Cambridge Investment Research Advisors Inc. raised its holdings in Target Co. (NYSE:TGT) by 4.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 122,371 shares of the retailer’s stock after purchasing an additional 5,762 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Target were worth $29,582,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Target by 4.4% during the first quarter. BlackRock Inc. now owns 38,768,116 shares of the retailer’s stock worth $7,678,800,000 after purchasing an additional 1,633,495 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Target by 5.8% during the first quarter. Ameriprise Financial Inc. now owns 9,289,773 shares of the retailer’s stock worth $1,840,046,000 after buying an additional 509,194 shares during the period. Geode Capital Management LLC boosted its position in shares of Target by 3.8% during the first quarter. Geode Capital Management LLC now owns 7,852,914 shares of the retailer’s stock worth $1,551,203,000 after buying an additional 289,556 shares during the period. Jennison Associates LLC boosted its position in shares of Target by 1,562.3% during the first quarter. Jennison Associates LLC now owns 4,514,325 shares of the retailer’s stock worth $894,152,000 after buying an additional 4,242,754 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Target by 1.2% during the first quarter. Bank of New York Mellon Corp now owns 4,244,381 shares of the retailer’s stock worth $840,685,000 after buying an additional 48,901 shares during the period. Institutional investors own 76.73% of the company’s stock.
TGT has been the topic of several analyst reports. Raymond James upped their target price on Target from $252.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 19th. MKM Partners upped their price objective on Target from $170.00 to $216.00 and gave the company a “neutral” rating in a research note on Tuesday, May 25th. Morgan Stanley upped their price objective on Target from $250.00 to $260.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 25th. Argus upped their target price on Target from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Wednesday, June 23rd. Finally, Zacks Investment Research downgraded Target from a “buy” rating to a “hold” rating and set a $269.00 target price on the stock. in a research report on Friday, July 23rd. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Target currently has a consensus rating of “Buy” and a consensus target price of $252.30.
Target (NYSE:TGT) last issued its earnings results on Tuesday, August 17th. The retailer reported $3.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.49 by $0.15. The company had revenue of $24.83 billion during the quarter, compared to the consensus estimate of $25.03 billion. Target had a return on equity of 44.68% and a net margin of 6.29%. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period last year, the business posted $3.38 EPS. Analysts expect that Target Co. will post 12.86 EPS for the current fiscal year.
Target declared that its board has approved a share repurchase plan on Wednesday, August 18th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the retailer to repurchase up to 12.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Target news, insider John J. Mulligan sold 80,782 shares of the business’s stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $247.20, for a total transaction of $19,969,310.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian C. Cornell sold 25,000 shares of the business’s stock in a transaction on Thursday, September 2nd. The shares were sold at an average price of $245.98, for a total transaction of $6,149,500.00. Following the sale, the insider now directly owns 195,271 shares in the company, valued at approximately $48,032,760.58. The disclosure for this sale can be found here. Insiders have sold a total of 136,744 shares of company stock valued at $34,106,184 in the last quarter. Company insiders own 0.29% of the company’s stock.
Target Corp. engages in the operation and ownership of general merchandise stores. It offers food assortments including perishables, dry grocery, dairy, and frozen items. The company was founded by George Draper Dayton in 1902 and is headquartered in Minneapolis, MN.
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