Johnson Financial Group LLC Acquires New Holdings in Target Corporation (NYSE:TGT)

Key Points

• Johnson Financial Group LLC acquired 2,631 shares of Target Corporation, valued at approximately $275,000, in the first quarter.
• Target recently reported earnings of $1.30 EPS, missing the consensus estimate by $0.35, with year-over-year revenue down 2.8%.
• The company announced a quarterly dividend of $1.12 per share, representing an annualized yield of 4.2%, payable on September 1st.

Johnson Financial Group LLC bought a new stake in Target Corporation (NYSE:TGT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,631 shares of the retailer's stock, valued at approximately $275,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TGT. DSG Capital Advisors LLC grew its holdings in Target by 16.1% in the 1st quarter. DSG Capital Advisors LLC now owns 156,644 shares of the retailer's stock valued at $16,347,000 after buying an additional 21,726 shares during the period. Viking Fund Management LLC grew its holdings in Target by 20.0% in the first quarter. Viking Fund Management LLC now owns 60,000 shares of the retailer's stock valued at $6,262,000 after purchasing an additional 10,000 shares during the period. Correct Capital Wealth Management raised its stake 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 purchasing an additional 4,189 shares during the period. Chapin Davis Inc. raised its stake in Target by 64.7% during the first quarter. Chapin Davis Inc. now owns 8,507 shares of the retailer's stock worth $888,000 after purchasing an additional 3,342 shares during the period. Finally, CMH Wealth Management LLC boosted its holdings in shares of Target by 31.5% in the 1st quarter. CMH Wealth Management LLC now owns 61,420 shares of the retailer's stock valued at $6,410,000 after purchasing an additional 14,719 shares during the last quarter. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Brian C. Cornell sold 45,000 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the completion of the transaction, the insider owned 246,453 shares in the company, valued at approximately $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

TGT has been the subject of a number of research analyst reports. Truist Financial upped their price objective on Target from $82.00 to $90.00 and gave the stock a "hold" rating in a report on Thursday, May 22nd. Evercore ISI upped their price target on Target from $104.00 to $108.00 and gave the stock an "in-line" rating in a research note on Tuesday. Citigroup reduced their price objective on Target from $97.00 to $94.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Royal Bank Of Canada decreased their target price on Target from $112.00 to $103.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Mizuho cut their price target on shares of Target from $92.00 to $88.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Three equities research analysts have rated the stock with a sell rating, twenty-three have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $115.26.

Target Stock Performance

TGT stock traded up $2.28 during trading on Tuesday, hitting $106.29. 6,547,244 shares of the company's stock traded hands, compared to its average volume of 6,916,479. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.96. Target Corporation has a 52 week low of $87.35 and a 52 week high of $167.40. The stock has a fifty day moving average price of $101.01 and a two-hundred day moving average price of $105.64. The stock has a market capitalization of $48.29 billion, a price-to-earnings ratio of 11.68, a price-to-earnings-growth ratio of 3.01 and a beta of 1.22.

Target (NYSE:TGT - Get Free Report) last posted its earnings results on Wednesday, May 21st. The retailer reported $1.30 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.35). The company had revenue of $24.20 billion for the quarter, compared to the consensus estimate of $24.54 billion. Target had a net margin of 3.95% and a return on equity of 25.59%. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period last year, the company posted $2.03 earnings per share. As a group, equities analysts anticipate that Target Corporation will post 8.69 EPS for the current fiscal 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 dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 annualized dividend and a dividend yield of 4.2%. Target's payout ratio is 49.23%.

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.