Bank of Nova Scotia Grows Stock Holdings in The TJX Companies, Inc. $TJX

Key Points

• Bank of Nova Scotia increased its TJX stake by 59.1% in the first quarter, buying an additional 273,002 shares and bringing its total holding to 734,821 shares worth about $117.4 million.
• TJX saw notable insider selling, including sales by CFO John Klinger and CEO Ernie Herrman, while insiders sold 130,367 shares total over the past three months.
• The company reported strong quarterly results, with EPS of $1.19 beating estimates and revenue of $14.32 billion topping expectations, while analysts currently rate the stock a consensus Buy with a $176.89 price target.

Bank of Nova Scotia lifted its position in The TJX Companies, Inc. (NYSE:TJX - Free Report) by 59.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 734,821 shares of the apparel and home fashions retailer's stock after purchasing an additional 273,002 shares during the quarter. Bank of Nova Scotia owned about 0.07% of TJX Companies worth $117,351,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in TJX Companies in the 4th quarter valued at about $2,211,975,000. Diamant Asset Management Inc. raised its holdings in TJX Companies by 15,998.0% in the 1st quarter. Diamant Asset Management Inc. now owns 3,779,983 shares of the apparel and home fashions retailer's stock worth $603,663,000 after purchasing an additional 3,756,502 shares during the period. Corient Private Wealth LLC lifted its position in shares of TJX Companies by 120.7% in the second quarter. Corient Private Wealth LLC now owns 5,016,792 shares of the apparel and home fashions retailer's stock valued at $620,406,000 after acquiring an additional 2,743,676 shares in the last quarter. Amundi grew its holdings in TJX Companies by 22.1% in the 3rd quarter. Amundi now owns 9,725,542 shares of the apparel and home fashions retailer's stock valued at $1,391,822,000 after buying an additional 1,761,281 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of TJX Companies by 57.3% in the 4th quarter. AQR Capital Management LLC now owns 4,814,467 shares of the apparel and home fashions retailer's stock valued at $739,550,000 after acquiring an additional 1,753,155 shares during the period. Hedge funds and other institutional investors own 91.09% of the company's stock.

Insider Transactions at TJX Companies

In other TJX Companies news, CFO John Klinger sold 6,235 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $160.77, for a total value of $1,002,400.95. Following the transaction, the chief financial officer directly owned 64,257 shares of the company's stock, valued at $10,330,597.89. This represents a 8.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ernie Herrman sold 29,549 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $157.46, for a total value of $4,652,785.54. Following the completion of the transaction, the chief executive officer directly owned 552,850 shares of the company's stock, valued at approximately $87,051,761. This trade represents a 5.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 130,367 shares of company stock valued at $20,959,476 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TJX has been the topic of a number of analyst reports. Truist Financial set a $190.00 price target on TJX Companies and gave the company a "buy" rating in a research note on Thursday, May 21st. Citigroup reiterated a "buy" rating and set a $182.00 target price (up from $168.00) on shares of TJX Companies in a report on Thursday, May 21st. BTIG Research increased their target price on shares of TJX Companies from $185.00 to $190.00 and gave the stock a "buy" rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. upped their price target on shares of TJX Companies from $173.00 to $174.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Finally, Erste Group Bank lowered TJX Companies from a "buy" rating to a "hold" rating in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $176.89.

TJX Companies Trading Down 1.3%

Shares of TJX stock opened at $153.46 on Friday. The TJX Companies, Inc. has a 52-week low of $123.78 and a 52-week high of $170.00. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.54 and a current ratio of 1.14. The firm has a fifty day moving average of $157.05 and a 200-day moving average of $156.55. The stock has a market cap of $169.53 billion, a price-to-earnings ratio of 29.80, a P/E/G ratio of 3.37 and a beta of 0.63.

TJX Companies (NYSE:TJX - Get Free Report) last announced its earnings results on Wednesday, May 20th. The apparel and home fashions retailer reported $1.19 EPS for the quarter, topping the consensus estimate of $1.02 by $0.17. TJX Companies had a return on equity of 57.92% and a net margin of 9.40%.The company had revenue of $14.32 billion for the quarter, compared to analysts' expectations of $14.02 billion. During the same quarter in the prior year, the business earned $0.92 earnings per share. The business's revenue for the quarter was up 9.2% on a year-over-year basis. TJX Companies has set its FY 2027 guidance at 5.080-5.150 EPS and its Q2 2027 guidance at 1.150-1.170 EPS. On average, equities research analysts forecast that The TJX Companies, Inc. will post 5.17 earnings per share for the current fiscal year.

TJX Companies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 13th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Thursday, August 13th. TJX Companies's dividend payout ratio is 37.28%.

About TJX Companies

TJX Companies, Inc is a leading off-price retailer of apparel, footwear, home fashions and other consumer goods. The company operates multiple retail concepts that offer discounted brand-name and designer merchandise, including well-known banners such as T.J. Maxx and Marshalls in the United States, HomeGoods for home furnishings, TK Maxx in parts of Europe, and Winners and Homesense in Canada. Merchandise categories span women's, men's and children's apparel, accessories, beauty, home décor, kitchenware and small furniture, with frequent changes in assortment that create a “treasure-hunt” shopping experience for consumers.

The company's business model centers on opportunistic buying, purchasing excess, irregular or out-of-season inventory from manufacturers, department stores and other suppliers, and passing savings to customers through lower prices.

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