Raymond James & Associates Trims Stake in Target Co. (NYSE:TGT)

Raymond James & Associates cut its position in Target Co. (NYSE:TGT) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,453,053 shares of the retailer’s stock after selling 19,948 shares during the quarter. Raymond James & Associates owned approximately 0.31% of Target worth $215,110,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its stake in shares of Target by 15,009.5% during the fourth quarter. International Assets Investment Management LLC now owns 1,757,088 shares of the retailer’s stock worth $250,244,000 after buying an additional 1,745,459 shares during the period. TRUE Private Wealth Advisors acquired a new stake in Target during the 4th quarter worth approximately $241,000. Rakuten Securities Inc. purchased a new position in shares of Target in the 4th quarter valued at approximately $29,000. Daiwa Securities Group Inc. grew its stake in shares of Target by 4.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 45,402 shares of the retailer’s stock valued at $6,466,000 after purchasing an additional 2,042 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Target by 74.3% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,138 shares of the retailer’s stock valued at $162,000 after purchasing an additional 485 shares during the period. Hedge funds and other institutional investors own 79.73% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TGT. Wells Fargo & Company decreased their price target on Target from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Target from $209.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. JPMorgan Chase & Co. cut their price target on shares of Target from $165.00 to $153.00 and set a “neutral” rating for the company in a report on Monday, August 5th. Piper Sandler assumed coverage on Target in a report on Wednesday, July 10th. They issued a “neutral” rating and a $156.00 price objective on the stock. Finally, Morgan Stanley dropped their target price on Target from $190.00 to $180.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.57.

Target Price Performance

Shares of NYSE:TGT opened at $144.04 on Monday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.27 and a current ratio of 0.86. The business’s fifty day moving average price is $145.21 and its two-hundred day moving average price is $154.40. The stock has a market cap of $66.64 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 1.38 and a beta of 1.19. Target Co. has a one year low of $102.93 and a one year high of $181.86.

Target (NYSE:TGT) last posted its quarterly earnings data on Wednesday, May 22nd. The retailer reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.02). Target had a net margin of 3.87% and a return on equity of 31.91%. The company had revenue of $24.14 billion for the quarter, compared to analyst estimates of $24.52 billion. During the same period in the previous year, the business earned $2.05 EPS. The firm’s revenue was down 3.2% on a year-over-year basis. On average, analysts forecast that Target Co. will post 9.31 EPS for the current fiscal year.

Target Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be given a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Wednesday, August 21st. This is a positive change from Target’s previous quarterly dividend of $1.10. Target’s payout ratio is currently 50.28%.

About Target

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.