Aigen Investment Management LP Raises Position in Target Corporation (NYSE:TGT)

Key Points

• Aigen Investment Management LP increased its stake in Target Corporation by 399.7%, owning 28,479 shares valued at $2.97 million as per its latest SEC filing.
• Target announced a quarterly dividend of $1.12 per share, representing an annualized dividend yield of 4.2%.
• Several analysts have downgraded Target's stock, with Cfra Research changing its rating from "moderate buy" to "hold" and price targets reducing significantly.

Aigen Investment Management LP grew its stake in Target Corporation (NYSE:TGT - Free Report) by 399.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,479 shares of the retailer's stock after purchasing an additional 22,780 shares during the period. Aigen Investment Management LP's holdings in Target were worth $2,972,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bernard Wealth Management Corp. purchased a new stake in shares of Target in the fourth quarter valued at approximately $29,000. Legacy Investment Solutions LLC boosted its stake in shares of Target by 47.5% in the fourth quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer's stock valued at $35,000 after buying an additional 85 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in shares of Target in the fourth quarter valued at approximately $40,000. Bellwether Advisors LLC purchased a new stake in shares of Target in the fourth quarter valued at approximately $47,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Target in the fourth quarter valued at approximately $49,000. Institutional investors and hedge funds own 79.73% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on TGT shares. DA Davidson decreased their price target on Target from $140.00 to $125.00 and set a "buy" rating on the stock in a research note on Thursday, May 22nd. Loop Capital set a $95.00 target price on Target in a research report on Thursday, July 17th. Royal Bank Of Canada decreased their target price on Target from $112.00 to $103.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Telsey Advisory Group set a $110.00 target price on Target and gave the stock a "market perform" rating in a research report on Thursday, May 22nd. Finally, Wall Street Zen downgraded Target from a "hold" rating to a "sell" rating in a research report on Saturday. Three research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $115.26.

Target Trading Up 2.2%

NYSE:TGT traded up $2.28 on Tuesday, hitting $106.29. 6,547,244 shares of the stock were exchanged, compared to its average volume of 4,937,121. The stock has a market cap of $48.29 billion, a PE ratio of 11.68, a PEG ratio of 2.99 and a beta of 1.22. The company has a current ratio of 0.94, a quick ratio of 0.25 and a debt-to-equity ratio of 0.96. The stock has a fifty day moving average of $101.22 and a 200-day moving average of $105.64. Target Corporation has a fifty-two week low of $87.35 and a fifty-two week high of $167.40.

Target (NYSE:TGT - Get Free Report) last announced its quarterly 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 firm had revenue of $24.20 billion for the quarter, compared to analyst estimates of $24.54 billion. Target had a return on equity of 25.59% and a net margin of 3.95%. The business's revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.03 earnings per share. As a group, equities analysts expect that Target Corporation will post 8.69 earnings per share for the current fiscal year.

Target Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Wednesday, August 13th will be paid a dividend of $1.12 per share. The ex-dividend date is Wednesday, August 13th. This represents a $4.48 annualized dividend and a yield of 4.2%. Target's dividend payout ratio is currently 49.23%.

Insider Buying and Selling

In other Target news, insider Brian C. Cornell sold 45,000 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the completion of the sale, the insider directly owned 246,453 shares in the company, valued at $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by corporate insiders.

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.