Assenagon Asset Management S.A. Cuts Stock Position in Target Corporation $TGT

Key Points

• Assenagon Asset Management cut its Target stake by 90.9% in the first quarter, selling 414,252 shares and ending with 41,327 shares valued at about $5.0 million.
• Target reported better-than-expected quarterly results, with EPS of $1.71 versus $1.47 expected and revenue of $25.44 billion, up 6.7% year over year.
• The retailer raised its quarterly dividend to $1.16 per share from $1.14, while Wall Street currently has a consensus rating of Hold with an average price target of $130.64.

Assenagon Asset Management S.A. lessened its stake in shares of Target Corporation (NYSE:TGT - Free Report) by 90.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,327 shares of the retailer's stock after selling 414,252 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Target were worth $5,009,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Crawford Investment Counsel Inc. raised its position in shares of Target by 0.4% during the 4th quarter. Crawford Investment Counsel Inc. now owns 20,163 shares of the retailer's stock valued at $1,971,000 after acquiring an additional 90 shares in the last quarter. Valtinson Bruner Financial Planning LLC lifted its position in shares of Target by 2.6% in the 4th quarter. Valtinson Bruner Financial Planning LLC now owns 3,604 shares of the retailer's stock worth $352,000 after buying an additional 92 shares during the last quarter. Auxano Advisors LLC lifted its position in shares of Target by 3.0% in the 4th quarter. Auxano Advisors LLC now owns 3,193 shares of the retailer's stock worth $312,000 after buying an additional 93 shares during the last quarter. Neumann Capital Management LLC boosted its holdings in shares of Target by 0.8% in the 4th quarter. Neumann Capital Management LLC now owns 13,280 shares of the retailer's stock valued at $1,298,000 after buying an additional 100 shares during the period. Finally, Ausdal Financial Partners Inc. grew its position in shares of Target by 1.1% during the 4th quarter. Ausdal Financial Partners Inc. now owns 9,209 shares of the retailer's stock valued at $900,000 after buying an additional 102 shares during the last quarter. 79.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TGT. DA Davidson increased their price objective on shares of Target from $140.00 to $155.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. Morgan Stanley upped their target price on Target from $125.00 to $145.00 and gave the company an "overweight" rating in a report on Wednesday, March 4th. Roth Mkm reaffirmed a "neutral" rating and set a $114.00 target price on shares of Target in a report on Friday, May 22nd. Mizuho set a $120.00 price target on Target in a research report on Thursday, March 5th. Finally, The Goldman Sachs Group reissued a "neutral" rating on shares of Target in a report on Thursday, June 11th. Twelve investment analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $130.64.

Target Trading Down 4.7%

NYSE:TGT opened at $133.81 on Tuesday. The stock has a market cap of $60.78 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 2.74 and a beta of 1.00. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.30 and a current ratio of 0.93. Target Corporation has a 1 year low of $83.44 and a 1 year high of $142.82. The business has a fifty day moving average of $128.20 and a 200-day moving average of $117.04.

Target (NYSE:TGT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 20th. The retailer reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.47 by $0.24. The business had revenue of $25.44 billion for the quarter, compared to analysts' expectations of $24.66 billion. Target had a net margin of 3.24% and a return on equity of 22.92%. The company's revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.30 earnings per share. Target has set its FY 2026 guidance at 7.500-8.500 EPS. Equities analysts predict that Target Corporation will post 8.35 earnings per share for the current year.

Target Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 12th will be paid a $1.16 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from Target's previous quarterly dividend of $1.14. Target's dividend payout ratio (DPR) is currently 61.29%.

Insider Buying and Selling at Target

In other news, insider Cara A. Sylvester sold 10,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $125.89, for a total value of $1,258,900.00. Following the completion of the transaction, the insider directly owned 45,930 shares in the company, valued at $5,782,127.70. This trade represents a 17.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.13% of the company's stock.

Target Profile

Target Corporation NYSE: TGT is a U.S.-based general merchandise retailer headquartered in Minneapolis, Minnesota. The company operates a network of full-line and small-format stores across the United States alongside a national e-commerce platform and mobile app. Target’s retail assortment spans apparel, home goods, electronics, groceries and household essentials, plus beauty, baby and pet categories. The firm complements national brands with a portfolio of owned and exclusive labels and partnerships that help differentiate its merchandise assortment.

Target traces its roots to the Dayton Company, founded by George Dayton in 1902; the Target discount chain was launched in 1962 and the parent company later adopted the Target Corporation name.

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