BlackRock Inc. grew its holdings in Target Co. (NYSE:TGT) by 4.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,515,802 shares of the retailer’s stock after buying an additional 1,747,686 shares during the quarter. BlackRock Inc. owned about 0.08% of Target worth $9,794,290,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Laurel Wealth Advisors LLC lifted its stake in shares of Target by 14.1% during the second quarter. Laurel Wealth Advisors LLC now owns 347 shares of the retailer’s stock worth $84,000 after purchasing an additional 43 shares in the last quarter. Glassman Wealth Services lifted its stake in shares of Target by 7.6% during the second quarter. Glassman Wealth Services now owns 609 shares of the retailer’s stock worth $147,000 after purchasing an additional 43 shares in the last quarter. TCI Wealth Advisors Inc. lifted its stake in shares of Target by 4.9% during the second quarter. TCI Wealth Advisors Inc. now owns 964 shares of the retailer’s stock worth $233,000 after purchasing an additional 45 shares in the last quarter. Secure Asset Management LLC lifted its stake in shares of Target by 2.8% during the second quarter. Secure Asset Management LLC now owns 1,753 shares of the retailer’s stock worth $424,000 after purchasing an additional 48 shares in the last quarter. Finally, Key Financial Inc lifted its stake in shares of Target by 20.6% during the second quarter. Key Financial Inc now owns 281 shares of the retailer’s stock worth $73,000 after purchasing an additional 48 shares in the last quarter. 76.73% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have commented on TGT shares. Credit Suisse Group boosted their price objective on Target from $283.00 to $286.00 and gave the stock an “outperform” rating in a research note on Thursday, August 19th. MKM Partners boosted their price target on Target from $170.00 to $216.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 25th. Telsey Advisory Group boosted their price target on Target from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Friday, August 13th. Evercore ISI reiterated a “hold” rating on shares of Target in a research note on Sunday, May 23rd. Finally, Zacks Investment Research cut Target from a “buy” rating to a “hold” rating and set a $269.00 price target on the stock. in a research note on Friday, July 23rd. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Target currently has a consensus rating of “Buy” and a consensus price target of $252.30.
Target (NYSE:TGT) last posted 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 analyst estimates of $25.03 billion. Target had a return on equity of 44.68% and a net margin of 6.29%. The business’s revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the company earned $3.38 earnings per share. On average, analysts forecast that Target Co. will post 12.86 EPS for the current year.
Target announced that its board has authorized a share repurchase program on Wednesday, August 18th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the retailer to purchase up to 12.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Don H. Liu sold 3,000 shares of the stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $261.93, for a total value of $785,790.00. Following the completion of the transaction, the insider now directly owns 62,017 shares of the company’s stock, valued at approximately $16,244,112.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Don H. Liu sold 13,985 shares of the stock in a transaction that occurred on Friday, July 16th. The stock was sold at an average price of $253.90, for a total value of $3,550,791.50. The disclosure for this sale can be found here. Insiders have sold 136,744 shares of company stock valued at $34,106,184 over the last ninety days. Corporate 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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