Sawgrass Asset Management LLC trimmed its position in shares of Target Corporation (NYSE:TGT – Free Report) by 15.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,380 shares of the retailer’s stock after selling 2,052 shares during the period. Sawgrass Asset Management LLC’s holdings in Target were worth $1,188,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the company. Stiles Financial Services Inc increased its holdings in Target by 8.1% during the first quarter. Stiles Financial Services Inc now owns 27,762 shares of the retailer’s stock worth $2,898,000 after buying an additional 2,077 shares during the last quarter. Jmac Enterprises LLC bought a new position in Target during the first quarter worth $219,000. Prairie Wealth Advisors Inc. boosted its position in Target by 1.7% during the first quarter. Prairie Wealth Advisors Inc. now owns 7,606 shares of the retailer’s stock worth $794,000 after purchasing an additional 130 shares during the period. Live Oak Private Wealth LLC boosted its position in Target by 13.5% during the first quarter. Live Oak Private Wealth LLC now owns 20,607 shares of the retailer’s stock worth $2,151,000 after purchasing an additional 2,445 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Target by 4.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 98,554 shares of the retailer’s stock worth $10,285,000 after purchasing an additional 4,553 shares during the period. 79.73% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, insider Brian C. Cornell sold 45,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total value of $4,328,100.00. Following the completion of the transaction, the insider now owns 246,453 shares of the company’s stock, valued at $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.16% of the company’s stock.
Target Stock Up 0.6%
Target (NYSE:TGT – Get Free Report) last posted its 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). The company had revenue of $24.20 billion for the quarter, compared to the consensus estimate of $24.54 billion. Target had a return on equity of 25.59% and a net margin of 3.95%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.03 EPS. As a group, equities research analysts anticipate that Target Corporation will post 8.69 EPS for the current fiscal year.
Target Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Wednesday, August 13th will be paid a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.68%. Target’s payout ratio is presently 49.23%.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. Barclays assumed coverage on shares of Target in a research report on Thursday, May 22nd. They set an “equal weight” rating for the company. Oppenheimer reduced their price objective on shares of Target from $165.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Roth Capital set a $122.00 price objective on shares of Target in a research report on Wednesday, March 5th. UBS Group reduced their price objective on shares of Target from $170.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Morgan Stanley reduced their price objective on shares of Target from $160.00 to $112.00 and set an “overweight” rating for the company in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Target presently has an average rating of “Hold” and a consensus target price of $116.70.
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.
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