Payden & Rygel Grows Stake in Target Corporation (TGT)
Payden & Rygel grew its position in Target Corporation (NYSE:TGT) by 28.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 258,800 shares of the retailer’s stock after buying an additional 56,600 shares during the period. Payden & Rygel’s holdings in Target Corporation were worth $13,533,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Boston Private Wealth LLC increased its stake in shares of Target Corporation by 4.5% in the 2nd quarter. Boston Private Wealth LLC now owns 53,455 shares of the retailer’s stock valued at $2,795,000 after buying an additional 2,285 shares during the period. Conning Inc. increased its stake in shares of Target Corporation by 2.1% in the 2nd quarter. Conning Inc. now owns 522,523 shares of the retailer’s stock valued at $27,323,000 after buying an additional 10,966 shares during the period. First Trust Advisors LP increased its stake in shares of Target Corporation by 33.8% in the 1st quarter. First Trust Advisors LP now owns 804,427 shares of the retailer’s stock valued at $44,396,000 after buying an additional 203,248 shares during the period. Boston Partners acquired a new stake in shares of Target Corporation in the 1st quarter valued at $392,000. Finally, Patten & Patten Inc. TN acquired a new stake in shares of Target Corporation in the 2nd quarter valued at $234,000. 83.22% of the stock is owned by institutional investors.
Several equities research analysts have recently commented on the company. UBS AG reissued a “neutral” rating and issued a $56.00 target price (down from $60.00) on shares of Target Corporation in a research note on Tuesday, June 20th. Vetr cut Target Corporation from a “buy” rating to a “hold” rating and set a $59.66 target price for the company. in a research note on Monday, June 12th. BMO Capital Markets reissued a “market perform” rating and issued a $67.00 target price (up from $62.00) on shares of Target Corporation in a research note on Friday, August 18th. Stifel Nicolaus reaffirmed a “hold” rating and set a $60.00 price objective (up from $58.00) on shares of Target Corporation in a research note on Friday, August 18th. Finally, Citigroup Inc. cut Target Corporation from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $51.00 to $56.00 in a research note on Wednesday, June 21st. Five analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $61.64.
In related news, insider Robert M. Harrison sold 2,639 shares of Target Corporation stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $52.05, for a total value of $137,359.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hourigan Rice Jacqueline sold 4,679 shares of Target Corporation stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $59.37, for a total transaction of $277,792.23. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.
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Target Corporation (NYSE TGT) opened at 59.01 on Friday. The stock has a 50 day moving average price of $56.82 and a 200 day moving average price of $55.00. Target Corporation has a 52-week low of $48.56 and a 52-week high of $79.33. The firm has a market cap of $32.23 billion, a P/E ratio of 11.92 and a beta of 0.60.
Target Corporation (NYSE:TGT) last released its quarterly earnings data on Wednesday, August 16th. The retailer reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Target Corporation had a net margin of 3.99% and a return on equity of 25.06%. The business had revenue of $16.43 billion during the quarter, compared to analyst estimates of $16.30 billion. During the same period in the previous year, the business earned $1.23 EPS. Target Corporation’s revenue was up 1.6% compared to the same quarter last year. Equities analysts predict that Target Corporation will post $4.51 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Wednesday, November 15th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.48 dividend on an annualized basis and a yield of 4.20%. Target Corporation’s dividend payout ratio is 50.00%.
Target Corporation Profile
Target Corporation (Target) is a general merchandise retailer selling products through its stores and digital channels. Its general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items. Its digital channels include a range of general merchandise, including a range of items found in its stores, along with an assortment, such as additional sizes and colors sold only online.
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