Moran Wealth Management LLC Buys New Stake in Target Co. (NYSE:TGT)

by · The Markets Daily

Moran Wealth Management LLC acquired a new position in shares of Target Co. (NYSE:TGT – Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 40,873 shares of the retailer’s stock, valued at approximately $6,370,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Legal & General Group Plc boosted its stake in Target by 6.8% during the second quarter. Legal & General Group Plc now owns 4,374,851 shares of the retailer’s stock worth $647,652,000 after buying an additional 279,656 shares during the period. Victory Capital Management Inc. boosted its stake in Target by 11.4% during the second quarter. Victory Capital Management Inc. now owns 4,316,738 shares of the retailer’s stock worth $639,050,000 after buying an additional 440,307 shares during the period. Dimensional Fund Advisors LP boosted its stake in Target by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,114,400 shares of the retailer’s stock worth $461,031,000 after buying an additional 435,229 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in Target by 9.7% during the second quarter. Diamond Hill Capital Management Inc. now owns 3,094,644 shares of the retailer’s stock worth $458,131,000 after buying an additional 272,521 shares during the period. Finally, US Bancorp DE boosted its stake in Target by 0.3% during the second quarter. US Bancorp DE now owns 2,035,326 shares of the retailer’s stock worth $301,310,000 after buying an additional 5,586 shares during the period. 79.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Target

In other Target news, insider Richard H. Gomez sold 6,348 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $157.17, for a total value of $997,715.16. Following the completion of the transaction, the insider now directly owns 123,551 shares of the company’s stock, valued at approximately $19,418,510.67. The trade was a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 303,843 shares of the company’s stock, valued at $48,210,768.81. The trade was a 12.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,348 shares of company stock worth $8,290,995 over the last quarter. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

TGT has been the subject of several research analyst reports. Oppenheimer decreased their target price on Target from $200.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Roth Mkm lifted their target price on Target from $153.00 to $157.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Daiwa Capital Markets upgraded Target from a “neutral” rating to an “outperform” rating and set a $170.00 target price for the company in a research report on Monday, August 26th. Deutsche Bank Aktiengesellschaft downgraded Target from a “buy” rating to a “hold” rating and decreased their target price for the stock from $184.00 to $108.00 in a research report on Wednesday. Finally, Melius Research initiated coverage on Target in a research report on Monday, September 23rd. They set a “buy” rating and a $180.00 target price for the company. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $171.90.

View Our Latest Analysis on TGT

Target Price Performance

Shares of TGT stock opened at $121.73 on Thursday. The stock’s 50-day simple moving average is $152.33 and its 200-day simple moving average is $150.12. The firm has a market capitalization of $56.08 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 1.98 and a beta of 1.24. Target Co. has a fifty-two week low of $120.21 and a fifty-two week high of $181.86. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.27 and a current ratio of 0.90.

Target (NYSE:TGT – Get Free Report) last issued its earnings results on Wednesday, November 20th. The retailer reported $1.85 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.45). The firm had revenue of $25.23 billion during the quarter, compared to analysts’ expectations of $25.87 billion. Target had a net margin of 4.18% and a return on equity of 33.10%. Target’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.10 EPS. As a group, equities analysts forecast that Target Co. will post 9.55 earnings per share for the current fiscal year.

Target Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $4.48 dividend on an annualized basis and a yield of 3.68%. Target’s dividend payout ratio is currently 46.28%.

About Target

(Free Report)

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.

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