Westpac Banking Corp Reduces Stock Position in Target Corporation $TGT

Westpac Banking Corp decreased its stake in shares of Target Corporation (NYSE:TGT) by 66.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,824 shares of the retailer’s stock after selling 5,513 shares during the period. Westpac Banking Corp’s holdings in Target were worth $279,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TGT. Punch & Associates Investment Management Inc. boosted its holdings in shares of Target by 48.1% in the first quarter. Punch & Associates Investment Management Inc. now owns 84,190 shares of the retailer’s stock worth $8,786,000 after buying an additional 27,329 shares during the period. Precedent Wealth Partners LLC raised its holdings in shares of Target by 27.7% during the second quarter. Precedent Wealth Partners LLC now owns 13,208 shares of the retailer’s stock valued at $1,303,000 after acquiring an additional 2,869 shares during the period. PDT Partners LLC purchased a new stake in shares of Target in the 1st quarter valued at approximately $4,623,000. Mattern Capital Management LLC boosted its stake in Target by 7.6% in the 2nd quarter. Mattern Capital Management LLC now owns 79,158 shares of the retailer’s stock worth $7,809,000 after purchasing an additional 5,573 shares during the period. Finally, Northern Financial Advisors Inc purchased a new position in Target during the 2nd quarter worth approximately $370,000. 79.73% of the stock is currently owned by institutional investors and hedge funds.

Target Stock Performance

TGT stock opened at $88.58 on Tuesday. The firm has a 50 day moving average of $90.48 and a two-hundred day moving average of $96.15. Target Corporation has a 12 month low of $85.36 and a 12 month high of $158.42. The company has a market capitalization of $40.25 billion, a price-to-earnings ratio of 10.32, a P/E/G ratio of 2.74 and a beta of 1.19. The company has a quick ratio of 0.32, a current ratio of 0.99 and a debt-to-equity ratio of 0.99.

Target (NYSE:TGT) last issued its quarterly earnings data on Wednesday, August 20th. The retailer reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.01. Target had a net margin of 3.72% and a return on equity of 23.43%. The firm had revenue of $24.99 billion during the quarter, compared to analysts’ expectations of $24.84 billion. During the same period in the prior year, the company posted $2.57 earnings per share. Target’s revenue for the quarter was down .9% on a year-over-year basis. Target has set its FY 2025 guidance at 7.000-9.000 EPS. As a group, equities analysts anticipate that Target Corporation will post 8.69 EPS for the current fiscal year.

Target Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 12th will be paid a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Wednesday, November 12th. This is a positive change from Target’s previous quarterly dividend of $1.12. Target’s dividend payout ratio (DPR) is 53.15%.

Wall Street Analyst Weigh In

TGT has been the subject of a number of research analyst reports. Guggenheim restated a “buy” rating and issued a $115.00 target price on shares of Target in a report on Monday, October 27th. Bank of America reissued an “underperform” rating and issued a $93.00 price objective (down from $105.00) on shares of Target in a research note on Friday, August 15th. Piper Sandler reaffirmed a “neutral” rating on shares of Target in a research note on Tuesday, July 29th. Zacks Research downgraded Target from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $110.00 price target on shares of Target in a research report on Friday. Nine analysts have rated the stock with a Buy rating, twenty-five have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $108.71.

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.