Smith Moore & CO. boosted its position in Target Co. (NYSE:TGT) by 1.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,878 shares of the retailer’s stock after buying an additional 53 shares during the quarter. Smith Moore & CO.’s holdings in Target were worth $696,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in TGT. Jennison Associates LLC increased its holdings in Target by 1,562.3% in the first quarter. Jennison Associates LLC now owns 4,514,325 shares of the retailer’s stock valued at $894,152,000 after buying an additional 4,242,754 shares during the last quarter. BlackRock Inc. increased its holdings in Target by 4.4% in the first quarter. BlackRock Inc. now owns 38,768,116 shares of the retailer’s stock valued at $7,678,800,000 after buying an additional 1,633,495 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Target by 619.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,658,670 shares of the retailer’s stock valued at $328,533,000 after buying an additional 1,428,121 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Target by 3,162.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 750,108 shares of the retailer’s stock valued at $148,574,000 after acquiring an additional 727,118 shares during the period. Finally, Cullen Capital Management LLC boosted its stake in Target by 269.0% in the first quarter. Cullen Capital Management LLC now owns 988,070 shares of the retailer’s stock valued at $195,707,000 after acquiring an additional 720,285 shares during the period. 76.73% of the stock is owned by hedge funds and other institutional investors.
NYSE TGT opened at $242.24 on Wednesday. Target Co. has a 1-year low of $146.45 and a 1-year high of $267.06. 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 company has a market capitalization of $118.22 billion, a PE ratio of 19.29, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. The firm’s fifty day simple moving average is $253.16 and its 200-day simple moving average is $225.98.
Target announced that its board has initiated a share buyback plan on Wednesday, August 18th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the retailer to purchase up to 12.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Brian C. Cornell sold 25,000 shares of the company’s stock in a transaction on Thursday, September 2nd. The shares were 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 $48,032,760.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John J. Mulligan sold 80,782 shares of the company’s stock in a transaction on Thursday, August 19th. The stock was sold at an average price of $247.20, for a total transaction of $19,969,310.40. The disclosure for this sale can be found here. Insiders sold 136,744 shares of company stock worth $34,106,184 over the last ninety days. 0.29% of the stock is currently owned by company insiders.
TGT has been the subject of a number of research reports. Citigroup lifted their target price on Target from $258.00 to $287.00 and gave the company a “buy” rating in a research note on Thursday, August 19th. Zacks Investment Research downgraded Target from a “buy” rating to a “hold” rating and set a $269.00 target price for the company. in a research note on Friday, July 23rd. Barclays lifted their target price on Target from $225.00 to $260.00 and gave the company an “overweight” rating in a research note on Thursday, May 20th. UBS Group upgraded Target from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $210.00 to $265.00 in a research report on Tuesday, June 8th. They noted that the move was a valuation call. Finally, Morgan Stanley boosted their price objective on Target from $250.00 to $260.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 25th. Five investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $252.30.
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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