Pinnacle Associates Ltd. Lowers Holdings in Target Corporation (TGT)

Pinnacle Associates Ltd. decreased its stake in Target Corporation (NYSE:TGT) by 14.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,273 shares of the retailer’s stock after selling 3,680 shares during the period. Pinnacle Associates Ltd.’s holdings in Target Corporation were worth $1,165,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. OLD National Bancorp IN raised its position in Target Corporation by 13.8% in the first quarter. OLD National Bancorp IN now owns 62,330 shares of the retailer’s stock worth $3,440,000 after acquiring an additional 7,547 shares during the period. ING Groep NV raised its position in Target Corporation by 114.3% in the first quarter. ING Groep NV now owns 7,632 shares of the retailer’s stock worth $421,000 after acquiring an additional 4,071 shares during the period. Honeywell International Inc. raised its position in Target Corporation by 44.8% in the first quarter. Honeywell International Inc. now owns 665,100 shares of the retailer’s stock worth $36,707,000 after acquiring an additional 205,700 shares during the period. Cascade Investment Advisors Inc. raised its position in Target Corporation by 23.7% in the first quarter. Cascade Investment Advisors Inc. now owns 24,445 shares of the retailer’s stock worth $1,349,000 after acquiring an additional 4,685 shares during the period. Finally, Commerzbank Aktiengesellschaft FI raised its position in Target Corporation by 231.1% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 72,703 shares of the retailer’s stock worth $4,012,000 after acquiring an additional 50,746 shares during the period. 83.22% of the stock is currently owned by institutional investors and hedge funds.

Target Corporation (NYSE TGT) opened at 58.33 on Friday. The firm has a 50-day moving average of $56.82 and a 200-day moving average of $55.00. The stock has a market cap of $31.86 billion, a PE ratio of 11.79 and a beta of 0.60. Target Corporation has a 1-year low of $48.56 and a 1-year high of $79.33.

Target Corporation (NYSE:TGT) last released its quarterly earnings data on Wednesday, August 16th. The retailer reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $16.43 billion for the quarter, compared to analysts’ expectations of $16.30 billion. Target Corporation had a net margin of 3.99% and a return on equity of 25.06%. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.23 earnings per share. Analysts expect that Target Corporation will post $4.51 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Wednesday, November 15th will be issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.25%. Target Corporation’s dividend payout ratio (DPR) is presently 50.00%.

Several analysts have recently issued reports on the stock. ValuEngine lowered shares of Target Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Vetr raised shares of Target Corporation from a “hold” rating to a “buy” rating and set a $59.66 price target on the stock in a research report on Monday, June 19th. BidaskClub raised shares of Target Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research raised shares of Target Corporation from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Tuesday, June 6th. Finally, BMO Capital Markets boosted their price target on shares of Target Corporation from $60.00 to $62.00 and gave the company a “market perform” rating in a research report on Friday, July 14th. Five investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $61.64.

In related news, insider Robert M. Harrison sold 2,639 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $52.05, for a total value of $137,359.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hourigan Rice Jacqueline sold 4,679 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $59.37, for a total transaction of $277,792.23. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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Target Corporation Company Profile

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.

Institutional Ownership by Quarter for Target Corporation (NYSE:TGT)

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