month low of $60.15 and a twelve month high of $110.94. The firm has a market cap of $55.74 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 2.51 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 business has a 50 day moving average price of $106.28 and a 200-day moving average price of $88.43.

Target (NYSE:TGT) last announced its quarterly earnings results on Wednesday, August 21st. The retailer reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.21. Target had a net margin of 4.10% and a return on equity of 27.43%. The company had revenue of $18.42 billion during the quarter, compared to the consensus estimate of $18.32 billion. During the same quarter in the previous year, the company posted $1.47 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities analysts expect that Target Co. will post 6.15 EPS for the current fiscal year.

Target declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 19th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the retailer to buy up to 9.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

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 dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Tuesday, November 19th. Target’s dividend payout ratio (DPR) is 48.98%.

About Target

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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Institutional Ownership by Quarter for Target (NYSE:TGT)

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