First Pacific Financial Raises Stake in Target Co. (NYSE:TGT)

15 Oct 2024, 22:33 by Michael Walen · The Markets Daily

First Pacific Financial lifted its position in shares of Target Co. (NYSE:TGT – Free Report) by 5.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,772 shares of the retailer’s stock after buying an additional 389 shares during the quarter. First Pacific Financial’s holdings in Target were worth $1,211,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Little House Capital LLC acquired a new stake in shares of Target in the first quarter worth approximately $1,041,000. Nordea Investment Management AB boosted its position in shares of Target by 23.6% in the first quarter. Nordea Investment Management AB now owns 642,340 shares of the retailer’s stock worth $112,686,000 after acquiring an additional 122,706 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of Target by 11.4% in the first quarter. QRG Capital Management Inc. now owns 65,558 shares of the retailer’s stock worth $11,618,000 after acquiring an additional 6,690 shares during the last quarter. Janney Capital Management LLC acquired a new stake in shares of Target in the first quarter worth approximately $13,958,000. Finally, Wellington Management Group LLP boosted its position in shares of Target by 864.4% in the fourth quarter. Wellington Management Group LLP now owns 57,613 shares of the retailer’s stock worth $8,205,000 after acquiring an additional 51,639 shares during the last quarter. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Brian C. Cornell sold 45,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total value of $7,140,150.00. Following the completion of the sale, the insider now owns 303,843 shares of the company’s stock, valued at $48,210,768.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Target news, CAO Matthew A. Liegel sold 1,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $153.13, for a total value of $153,130.00. Following the completion of the sale, the chief accounting officer now directly owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brian C. Cornell sold 45,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total transaction of $7,140,150.00. Following the completion of the sale, the insider now directly owns 303,843 shares of the company’s stock, valued at $48,210,768.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,348 shares of company stock valued at $8,290,995 over the last 90 days. 0.23% of the stock is currently owned by company insiders.

Target Stock Performance

Shares of TGT traded up $2.68 during midday trading on Tuesday, hitting $160.65. 2,987,769 shares of the stock traded hands, compared to its average volume of 3,971,367. Target Co. has a 1-year low of $105.23 and a 1-year high of $181.86. The firm has a market capitalization of $74.32 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 1.99 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.27 and a current ratio of 0.90. The business’s 50 day moving average price is $150.35 and its two-hundred day moving average price is $153.10.

Target (NYSE:TGT – Get Free Report) last announced its quarterly earnings results on Wednesday, August 21st. The retailer reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.39. The company had revenue of $25.02 billion during the quarter, compared to the consensus estimate of $25.19 billion. Target had a net margin of 4.18% and a return on equity of 33.10%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.80 earnings per share. Equities research analysts predict that Target Co. will post 9.53 EPS for the current fiscal year.

Target Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be issued a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Wednesday, November 20th. Target’s payout ratio is currently 50.28%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TGT shares. Stifel Nicolaus raised their target price on shares of Target from $147.00 to $165.00 and gave the stock a “hold” rating in a research report on Thursday, August 22nd. Melius Research assumed coverage on shares of Target in a research note on Monday, September 23rd. They set a “buy” rating and a $180.00 price objective on the stock. Evercore ISI lifted their price objective on shares of Target from $158.00 to $160.00 and gave the company an “inline” rating in a research note on Thursday, August 22nd. Wells Fargo & Company lifted their price objective on shares of Target from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Finally, Royal Bank of Canada lifted their price objective on shares of Target from $174.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.69.

Check Out Our Latest Research Report on TGT

Target Profile

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