Ipswich Investment Management Co. Inc. Reduces Holdings in Target Co. (NYSE:TGT)

Ipswich Investment Management Co. Inc. trimmed its position in shares of Target Co. (NYSE:TGT) by 5.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,052 shares of the retailer’s stock after selling 570 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Target were worth $945,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Powers Advisory Group LLC boosted its stake in Target by 2.0% during the first quarter. Powers Advisory Group LLC now owns 9,281 shares of the retailer’s stock worth $969,000 after buying an additional 179 shares during the period. Elevation Point Wealth Partners LLC boosted its stake in Target by 13.1% during the first quarter. Elevation Point Wealth Partners LLC now owns 29,192 shares of the retailer’s stock worth $3,046,000 after buying an additional 3,376 shares during the period. Opinicus Capital Inc. lifted its position in shares of Target by 18.8% during the first quarter. Opinicus Capital Inc. now owns 10,253 shares of the retailer’s stock worth $1,070,000 after purchasing an additional 1,619 shares during the last quarter. Stanley Laman Group Ltd. lifted its position in shares of Target by 10.4% during the first quarter. Stanley Laman Group Ltd. now owns 21,996 shares of the retailer’s stock worth $2,295,000 after purchasing an additional 2,070 shares during the last quarter. Finally, Donald L. Hagan LLC lifted its position in shares of Target by 3.1% during the first quarter. Donald L. Hagan LLC now owns 10,167 shares of the retailer’s stock worth $1,061,000 after purchasing an additional 309 shares during the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Baird R W downgraded Target from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 7th. Oppenheimer decreased their target price on Target from $165.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Truist Financial lifted their target price on Target from $82.00 to $90.00 and gave the stock a “hold” rating in a research report on Thursday, May 22nd. Piper Sandler set a $94.00 target price on Target and gave the stock a “neutral” rating in a research report on Thursday, May 22nd. Finally, Telsey Advisory Group set a $110.00 target price on Target and gave the stock a “market perform” rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $116.70.

Insider Transactions at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the sale, the insider now owns 246,453 shares in the company, valued at approximately $23,703,849.54. The trade was a 15.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Target Price Performance

TGT opened at $95.25 on Friday. Target Co. has a 1 year low of $87.35 and a 1 year high of $167.40. The firm has a market capitalization of $43.28 billion, a PE ratio of 10.10, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.94 and a quick ratio of 0.25. The business’s 50-day moving average is $95.48 and its two-hundred day moving average is $115.23.

Target (NYSE:TGT) last issued its quarterly earnings results on Wednesday, May 21st. The retailer reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.35). Target had a return on equity of 31.11% and a net margin of 4.06%. The business had revenue of $24.20 billion for the quarter, compared to analysts’ expectations of $24.54 billion. During the same quarter in the previous year, the firm posted $2.03 EPS. Target’s revenue was down 2.8% on a year-over-year basis. Research analysts anticipate that Target Co. will post 8.69 earnings per share for the current fiscal year.

Target Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be paid a dividend of $1.12 per share. The ex-dividend date is Wednesday, August 13th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.70%. Target’s payout ratio is 49.23%.

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.