Peapack Gladstone Financial Corp Sells 1,119 Shares of Target Co. (NYSE:TGT)

Peapack Gladstone Financial Corp cut its holdings in Target Co. (NYSE:TGT) by 7.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,972 shares of the retailer’s stock after selling 1,119 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Target were worth $2,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new stake in shares of Target in the 3rd quarter worth approximately $28,000. Slocum Gordon & Co LLP purchased a new stake in Target in the second quarter worth $28,000. Hobbs Group Advisors LLC bought a new stake in Target in the second quarter valued at $31,000. Wolff Wiese Magana LLC increased its position in Target by 156.5% during the 3rd quarter. Wolff Wiese Magana LLC now owns 218 shares of the retailer’s stock valued at $34,000 after purchasing an additional 133 shares during the period. Finally, FSA Wealth Management LLC bought a new position in Target in the 3rd quarter worth $36,000. Hedge funds and other institutional investors own 79.73% of the company’s stock.

Target Price Performance

Shares of NYSE:TGT opened at $134.52 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.25 and a current ratio of 0.94. The business has a 50-day simple moving average of $144.69 and a two-hundred day simple moving average of $147.21. Target Co. has a fifty-two week low of $120.21 and a fifty-two week high of $181.86. The firm has a market cap of $61.64 billion, a price-to-earnings ratio of 14.27, a price-to-earnings-growth ratio of 2.23 and a beta of 1.17.

Target (NYSE:TGT) last posted its earnings results on Wednesday, November 20th. The retailer reported $1.85 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.45). The company had revenue of $25.23 billion during the quarter, compared to the consensus estimate of $25.87 billion. Target had a return on equity of 31.11% and a net margin of 4.06%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the firm posted $2.10 EPS. On average, analysts expect that Target Co. will post 8.6 earnings per share for the current year.

Target Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th were given a $1.12 dividend. The ex-dividend date was Wednesday, November 20th. This represents a $4.48 annualized dividend and a yield of 3.33%. Target’s payout ratio is 47.51%.

Insider Buying and Selling at Target

In related news, insider Richard H. Gomez sold 6,348 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $157.17, for a total value of $997,715.16. Following the transaction, the insider now owns 123,551 shares of the company’s stock, valued at approximately $19,418,510.67. This trade represents a 4.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TGT. Jefferies Financial Group lifted their target price on shares of Target from $190.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Citigroup cut Target from a “buy” rating to a “neutral” rating and cut their price objective for the company from $188.00 to $130.00 in a research report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft lowered Target from a “buy” rating to a “hold” rating and decreased their target price for the stock from $184.00 to $108.00 in a research report on Wednesday, November 20th. BMO Capital Markets dropped their price target on Target from $160.00 to $120.00 and set a “market perform” rating on the stock in a research report on Thursday, November 21st. Finally, Piper Sandler decreased their price objective on Target from $156.00 to $130.00 and set a “neutral” rating for the company in a report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $160.57.

About Target

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.