Stock Yards Bank & Trust Co. Has $2.65 Million Stock Position in Target Co. (NYSE:TGT)

Stock Yards Bank & Trust Co. lowered its stake in Target Co. (NYSE:TGT) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,581 shares of the retailer’s stock after selling 175 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Target were worth $2,649,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of TGT. GQG Partners LLC raised its stake in Target by 48.1% during the 2nd quarter. GQG Partners LLC now owns 5,919,055 shares of the retailer’s stock worth $1,430,396,000 after buying an additional 1,923,419 shares during the period. BlackRock Inc. raised its stake in Target by 4.5% during the 2nd quarter. BlackRock Inc. now owns 40,515,802 shares of the retailer’s stock worth $9,794,290,000 after buying an additional 1,747,686 shares during the period. Amundi acquired a new stake in Target during the 2nd quarter worth $278,695,000. Melvin Capital Management LP acquired a new stake in Target during the 2nd quarter worth $175,262,000. Finally, Prentice Wealth Management LLC acquired a new stake in Target during the 1st quarter worth $556,000. 78.36% of the stock is currently owned by institutional investors and hedge funds.

TGT has been the topic of several research analyst reports. The Goldman Sachs Group raised their price objective on Target from $281.00 to $308.00 and gave the stock a “buy” rating in a research note on Tuesday, October 19th. Credit Suisse Group assumed coverage on Target in a research note on Friday, November 19th. They issued an “outperform” rating and a $286.00 price target on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on Target from $306.00 to $317.00 and gave the company a “buy” rating in a research note on Wednesday, November 10th. Bank of America raised their price objective on Target from $317.00 to $329.00 and gave the company a “buy” rating in a report on Thursday, November 18th. Finally, Morgan Stanley raised their price objective on Target from $250.00 to $260.00 and gave the company an “equal weight” rating in a report on Wednesday, August 25th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $259.41.

In other news, insider Christina Hennington sold 4,173 shares of Target stock in a transaction that occurred on Friday, November 19th. The shares were sold at an average price of $250.95, for a total value of $1,047,214.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brian C. Cornell sold 25,000 shares of Target stock in a transaction that occurred 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 completion of the sale, the insider now owns 195,271 shares of the company’s stock, valued at $48,032,760.58. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

TGT stock traded down $0.42 during mid-day trading on Thursday, hitting $248.76. 3,051,972 shares of the company were exchanged, compared to its average volume of 3,363,392. The business has a 50 day simple moving average of $247.07 and a 200-day simple moving average of $243.89. The company has a current ratio of 1.04, a quick ratio of 0.46 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $121.40 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 1.42 and a beta of 1.03. Target Co. has a 1-year low of $166.82 and a 1-year high of $268.98.

Target (NYSE:TGT) last issued its quarterly earnings data on Wednesday, November 17th. The retailer reported $3.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.83 by $0.20. The firm had revenue of $25.29 billion during the quarter, compared to the consensus estimate of $24.60 billion. Target had a net margin of 6.29% and a return on equity of 44.68%. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period last year, the business posted $2.79 earnings per share. Equities research analysts expect that Target Co. will post 12.97 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Stockholders of record on Wednesday, November 17th will be given a $0.90 dividend. The ex-dividend date is Tuesday, November 16th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.45%. Target’s payout ratio is 28.66%.

Target announced that its board has authorized a share repurchase program on Wednesday, August 18th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the retailer to buy up to 12.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Target Company Profile

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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Institutional Ownership by Quarter for Target (NYSE:TGT)

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