State of Michigan Retirement System Has $12.97 Million Stock Holdings in Target Corporation (NYSE:TGT)

State of Michigan Retirement System decreased its holdings in shares of Target Corporation (NYSE:TGT) by 0.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 124,322 shares of the retailer’s stock after selling 700 shares during the period. State of Michigan Retirement System’s holdings in Target were worth $12,974,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Correct Capital Wealth Management raised its holdings in Target by 44.7% during the first quarter. Correct Capital Wealth Management now owns 13,556 shares of the retailer’s stock worth $1,415,000 after buying an additional 4,189 shares during the last quarter. Allworth Financial LP raised its holdings in Target by 0.9% during the first quarter. Allworth Financial LP now owns 33,420 shares of the retailer’s stock worth $3,185,000 after buying an additional 287 shares during the last quarter. Peoples Financial Services CORP. raised its holdings in Target by 5.4% during the first quarter. Peoples Financial Services CORP. now owns 5,024 shares of the retailer’s stock worth $524,000 after buying an additional 257 shares during the last quarter. Parr Mcknight Wealth Management Group LLC raised its holdings in Target by 33.1% during the first quarter. Parr Mcknight Wealth Management Group LLC now owns 25,813 shares of the retailer’s stock worth $2,694,000 after buying an additional 6,423 shares during the last quarter. Finally, Forza Wealth Management LLC grew its stake in shares of Target by 5.3% in the 1st quarter. Forza Wealth Management LLC now owns 3,873 shares of the retailer’s stock worth $404,000 after acquiring an additional 195 shares in the last quarter. Institutional investors and hedge funds own 79.73% of the company’s stock.

Insider Activity

In other news, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total value of $4,328,100.00. Following the sale, the insider directly owned 246,453 shares of the company’s stock, valued at approximately $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on TGT. Truist Financial upped their target price on shares of Target from $82.00 to $90.00 and gave the stock a “hold” rating in a research note on Thursday, May 22nd. Morgan Stanley reduced their target price on shares of Target from $160.00 to $112.00 and set an “overweight” rating for the company in a research note on Thursday, May 22nd. Cfra Research lowered shares of Target from a “moderate buy” rating to a “hold” rating in a research note on Thursday, April 17th. Sanford C. Bernstein lowered shares of Target from a “market perform” rating to an “underperform” rating and reduced their target price for the stock from $97.00 to $82.00 in a research note on Monday, May 12th. Finally, Piper Sandler set a $94.00 target price on shares of Target and gave the stock a “neutral” rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, twenty-five have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $116.70.

Target Price Performance

Shares of NYSE:TGT opened at $104.26 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $47.37 billion, a PE ratio of 11.46, a P/E/G ratio of 3.00 and a beta of 1.22. Target Corporation has a twelve month low of $87.35 and a twelve month high of $167.40. The company has a 50-day moving average price of $97.69 and a two-hundred day moving average price of $110.78.

Target (NYSE:TGT) last issued 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 business 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%. Target’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.03 EPS. Equities analysts forecast that Target Corporation will post 8.69 EPS for the current year.

Target Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Wednesday, August 13th. Target’s payout ratio is 49.23%.

Target 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.