Johnson Investment Counsel Inc. lowered its holdings in shares of Target Co. (NYSE:TGT) by 10.6% in the second quarter, Holdings Channel reports. The firm owned 11,582 shares of the retailer’s stock after selling 1,380 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Target were worth $2,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also modified their holdings of the stock. Wambolt & Associates LLC acquired a new stake in Target during the 2nd quarter worth $308,000. Lincoln National Corp lifted its stake in shares of Target by 2.8% in the 2nd quarter. Lincoln National Corp now owns 17,956 shares of the retailer’s stock worth $4,340,000 after acquiring an additional 481 shares during the period. Alpha Paradigm Partners LLC lifted its stake in shares of Target by 292.1% in the 2nd quarter. Alpha Paradigm Partners LLC now owns 3,474 shares of the retailer’s stock worth $840,000 after acquiring an additional 2,588 shares during the period. Nachman Norwood & Parrott Inc lifted its stake in shares of Target by 3.0% in the 2nd quarter. Nachman Norwood & Parrott Inc now owns 4,558 shares of the retailer’s stock worth $1,102,000 after acquiring an additional 133 shares during the period. Finally, Triton Wealth Management PLLC acquired a new stake in shares of Target in the 2nd quarter worth $281,000. Hedge funds and other institutional investors own 76.73% of the company’s stock.
TGT has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of Target from $250.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 25th. Raymond James raised their target price on shares of Target from $252.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 19th. Zacks Investment Research cut shares of Target from a “buy” rating to a “hold” rating and set a $269.00 target price for the company. in a research note on Friday, July 23rd. Citigroup raised their target price on shares of Target from $258.00 to $287.00 and gave the stock a “buy” rating in a research note on Thursday, August 19th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Target from $258.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, August 11th. Five investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $252.30.
Target (NYSE:TGT) last posted its earnings results on Tuesday, August 17th. The retailer reported $3.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.49 by $0.15. Target had a net margin of 6.29% and a return on equity of 44.68%. The firm had revenue of $24.83 billion during the quarter, compared to the consensus estimate of $25.03 billion. During the same period last year, the firm posted $3.38 EPS. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities research analysts predict that Target Co. will post 12.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 10th. Shareholders of record on Wednesday, November 17th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Tuesday, November 16th. This represents a $3.60 annualized dividend and a yield of 1.52%. Target’s dividend payout ratio (DPR) is currently 38.22%.
Target declared that its Board of Directors has authorized a share repurchase plan on Wednesday, August 18th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the retailer to purchase 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.
In related news, insider Don H. Liu sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 6th. The shares were sold at an average price of $261.93, for a total value of $785,790.00. Following the sale, the insider now directly owns 62,017 shares of the company’s stock, valued at $16,244,112.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Don H. Liu sold 13,977 shares of the firm’s stock in a transaction that occurred on Wednesday, August 4th. The stock was sold at an average price of $261.20, for a total transaction of $3,650,792.40. 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 over the last 90 days. 0.29% of the stock is currently 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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