Canal Capital Management LLC Raises Stake in Target Co. (TGT)

Canal Capital Management LLC boosted its position in Target Co. (NYSE:TGT) by 51.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,438 shares of the retailer’s stock after buying an additional 7,960 shares during the period. Canal Capital Management LLC’s holdings in Target were worth $1,294,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TGT. Dodge & Cox purchased a new stake in Target during the fourth quarter worth approximately $788,237,000. Norges Bank purchased a new stake in Target during the fourth quarter worth approximately $460,220,000. Renaissance Technologies LLC purchased a new stake in Target during the fourth quarter worth approximately $129,277,000. Equity Investment Corp Acquisition Inc purchased a new stake in Target during the fourth quarter worth approximately $128,071,000. Finally, Two Sigma Advisers LP increased its stake in Target by 652.1% in the third quarter. Two Sigma Advisers LP now owns 2,012,067 shares of the retailer’s stock worth $138,189,000 after buying an additional 1,744,553 shares during the period. 88.53% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Target (NYSE:TGT)

Target Co. (NYSE:TGT) opened at 54.20 on Friday. The firm has a market cap of $29.90 billion, a price-to-earnings ratio of 11.11 and a beta of 0.63. The firm’s 50-day moving average price is $55.26 and its 200-day moving average price is $63.86. Target Co. has a 1-year low of $52.72 and a 1-year high of $79.33.

Target (NYSE:TGT) last announced its quarterly earnings data on Wednesday, May 17th. The retailer reported $1.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.30. The business had revenue of $16.02 billion during the quarter, compared to the consensus estimate of $15.63 billion. Target had a return on equity of 25.18% and a net margin of 4.75%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share. On average, equities research analysts anticipate that Target Co. will post $4.23 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 10th. Investors of record on Wednesday, May 17th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Monday, May 15th. Target’s payout ratio is currently 42.93%.

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TGT has been the subject of several recent research reports. Sanford C. Bernstein initiated coverage on Target in a research report on Monday, February 6th. They set an “outperform” rating and a $77.00 price target for the company. Buckingham Research reiterated a “buy” rating and set a $71.00 price target on shares of Target in a research report on Wednesday, April 19th. Barclays PLC reduced their price target on Target from $60.00 to $50.00 and set an “underweight” rating for the company in a research report on Wednesday, March 1st. Zacks Investment Research upgraded Target from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Finally, Gordon Haskett initiated coverage on Target in a research report on Tuesday, May 9th. They set a “sell” rating and a $47.00 price target for the company. Six investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $65.49.

In other news, Director Donald R. Knauss bought 10,000 shares of Target stock in a transaction that occurred on Thursday, March 9th. The shares were purchased at an average price of $54.86 per share, for a total transaction of $548,600.00. Following the completion of the acquisition, the director now owns 16,431 shares of the company’s stock, valued at $901,404.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cathy R. Smith bought 5,000 shares of Target stock in a transaction that occurred on Wednesday, March 1st. The stock was purchased at an average price of $58.95 per share, for a total transaction of $294,750.00. The disclosure for this purchase can be found here. Insiders purchased 19,000 shares of company stock worth $1,073,750 in the last quarter. 0.25% of the stock is owned by insiders.

About Target

Target Corporation (Target) is a general merchandise retailer selling products through its stores and digital channels. Its general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items. Its digital channels include a range of general merchandise, including a range of items found in its stores, along with an assortment, such as additional sizes and colors sold only online.

12 Month Chart for NYSE:TGT

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