Benedict Financial Advisors Inc. decreased its position in shares of Target Co. (NYSE:TGT) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,985 shares of the retailer’s stock after selling 973 shares during the quarter. Benedict Financial Advisors Inc.’s holdings in Target were worth $2,992,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Delta Asset Management LLC TN boosted its stake in Target by 161.0% during the 3rd quarter. Delta Asset Management LLC TN now owns 261 shares of the retailer’s stock worth $28,000 after acquiring an additional 161 shares during the last quarter. Krane Funds Advisors LLC bought a new position in Target during the 2nd quarter worth approximately $25,000. KCS Wealth Advisory bought a new position in Target during the 3rd quarter worth approximately $37,000. Larson Financial Group LLC bought a new position in Target during the 2nd quarter worth approximately $31,000. Finally, Phocas Financial Corp. bought a new position in Target during the 2nd quarter worth approximately $329,000. 81.92% of the stock is currently owned by institutional investors and hedge funds.
Shares of TGT stock opened at $110.51 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.21 and a current ratio of 0.84. The company has a market capitalization of $55.09 billion, a P/E ratio of 20.50, a price-to-earnings-growth ratio of 2.48 and a beta of 0.54. The company’s 50 day moving average price is $109.16 and its two-hundred day moving average price is $92.79. Target Co. has a 52 week low of $60.15 and a 52 week high of $114.83.
Target (NYSE:TGT) last announced its earnings results on Wednesday, August 21st. The retailer reported $1.82 EPS for the quarter, topping the consensus estimate of $1.61 by $0.21. The firm had revenue of $18.42 billion for the quarter, compared to the consensus estimate of $18.32 billion. Target had a net margin of 4.10% and a return on equity of 27.43%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the company posted $1.47 EPS. Analysts forecast that Target Co. will post 6.16 earnings per share for the current year.
Target announced that its board has initiated a share buyback plan on Thursday, September 19th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the retailer to purchase up to 9.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a $0.66 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.39%. Target’s dividend payout ratio (DPR) is presently 48.98%.
In other news, insider Michael Edward Mcnamara sold 20,386 shares of Target stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $108.25, for a total value of $2,206,784.50. Following the sale, the insider now directly owns 64,517 shares in the company, valued at $6,983,965.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert M. Harrison sold 13,540 shares of Target stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $104.66, for a total transaction of $1,417,096.40. The disclosure for this sale can be found here. Insiders sold 83,478 shares of company stock worth $8,915,363 over the last quarter. 0.24% of the stock is owned by corporate insiders.
Several research analysts recently weighed in on the stock. Deutsche Bank raised shares of Target from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $99.00 in a research note on Monday, August 5th. Buckingham Research lifted their price objective on shares of Target from $117.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Cowen lifted their price objective on shares of Target from $120.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. UBS Group raised their target price on shares of Target from $86.00 to $103.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Finally, KeyCorp raised their target price on shares of Target from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $106.25.
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials; food assortments, including perishables, dry grocery, dairy, and frozen items; and apparel, accessories, home décor products, electronics, toys, seasonal offerings, and other merchandise.
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