Varma Mutual Pension Insurance Co Sells 11,358 Shares of Target Co. (NYSE:TGT)

Varma Mutual Pension Insurance Co lowered its position in shares of Target Co. (NYSE:TGT) by 10.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 92,642 shares of the retailer’s stock after selling 11,358 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Target were worth $13,715,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC bought a new stake in Target during the second quarter worth about $25,000. Ables Iannone Moore & Associates Inc. bought a new stake in Target during the fourth quarter worth about $28,000. Slocum Gordon & Co LLP bought a new stake in Target during the second quarter worth about $28,000. Private Wealth Management Group LLC bought a new stake in Target during the fourth quarter worth about $29,000. Finally, Scarborough Advisors LLC bought a new stake in Target during the fourth quarter worth about $29,000. Institutional investors own 79.73% of the company’s stock.

Target Stock Performance

Target stock opened at $151.28 on Monday. The stock’s 50 day simple moving average is $147.63 and its two-hundred day simple moving average is $155.14. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.27 and a current ratio of 0.90. The stock has a market cap of $69.69 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 1.95 and a beta of 1.24. Target Co. has a fifty-two week low of $102.93 and a fifty-two week high of $181.86.

Target (NYSE:TGT) last posted its quarterly earnings data on Wednesday, August 21st. The retailer reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.39. The business had revenue of $25.02 billion for the quarter, compared to analysts’ expectations of $25.19 billion. Target had a return on equity of 33.10% and a net margin of 4.18%. The business’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.80 EPS. As a group, analysts expect that Target Co. will post 9.53 earnings per share for the current fiscal year.

Target Increases Dividend

The business also recently declared 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 is a boost from Target’s previous quarterly dividend of $1.10. This represents a $4.48 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Wednesday, August 21st. Target’s payout ratio is currently 50.28%.

Insider Transactions at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $158.67, for a total value of $7,140,150.00. Following the sale, the insider now directly owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Matthew A. Liegel sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $153.13, for a total value of $153,130.00. Following the sale, the chief accounting officer now directly owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $158.67, for a total value of $7,140,150.00. Following the completion of the sale, the insider now directly owns 303,843 shares in the company, valued at $48,210,768.81. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TGT shares. Evercore ISI lifted their price objective on Target from $158.00 to $160.00 and gave the stock an “inline” rating in a report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on Target from $209.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Piper Sandler started coverage on Target in a report on Wednesday, July 10th. They issued a “neutral” rating and a $156.00 price objective on the stock. StockNews.com upgraded Target from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 22nd. Finally, Bank of America lifted their price objective on Target from $190.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $179.68.

Target Company Profile

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.