Viking Fund Management LLC Lowers Stock Position in Target Co. (NYSE:TGT)

Viking Fund Management LLC lessened its holdings in Target Co. (NYSE:TGT) by 23.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,000 shares of the retailer’s stock after selling 14,000 shares during the quarter. Target accounts for about 1.4% of Viking Fund Management LLC’s holdings, making the stock its 23rd biggest position. Viking Fund Management LLC’s holdings in Target were worth $7,974,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in TGT. Acadian Asset Management LLC boosted its stake in shares of Target by 145.1% during the 3rd quarter. Acadian Asset Management LLC now owns 22,564 shares of the retailer’s stock worth $2,493,000 after acquiring an additional 13,358 shares in the last quarter. Federated Hermes Inc. increased its holdings in Target by 87.8% in the 3rd quarter. Federated Hermes Inc. now owns 100,475 shares of the retailer’s stock valued at $11,110,000 after purchasing an additional 46,984 shares in the last quarter. Natixis Advisors L.P. increased its holdings in Target by 6.0% in the 3rd quarter. Natixis Advisors L.P. now owns 250,742 shares of the retailer’s stock valued at $27,725,000 after purchasing an additional 14,301 shares in the last quarter. Operose Advisors LLC increased its holdings in Target by 318.4% in the 3rd quarter. Operose Advisors LLC now owns 615 shares of the retailer’s stock valued at $68,000 after purchasing an additional 468 shares in the last quarter. Finally, Mutual Advisors LLC increased its holdings in Target by 26.0% in the 3rd quarter. Mutual Advisors LLC now owns 24,024 shares of the retailer’s stock valued at $2,656,000 after purchasing an additional 4,952 shares in the last quarter. Hedge funds and other institutional investors own 79.73% of the company’s stock.

Target Stock Performance

Shares of NYSE:TGT traded down $0.92 during trading hours on Thursday, hitting $146.25. The stock had a trading volume of 1,579,806 shares, compared to its average volume of 3,871,708. The stock’s fifty day simple moving average is $153.77 and its 200 day simple moving average is $153.06. Target Co. has a 1-year low of $102.93 and a 1-year high of $181.86. The firm has a market capitalization of $67.66 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.38 and a beta of 1.20. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.27 and a current ratio of 0.86.

Target (NYSE:TGT) last posted its quarterly earnings data on Wednesday, May 22nd. The retailer reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.02). Target had a net margin of 3.87% and a return on equity of 31.91%. The company had revenue of $24.14 billion for the quarter, compared to analyst estimates of $24.52 billion. During the same quarter in the prior year, the business earned $2.05 EPS. Target’s revenue was down 3.2% compared to the same quarter last year. Sell-side analysts anticipate that Target Co. will post 9.32 earnings per share for the current fiscal year.

Target Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be paid a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Wednesday, August 21st. This is a positive change from Target’s previous quarterly dividend of $1.10. Target’s dividend payout ratio (DPR) is currently 49.38%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. DA Davidson increased their price target on Target from $167.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Truist Financial decreased their price objective on shares of Target from $160.00 to $153.00 and set a “hold” rating for the company in a research report on Thursday, May 23rd. Jefferies Financial Group increased their price target on shares of Target from $195.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. increased their price target on shares of Target from $125.00 to $157.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Finally, HSBC raised shares of Target from a “hold” rating to a “buy” rating and increased their price target for the stock from $140.00 to $195.00 in a research report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $177.61.

Target Profile

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.