Balboa Wealth Partners Buys Shares of 1,839 Target Co. (NYSE:TGT)

16 Nov 2024, 09:06 by Doug Wharley · The Cerbat Gem

Balboa Wealth Partners bought a new stake in shares of Target Co. (NYSE:TGT – Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,839 shares of the retailer’s stock, valued at approximately $287,000.

Several other institutional investors have also recently made changes to their positions in the business. Legal & General Group Plc lifted its stake in shares of Target by 6.8% in the 2nd quarter. Legal & General Group Plc now owns 4,374,851 shares of the retailer’s stock worth $647,652,000 after purchasing an additional 279,656 shares during the period. Victory Capital Management Inc. raised its stake in Target by 11.4% during the 2nd quarter. Victory Capital Management Inc. now owns 4,316,738 shares of the retailer’s stock worth $639,050,000 after acquiring an additional 440,307 shares during the period. Clearbridge Investments LLC raised its stake in Target by 17.5% during the 1st quarter. Clearbridge Investments LLC now owns 3,153,875 shares of the retailer’s stock worth $558,898,000 after acquiring an additional 470,647 shares during the period. Dimensional Fund Advisors LP raised its stake in Target by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,114,400 shares of the retailer’s stock worth $461,031,000 after acquiring an additional 435,229 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its stake in Target by 9.7% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,094,644 shares of the retailer’s stock worth $458,131,000 after acquiring an additional 272,521 shares during the period. Institutional investors own 79.73% of the company’s stock.

Target Stock Down 0.9 %

Shares of TGT opened at $152.16 on Friday. The company has a market cap of $70.10 billion, a PE ratio of 15.89, a P/E/G ratio of 2.00 and a beta of 1.24. The business has a fifty day moving average of $152.54 and a 200 day moving average of $150.54. Target Co. has a 52-week low of $127.19 and a 52-week high of $181.86. The company has a quick ratio of 0.27, a current ratio of 0.90 and a debt-to-equity ratio of 0.95.

Target (NYSE:TGT – Get Free Report) last issued its quarterly earnings results on Wednesday, August 21st. The retailer reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.18 by $0.39. Target had a return on equity of 33.10% and a net margin of 4.18%. The company had revenue of $25.02 billion during the quarter, compared to the consensus estimate of $25.19 billion. During the same period last year, the company earned $1.80 earnings per share. Target’s revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts expect that Target Co. will post 9.54 EPS for the current year.

Target Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $4.48 annualized dividend and a dividend yield of 2.94%. Target’s dividend payout ratio (DPR) is 46.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TGT shares. Sanford C. Bernstein started coverage on shares of Target in a research note on Tuesday, October 22nd. They set a “market perform” rating and a $168.00 target price on the stock. Bank of America raised their target price on shares of Target from $190.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. StockNews.com cut shares of Target from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Evercore ISI cut their price objective on shares of Target from $170.00 to $165.00 and set an “in-line” rating for the company in a report on Tuesday, October 22nd. Finally, Melius Research started coverage on shares of Target in a report on Monday, September 23rd. They set a “buy” rating and a $180.00 price objective for the company. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Target presently has an average rating of “Moderate Buy” and an average target price of $179.47.

Read Our Latest Stock Report on Target

Insider Transactions at Target

In other news, insider Richard H. Gomez sold 6,348 shares of Target stock in a transaction on Friday, September 27th. The stock was sold at an average price of $157.17, for a total transaction of $997,715.16. Following the completion of the sale, the insider now directly owns 123,551 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Matthew A. Liegel sold 1,000 shares of Target stock in a transaction on Friday, August 30th. The stock was sold at an average price of $153.13, for a total value of $153,130.00. Following the sale, the chief accounting officer now owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. This trade represents a 12.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,348 shares of company stock worth $8,290,995. 0.15% of the stock is currently owned by insiders.

About Target

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