Investors Buy Shares of Target Corp. (TGT) on Weakness
Investors purchased shares of Target Corp. (NYSE:TGT) on weakness during trading hours on Tuesday. $82.35 million flowed into the stock on the tick-up and $59.34 million flowed out of the stock on the tick-down, for a money net flow of $23.01 million into the stock. Of all equities tracked, Target Corp. had the 18th highest net in-flow for the day. Target Corp. traded down ($0.08) for the day and closed at $76.22
A number of brokerages have weighed in on TGT. Jefferies Group restated a “hold” rating on shares of Target Corp. in a report on Saturday, April 9th. Goldman Sachs Group Inc. restated a “hold” rating on shares of Target Corp. in a report on Sunday, May 22nd. Vetr cut shares of Target Corp. from a “buy” rating to a “hold” rating and set a $75.39 price objective on the stock. in a report on Monday, July 11th. Zacks Investment Research upgraded shares of Target Corp. from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Deutsche Bank AG restated a “hold” rating and issued a $84.00 price objective (up previously from $81.00) on shares of Target Corp. in a report on Monday, May 16th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $78.44.
The company has a market capitalization of $44.91 billion and a P/E ratio of 14.11. The firm’s 50-day moving average is $70.65 and its 200-day moving average is $74.85.
Target Corp. (NYSE:TGT) last released its earnings results on Wednesday, May 18th. The retailer reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. The company had revenue of $16.20 billion for the quarter, compared to analysts’ expectations of $16.31 billion. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 EPS. Equities analysts predict that Target Corp. will post $5.14 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, September 10th. Shareholders of record on Wednesday, August 17th will be given a dividend of $0.60 per share. This is an increase from Target Corp.’s previous quarterly dividend of $0.56. This represents a $2.40 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Monday, August 15th.
In related news, insider Catherine R. Smith bought 5,000 shares of the company’s stock in a transaction on Friday, May 20th. The shares were bought at an average price of $67.82 per share, with a total value of $339,100.00. Following the transaction, the insider now owns 16,868 shares in the company, valued at $1,143,987.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Calvin Darden sold 37,105 shares of the business’s stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $67.02, for a total transaction of $2,486,777.10. Following the sale, the director now directly owns 29,549 shares in the company, valued at approximately $1,980,373.98. The disclosure for this sale can be found here.
A number of hedge funds have made changes to their positions in TGT. IronBridge Capital Management LP boosted its stake in shares of Target Corp. by 13.9% in the fourth quarter. IronBridge Capital Management LP now owns 14,230 shares of the retailer’s stock valued at $1,033,000 after buying an additional 1,740 shares during the last quarter. Moors & Cabot Inc. boosted its stake in shares of Target Corp. by 6.1% in the fourth quarter. Moors & Cabot Inc. now owns 14,864 shares of the retailer’s stock valued at $1,079,000 after buying an additional 852 shares during the last quarter. Ashfield Capital Partners LLC boosted its stake in shares of Target Corp. by 12.3% in the fourth quarter. Ashfield Capital Partners LLC now owns 16,136 shares of the retailer’s stock valued at $1,172,000 after buying an additional 1,764 shares during the last quarter. Spero Smith Investment Advisers Inc. OH acquired a new stake in shares of Target Corp. during the fourth quarter valued at approximately $1,292,000. Finally, Cavalier Investments boosted its stake in shares of Target Corp. by 17.9% in the fourth quarter. Cavalier Investments now owns 21,700 shares of the retailer’s stock valued at $1,576,000 after buying an additional 3,300 shares during the last quarter.
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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