Verity & Verity LLC raised its stake in shares of Target Co. (NYSE:TGT) by 0.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,862 shares of the retailer’s stock after purchasing an additional 109 shares during the period. Target accounts for approximately 1.7% of Verity & Verity LLC’s holdings, making the stock its 22nd biggest position. Verity & Verity LLC’s holdings in Target were worth $7,820,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Target by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 40,186,903 shares of the retailer’s stock valued at $3,480,588,000 after purchasing an additional 522,633 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Target by 0.3% during the 2nd quarter. Northern Trust Corp now owns 6,944,281 shares of the retailer’s stock valued at $601,443,000 after purchasing an additional 19,238 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Target by 1.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,359,866 shares of the retailer’s stock valued at $377,608,000 after purchasing an additional 54,263 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Target by 889.1% during the 2nd 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 last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Target by 21.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,555,720 shares of the retailer’s stock valued at $307,961,000 after purchasing an additional 630,907 shares during the last quarter. 81.80% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:TGT traded up $1.26 during trading on Friday, reaching $111.83. The company’s stock had a trading volume of 4,525,525 shares, compared to its average volume of 4,113,514. The company has a current ratio of 0.84, a quick ratio of 0.21 and a debt-to-equity ratio of 1.05. Target Co. has a 12 month low of $60.15 and a 12 month high of $111.25. The firm’s 50 day simple moving average is $107.22 and its two-hundred day simple moving average is $88.75. The stock has a market capitalization of $55.45 billion, a PE ratio of 20.75, a price-to-earnings-growth ratio of 2.49 and a beta of 0.54.
Target declared that its board has initiated a share buyback plan on Thursday, September 19th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the retailer to purchase up to 9.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, November 19th. Target’s dividend payout ratio (DPR) is currently 48.98%.
In other news, insider Cathy R. Smith sold 8,412 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $104.40, for a total transaction of $878,212.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Edward Mcnamara sold 20,386 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $108.25, for a total transaction of $2,206,784.50. Following the transaction, the insider now directly owns 64,517 shares in the company, valued at $6,983,965.25. 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.
Several research analysts have commented on TGT shares. KeyCorp increased their price objective on shares of Target from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Buckingham Research reissued a “buy” rating and set a $117.00 price objective (up previously from $102.00) on shares of Target in a report on Thursday, August 22nd. Guggenheim reissued a “hold” rating on shares of Target in a report on Wednesday, August 21st. ValuEngine downgraded shares of Target from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Credit Suisse Group set a $112.00 price target on shares of Target and gave the company a “buy” rating in a report on Monday, September 23rd. Six equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $105.21.
Target Company Profile
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.
Further Reading: What is intrinsic value?
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