Field & Main Bank reduced its position in shares of Target Co. (NYSE:TGT) by 2.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,843 shares of the retailer’s stock after selling 210 shares during the period. Target comprises approximately 1.3% of Field & Main Bank’s holdings, making the stock its 18th largest holding. Field & Main Bank’s holdings in Target were worth $2,023,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. raised its position in shares of Target by 4.5% during the 2nd quarter. BlackRock Inc. now owns 40,515,802 shares of the retailer’s stock valued at $9,794,290,000 after acquiring an additional 1,747,686 shares in the last quarter. GQG Partners LLC increased its position in Target by 48.1% in the second 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. Jennison Associates LLC increased its position in Target by 3.8% in the second quarter. Jennison Associates LLC now owns 4,687,215 shares of the retailer’s stock worth $1,133,087,000 after buying an additional 172,890 shares during the period. Bank of New York Mellon Corp increased its position in Target by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 4,311,362 shares of the retailer’s stock worth $1,042,229,000 after buying an additional 66,981 shares during the period. Finally, Legal & General Group Plc increased its position in Target by 5.5% in the second quarter. Legal & General Group Plc now owns 3,982,448 shares of the retailer’s stock worth $962,716,000 after buying an additional 206,130 shares during the period. 78.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE TGT traded down $0.42 during midday trading on Thursday, reaching $248.76. The company’s stock had a trading volume of 3,051,972 shares, compared to its average volume of 3,363,392. 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 company has a 50 day moving average price of $247.07 and a 200 day moving average price of $243.89. Target Co. has a one year low of $166.82 and a one year high of $268.98. The company has a market cap of $121.40 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 1.42 and a beta of 1.03.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Stockholders of record on Wednesday, November 17th will be issued a dividend of $0.90 per share. 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 dividend payout ratio is currently 28.66%.
Target announced that its board has approved a stock buyback program on Wednesday, August 18th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the retailer to purchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Several equities research analysts have weighed in on TGT shares. Raymond James increased their target price on Target from $285.00 to $290.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 18th. DA Davidson reissued a “buy” rating on shares of Target in a report on Thursday, August 19th. Citigroup lifted their price objective on shares of Target from $258.00 to $287.00 and gave the company a “buy” rating in a research note on Thursday, August 19th. Zacks Investment Research lowered shares of Target from a “buy” rating to a “hold” rating and set a $276.00 target price for the company. in a research report on Tuesday, October 26th. Finally, Telsey Advisory Group boosted their price target on shares of Target from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Friday, August 13th. Five investment 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $259.41.
In related news, insider Brian C. Cornell sold 25,000 shares of the business’s 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 transaction, the insider now directly owns 195,271 shares of the company’s stock, valued at $48,032,760.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christina Hennington sold 4,173 shares of the business’s stock in a transaction that occurred on Friday, November 19th. The shares were sold at an average price of $250.95, for a total transaction of $1,047,214.35. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.
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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