SCS Capital Management LLC Takes Position in Target Corporation $TGT

Key Points

• SCS Capital Management LLC acquired 89,725 shares of Target Corporation, valued at approximately $9.36 million, as part of its new position in the retailer's stock.
• Target's stock has a consensus rating of "Hold" from analysts, with a current price target averaging $113.74.
• The company recently reported $2.05 EPS, exceeding estimates slightly, with a quarterly revenue of $24.99 billion, marking a 0.9% decline year-over-year.

SCS Capital Management LLC acquired a new position in shares of Target Corporation (NYSE:TGT - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 89,725 shares of the retailer's stock, valued at approximately $9,364,000.

Several other hedge funds have also recently bought and sold shares of TGT. Brighton Jones LLC boosted its stake in Target by 101.3% in the fourth quarter. Brighton Jones LLC now owns 6,080 shares of the retailer's stock worth $822,000 after purchasing an additional 3,059 shares in the last quarter. First Manhattan CO. LLC. lifted its position in Target by 35.4% during the 4th quarter. First Manhattan CO. LLC. now owns 2,296 shares of the retailer's stock valued at $310,000 after purchasing an additional 600 shares during the period. Graham Capital Management L.P. acquired a new position in shares of Target in the 4th quarter valued at $2,068,000. Jefferies Financial Group Inc. lifted its stake in shares of Target by 148.2% in the 4th quarter. Jefferies Financial Group Inc. now owns 42,093 shares of the retailer's stock valued at $5,690,000 after purchasing an additional 25,134 shares during the period. Finally, Investment Management Corp of Ontario lifted its stake in shares of Target by 35.2% in the 4th quarter. Investment Management Corp of Ontario now owns 23,110 shares of the retailer's stock valued at $3,124,000 after purchasing an additional 6,013 shares during the period. 79.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Barclays restated an "underweight" rating and set a $91.00 target price on shares of Target in a report on Monday, July 21st. Citigroup boosted their target price on shares of Target from $94.00 to $100.00 and gave the company a "neutral" rating in a research report on Friday, August 22nd. DA Davidson decreased their target price on shares of Target from $140.00 to $125.00 and set a "buy" rating on the stock in a research report on Thursday, May 22nd. Morgan Stanley lowered their price objective on Target from $160.00 to $112.00 and set an "overweight" rating on the stock in a research note on Thursday, May 22nd. Finally, Loop Capital set a $95.00 price objective on Target in a research note on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $113.74.

Target Price Performance

Shares of NYSE TGT traded up $0.69 during midday trading on Thursday, reaching $91.47. 9,477,865 shares of the company were exchanged, compared to its average volume of 8,557,401. The stock's 50-day moving average price is $100.80 and its 200-day moving average price is $100.40. The stock has a market cap of $41.56 billion, a P/E ratio of 10.66, a PEG ratio of 2.62 and a beta of 1.16. Target Corporation has a one year low of $87.35 and a one year high of $161.50. 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 - Get Free Report) last posted its earnings results on Wednesday, August 20th. The retailer reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $2.04 by $0.01. The firm had revenue of $24.99 billion for the quarter, compared to analysts' expectations of $24.84 billion. Target had a net margin of 3.72% and a return on equity of 23.43%. The company's revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.57 earnings per share. Target has set its FY 2025 guidance at 7.000-9.000 EPS. On average, sell-side analysts anticipate that Target Corporation will post 8.69 earnings per share for the current fiscal year.

Target 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.