Perigon Wealth Management LLC Invests $1.40 Million in Target Corporation $TGT

Perigon Wealth Management LLC bought a new stake in Target Corporation (NYSE:TGT) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 10,731 shares of the retailer’s stock, valued at approximately $1,402,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TGT. Brighton Jones LLC lifted its holdings in shares of Target by 101.3% in the 4th quarter. Brighton Jones LLC now owns 6,080 shares of the retailer’s stock valued at $822,000 after purchasing an additional 3,059 shares during the last quarter. Woodline Partners LP grew its stake in Target by 39.9% during the 1st quarter. Woodline Partners LP now owns 38,712 shares of the retailer’s stock worth $4,040,000 after buying an additional 11,047 shares during the last quarter. NewEdge Advisors LLC grew its stake in Target by 22.8% during the 2nd quarter. NewEdge Advisors LLC now owns 69,660 shares of the retailer’s stock worth $6,872,000 after buying an additional 12,948 shares during the last quarter. Sei Investments Co. increased its position in Target by 8.0% during the second quarter. Sei Investments Co. now owns 190,860 shares of the retailer’s stock worth $18,832,000 after buying an additional 14,195 shares during the period. Finally, Treasurer of the State of North Carolina increased its position in Target by 11.0% during the second quarter. Treasurer of the State of North Carolina now owns 272,787 shares of the retailer’s stock worth $26,910,000 after buying an additional 27,063 shares during the period. 79.73% of the stock is currently owned by institutional investors and hedge funds.

Target Trading Up 1.1%

NYSE:TGT opened at $152.63 on Wednesday. Target Corporation has a 12-month low of $83.44 and a 12-month high of $156.47. The company has a current ratio of 0.93, a quick ratio of 0.30 and a debt-to-equity ratio of 0.87. The stock’s 50 day simple moving average is $139.08 and its 200-day simple moving average is $126.98. The firm has a market cap of $69.32 billion, a P/E ratio of 20.16, a PEG ratio of 2.51 and a beta of 0.96.

Target (NYSE:TGT) last issued its quarterly earnings results on Wednesday, May 20th. The retailer reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.24. Target had a return on equity of 22.92% and a net margin of 3.24%.The firm had revenue of $25.44 billion during the quarter, compared to the consensus estimate of $24.66 billion. During the same period last year, the company earned $1.30 earnings per share. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. Equities analysts anticipate that Target Corporation will post 8.43 EPS for the current year.

Target Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 12th will be given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, August 12th. This is an increase from Target’s previous quarterly dividend of $1.14. Target’s payout ratio is currently 61.29%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Roth Capital reissued a “neutral” rating and issued a $114.00 price objective on shares of Target in a report on Friday, May 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Target in a report on Friday, July 31st. Wells Fargo & Company lifted their target price on shares of Target from $140.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. Royal Bank Of Canada upped their price target on shares of Target from $153.00 to $166.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Finally, BMO Capital Markets increased their price target on shares of Target from $130.00 to $150.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, sixteen have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $143.85.

Insider Buying and Selling

In other news, insider Cara A. Sylvester sold 10,000 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $125.89, for a total value of $1,258,900.00. Following the completion of the sale, the insider owned 45,930 shares in the company, valued at approximately $5,782,127.70. This trade represents a 17.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.13% of the company’s stock.

Target News Summary

Here are the key news stories impacting Target this week:

• Positive Sentiment: DA Davidson raised its price target on Target from $155 to $170 and reiterated a “buy” rating, implying additional upside from recent trading levels. Target price target raised by DA Davidson
• Positive Sentiment: Analysts are highlighting Target’s dividend appeal, which may support demand from income-oriented investors while the stock trades at a valuation below some retail peers. Why Target is a great dividend stock right now
• Neutral Sentiment: Target is scheduled to report second-quarter earnings before the market opens on Wednesday, August 19, followed by a 7:00 a.m. conference call. The event is the immediate catalyst for the stock and could produce significant volatility. Target second-quarter earnings conference call
• Neutral Sentiment: Pre-earnings coverage points to rising estimates, improving merchandising and the possibility of another earnings beat. Investors will focus on sales trends, margins, costs and management’s outlook, particularly because tough year-over-year comparisons could limit gains. Target pre-second-quarter earnings preview
• Negative Sentiment: A review of Target’s five-year performance underscores longer-term concerns: the stock has substantially lagged other major U.S. retailers, raising questions about its competitive position and sustainable growth prospects. Target’s stock down 40 percent in five years

Target Profile

Target Corporation (NYSE: TGT) is a U.S.-based general merchandise retailer headquartered in Minneapolis, Minnesota. The company operates a network of full-line and small-format stores across the United States alongside a national e-commerce platform and mobile app. Target’s retail assortment spans apparel, home goods, electronics, groceries and household essentials, plus beauty, baby and pet categories. The firm complements national brands with a portfolio of owned and exclusive labels and partnerships that help differentiate its merchandise assortment.

Target traces its roots to the Dayton Company, founded by George Dayton in 1902; the Target discount chain was launched in 1962 and the parent company later adopted the Target Corporation name.