Target Corp. (TGT) Sees Large Decline in Short Interest
Target Corp. (NYSE:TGT) saw a significant decrease in short interest in September. As of September 30th, there was short interest totalling 39,246,745 shares, a decrease of 14.8% from the September 15th total of 46,044,537 shares. Based on an average daily volume of 4,904,343 shares, the days-to-cover ratio is presently 8.0 days. Currently, 6.8% of the shares of the company are sold short.
Several hedge funds have recently modified their holdings of the stock. Spirit of America Management Corp NY purchased a new stake in shares of Target Corp. during the third quarter worth approximately $343,000. Advisor Consultant Network Inc. purchased a new stake in shares of Target Corp. during the third quarter worth approximately $11,754,000. Webster Bank N. A. raised its stake in shares of Target Corp. by 0.6% in the third quarter. Webster Bank N. A. now owns 56,219 shares of the retailer’s stock worth $3,861,000 after buying an additional 325 shares during the period. Peddock Capital Advisors LLC raised its stake in shares of Target Corp. by 0.7% in the third quarter. Peddock Capital Advisors LLC now owns 13,835 shares of the retailer’s stock worth $950,000 after buying an additional 101 shares during the period. Finally, Johanson Financial Advisors Inc. raised its stake in shares of Target Corp. by 0.8% in the third quarter. Johanson Financial Advisors Inc. now owns 4,770 shares of the retailer’s stock worth $328,000 after buying an additional 37 shares during the period. Institutional investors own 86.18% of the company’s stock.
Several research firms have recently issued reports on TGT. Cowen and Company reissued an “outperform” rating and issued a $75.00 price target (down previously from $81.00) on shares of Target Corp. in a research note on Wednesday, August 17th. Vetr cut Target Corp. from a “buy” rating to a “sell” rating and set a $66.50 price target for the company. in a research note on Monday, October 3rd. Credit Suisse Group AG restated a “hold” rating and issued a $72.00 price objective on shares of Target Corp. in a report on Sunday, August 21st. Zacks Investment Research upgraded Target Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $76.00 price objective on shares of Target Corp. in a report on Wednesday, July 6th. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $74.49.
Shares of Target Corp. (NYSE:TGT) opened at 68.11 on Monday. The company has a market cap of $39.15 billion, a P/E ratio of 12.60 and a beta of 0.68. Target Corp. has a 52 week low of $65.50 and a 52 week high of $84.14. The company’s 50-day moving average price is $68.99 and its 200 day moving average price is $73.01.
Target Corp. (NYSE:TGT) last posted its earnings results on Wednesday, August 17th. The retailer reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.11. The firm had revenue of $16.20 billion for the quarter. Target Corp. had a return on equity of 23.59% and a net margin of 4.59%. The business’s revenue was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.22 earnings per share. On average, equities analysts forecast that Target Corp. will post $4.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, December 10th. Stockholders of record on Wednesday, November 16th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, November 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.52%. Target Corp.’s dividend payout ratio (DPR) is 44.44%.
Target Corp. 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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