Triangle Securities Wealth Management Trims Stock Position in Target Co. (NYSE:TGT)

Triangle Securities Wealth Management trimmed its position in Target Co. (NYSE:TGT) by 2.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,146 shares of the retailer’s stock after selling 185 shares during the quarter. Triangle Securities Wealth Management’s holdings in Target were worth $1,864,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Mascoma Wealth Management LLC purchased a new position in shares of Target in the 3rd quarter worth about $28,000. Emerald Advisers LLC purchased a new position in shares of Target in the 2nd quarter worth about $31,000. Holloway Wealth Management LLC raised its holdings in shares of Target by 166.0% in the 2nd quarter. Holloway Wealth Management LLC now owns 133 shares of the retailer’s stock worth $32,000 after purchasing an additional 83 shares during the period. Activest Wealth Management raised its holdings in shares of Target by 107.5% in the 3rd quarter. Activest Wealth Management now owns 139 shares of the retailer’s stock worth $32,000 after purchasing an additional 72 shares during the period. Finally, Avion Wealth purchased a new position in shares of Target in the 2nd quarter worth about $36,000. Institutional investors own 78.36% of the company’s stock.

Shares of NYSE TGT opened at $248.76 on Thursday. The company has a market cap of $121.40 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 1.42 and a beta of 1.03. Target Co. has a 12-month low of $166.82 and a 12-month high of $268.98. The company has a current ratio of 1.04, a quick ratio of 0.46 and a debt-to-equity ratio of 0.78. The stock’s 50 day simple moving average is $247.07 and its 200 day simple moving average is $243.89.

Target (NYSE:TGT) last announced its quarterly earnings results on Wednesday, November 17th. The retailer reported $3.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.20. The business had revenue of $25.29 billion for the quarter, compared to the consensus estimate of $24.60 billion. Target had a return on equity of 44.68% and a net margin of 6.29%. The business’s revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the business posted $2.79 EPS. As a group, equities analysts forecast that Target Co. will post 12.97 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 10th. Shareholders of record on Wednesday, November 17th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.45%. The ex-dividend date is Tuesday, November 16th. Target’s payout ratio is currently 28.66%.

Target declared that its Board of Directors has initiated a share buyback program on Wednesday, August 18th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the retailer to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

A number of equities analysts have recently commented on TGT shares. Credit Suisse Group started coverage on Target in a report on Friday, November 19th. They issued an “outperform” rating and a $286.00 price objective on the stock. Deutsche Bank Aktiengesellschaft raised their target price on Target from $306.00 to $317.00 and gave the company a “buy” rating in a report on Wednesday, November 10th. Raymond James raised their target price on Target from $285.00 to $290.00 and gave the company a “strong-buy” rating in a report on Thursday, November 18th. DA Davidson reiterated a “buy” rating on shares of Target in a report on Thursday, August 19th. Finally, Bank of America raised their target price on Target from $317.00 to $329.00 and gave the company a “buy” rating in a report on Thursday, November 18th. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $259.41.

In other news, insider Christina Hennington sold 4,173 shares of the business’s stock in a transaction on Friday, November 19th. The stock was sold at an average price of $250.95, for a total value of $1,047,214.35. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Brian C. Cornell sold 25,000 shares of the business’s stock in a transaction on Thursday, September 2nd. The stock was sold at an average price of $245.98, for a total value of $6,149,500.00. Following the completion of the sale, the insider now directly owns 195,271 shares in the company, valued at approximately $48,032,760.58. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.

About Target

Target Corp. engages in the operation and ownership of general merchandise stores. It offers food assortments including perishables, dry grocery, dairy, and frozen items. The company was founded by George Draper Dayton in 1902 and is headquartered in Minneapolis, MN.

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Institutional Ownership by Quarter for Target (NYSE:TGT)

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