Summit Global Investments bought a new stake in shares of Target Co. (NYSE:TGT) during the fourth quarter, Holdings Channel reports. The firm bought 79,948 shares of the retailer’s stock, valued at approximately $5,775,000. Target accounts for about 2.1% of Summit Global Investments’ investment portfolio, making the stock its 5th largest position.
Other hedge funds and other institutional investors have also modified their holdings of the company. First Financial Bank N.A. Trust Division raised its position in Target by 0.3% in the third quarter. First Financial Bank N.A. Trust Division now owns 7,208 shares of the retailer’s stock valued at $495,000 after buying an additional 22 shares during the last quarter. Linscomb & Williams Inc. raised its position in Target by 0.7% in the fourth quarter. Linscomb & Williams Inc. now owns 3,274 shares of the retailer’s stock valued at $236,000 after buying an additional 24 shares during the last quarter. Gould Asset Management LLC CA raised its position in Target by 0.3% in the fourth quarter. Gould Asset Management LLC CA now owns 8,275 shares of the retailer’s stock valued at $598,000 after buying an additional 25 shares during the last quarter. Community Bank N.A. raised its position in Target by 0.4% in the third quarter. Community Bank N.A. now owns 6,707 shares of the retailer’s stock valued at $460,000 after buying an additional 29 shares during the last quarter. Finally, Balentine LLC raised its position in Target by 1.0% in the third quarter. Balentine LLC now owns 3,114 shares of the retailer’s stock valued at $214,000 after buying an additional 30 shares during the last quarter. 88.53% of the stock is currently owned by institutional investors.
Target Co. (NYSE:TGT) opened at 54.37 on Tuesday. The firm’s 50-day moving average is $61.35 and its 200-day moving average is $68.61. The company has a market capitalization of $30.05 billion, a PE ratio of 11.58 and a beta of 0.63. Target Co. has a 52-week low of $53.94 and a 52-week high of $84.14.
Target (NYSE:TGT) last issued its earnings results on Tuesday, February 28th. The retailer reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.51 by $0.06. Target had a return on equity of 25.18% and a net margin of 4.75%. The firm earned $20.69 billion during the quarter, compared to the consensus estimate of $20.76 billion. During the same quarter in the prior year, the business earned $1.52 earnings per share. Target’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, equities research analysts forecast that Target Co. will post $4.00 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, June 10th. Investors of record on Wednesday, May 17th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend is Monday, May 15th. Target’s dividend payout ratio is currently 42.93%.
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Several research analysts recently weighed in on the stock. Susquehanna Bancshares Inc assumed coverage on shares of Target in a research note on Friday, February 10th. They set a “neutral” rating and a $70.00 price objective on the stock. Zacks Investment Research lowered shares of Target from a “hold” rating to a “strong sell” rating in a research note on Monday. Cowen and Company reissued a “market perform” rating on shares of Target in a research note on Wednesday, December 28th. MKM Partners reissued a “neutral” rating and set a $70.00 price objective (down previously from $77.00) on shares of Target in a research note on Thursday, January 19th. Finally, Morgan Stanley reissued an “underweight” rating and set a $67.00 price objective on shares of Target in a research note on Wednesday, December 28th. Six research analysts have rated the stock with a sell rating, seventeen have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $68.79.
In other news, insider Don H. Liu bought 2,000 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The shares were bought at an average cost of $58.20 per share, for a total transaction of $116,400.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Donald R. Knauss bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 9th. The stock was purchased at an average price of $54.86 per share, for a total transaction of $548,600.00. Following the completion of the acquisition, the director now owns 16,431 shares in the company, valued at $901,404.66. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 19,000 shares of company stock worth $1,073,750. 0.25% of the stock is owned by company insiders.
Target Company Profile
Target Corporation offers everyday essentials and merchandise to its customers. The Company sells a range of general merchandise and food through its store and digital channels. The Company’s general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items.
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