World Asset Management Inc Reduces Stock Position in Target Co. (NYSE:TGT)

World Asset Management Inc decreased its holdings in Target Co. (NYSE:TGT) by 6.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,919 shares of the retailer’s stock after selling 1,161 shares during the quarter. World Asset Management Inc’s holdings in Target were worth $3,848,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Emerald Advisers LLC purchased a new stake in Target in the 2nd quarter valued at about $31,000. Holloway Wealth Management LLC grew its holdings in Target by 166.0% in the 2nd quarter. Holloway Wealth Management LLC now owns 133 shares of the retailer’s stock valued at $32,000 after buying an additional 83 shares during the period. Avion Wealth purchased a new stake in Target in the 2nd quarter valued at about $36,000. MV Capital Management Inc. lifted its stake in shares of Target by 237.9% in the 2nd quarter. MV Capital Management Inc. now owns 196 shares of the retailer’s stock valued at $47,000 after purchasing an additional 138 shares in the last quarter. Finally, WealthShield Partners LLC acquired a new position in shares of Target in the 2nd quarter valued at about $49,000. Institutional investors own 76.73% of the company’s stock.

In other news, insider Don H. Liu sold 13,985 shares of the company’s stock in a transaction on Friday, July 16th. The stock was sold at an average price of $253.90, for a total value of $3,550,791.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian C. Cornell sold 25,000 shares of the company’s stock in a transaction on Thursday, September 2nd. The shares were sold at an average price of $245.98, for a total value 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 approximately $48,032,760.58. The disclosure for this sale can be found here. Insiders have sold a total of 136,744 shares of company stock valued at $34,106,184 in the last quarter. 0.29% of the stock is currently owned by insiders.

Several research firms have recently weighed in on TGT. DA Davidson reaffirmed a “buy” rating on shares of Target in a research note on Thursday, August 19th. Argus lifted their price objective on Target from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Wednesday, June 23rd. Credit Suisse Group boosted their price target on Target from $283.00 to $286.00 and gave the stock an “outperform” rating in a research report on Thursday, August 19th. Morgan Stanley boosted their price target on Target from $250.00 to $260.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 25th. Finally, JPMorgan Chase & Co. boosted their price target on Target from $233.00 to $260.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 25th. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $252.30.

TGT stock traded up $1.50 during trading on Wednesday, reaching $243.74. 32,924 shares of the company’s stock were exchanged, compared to its average volume of 3,429,924. The company has a quick ratio of 0.46, a current ratio of 1.04 and a debt-to-equity ratio of 0.78. Target Co. has a 1-year low of $146.45 and a 1-year high of $267.06. The company’s fifty day moving average price is $253.16 and its 200-day moving average price is $225.98. The firm has a market cap of $118.95 billion, a PE ratio of 19.36, a P/E/G ratio of 1.36 and a beta of 0.98.

Target (NYSE:TGT) last announced its quarterly earnings results on Tuesday, August 17th. The retailer reported $3.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.49 by $0.15. Target had a return on equity of 44.68% and a net margin of 6.29%. The company had revenue of $24.83 billion during the quarter, compared to analyst estimates of $25.03 billion. During the same quarter in the previous year, the firm posted $3.38 EPS. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. As a group, sell-side analysts expect that Target Co. will post 12.86 earnings per share for the current fiscal year.

Target announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 18th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the retailer to repurchase up to 12.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership 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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