Target (NYSE:TGT) Trading 0.8% Higher After Dividend Announcement

Target Co. (NYSE:TGT)’s share price traded up 0.8% on Wednesday following a dividend announcement from the company. The company traded as high as $153.87 and last traded at $153.10. 248,221 shares changed hands during trading, a decline of 94% from the average session volume of 4,001,323 shares. The stock had previously closed at $151.96.

The newly announced dividend which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 2.86%. The ex-dividend date is Wednesday, November 20th. Target’s dividend payout ratio (DPR) is currently 50.28%.

Analyst Ratings Changes

TGT has been the topic of several analyst reports. Daiwa America raised shares of Target to a “strong-buy” rating in a research report on Monday, August 26th. Evercore ISI upped their price target on shares of Target from $158.00 to $160.00 and gave the stock an “inline” rating in a research report on Thursday, August 22nd. Piper Sandler initiated coverage on shares of Target in a research report on Wednesday, July 10th. They set a “neutral” rating and a $156.00 price target on the stock. BNP Paribas initiated coverage on shares of Target in a research report on Monday, June 3rd. They set an “underperform” rating and a $116.00 price target on the stock. Finally, Oppenheimer dropped their price target on shares of Target from $200.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Target currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.68.

Target Price Performance

The stock has a market capitalization of $72.41 billion, a price-to-earnings ratio of 17.57, a P/E/G ratio of 1.90 and a beta of 1.24. The company has a quick ratio of 0.27, a current ratio of 0.90 and a debt-to-equity ratio of 0.95. The business’s 50 day simple moving average is $148.44 and its 200-day simple moving average is $155.05.

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

Insider Transactions at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total value of $7,140,150.00. Following the completion of the transaction, the insider now owns 303,843 shares of the company’s stock, valued at $48,210,768.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Matthew A. Liegel sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $153.13, for a total value of $153,130.00. Following the completion of the transaction, the chief accounting officer now owns 7,276 shares in the company, valued at approximately $1,114,173.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brian C. Cornell sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total transaction of $7,140,150.00. Following the completion of the transaction, the insider now owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TGT. Boston Partners acquired a new stake in Target during the 1st quarter valued at approximately $335,870,000. AQR Capital Management LLC increased its position in Target by 711.2% during the 2nd quarter. AQR Capital Management LLC now owns 876,531 shares of the retailer’s stock valued at $129,762,000 after purchasing an additional 768,479 shares during the period. Focused Investors Fund L P acquired a new stake in Target during the 1st quarter valued at approximately $125,536,000. Swedbank AB acquired a new stake in Target during the 1st quarter valued at approximately $107,367,000. Finally, Los Angeles Capital Management LLC increased its position in Target by 44.6% during the 1st quarter. Los Angeles Capital Management LLC now owns 1,765,496 shares of the retailer’s stock valued at $312,864,000 after purchasing an additional 544,920 shares during the period. Institutional investors own 79.73% of the company’s stock.

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.