BlackRock Inc. Buys New Position in Target Corporation $TGT

BlackRock Inc. bought a new stake in Target Corporation (NYSE:TGT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 38,699,974 shares of the retailer's stock, valued at approximately $5,054,604,000. BlackRock Inc. owned about 8.52% of Target as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Target by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 58,212,397 shares of the retailer's stock worth $5,690,262,000 after purchasing an additional 286,499 shares during the last quarter. State Street Corp increased its holdings in shares of Target by 0.3% during the 4th quarter. State Street Corp now owns 37,772,533 shares of the retailer's stock worth $3,692,265,000 after purchasing an additional 124,468 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Target by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 17,065,926 shares of the retailer's stock valued at $1,668,194,000 after buying an additional 561,898 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Target during the second quarter valued at about $831,466,000. Finally, Franklin Resources Inc. lifted its stake in shares of Target by 2.4% in the fourth quarter. Franklin Resources Inc. now owns 6,194,448 shares of the retailer's stock valued at $605,507,000 after buying an additional 142,937 shares during the period. 79.73% of the stock is owned by institutional investors.

Insider Activity at Target

In related news, insider Cara A. Sylvester sold 10,000 shares of the business's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $125.89, for a total value of $1,258,900.00. Following the sale, the insider owned 45,930 shares of the company's stock, valued at $5,782,127.70. The trade was a 17.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.13% of the stock is owned by company insiders.

Target Stock Performance

NYSE TGT opened at $152.63 on Wednesday. Target Corporation has a twelve month low of $83.44 and a twelve month high of $156.47. The company has a quick ratio of 0.30, a current ratio of 0.93 and a debt-to-equity ratio of 0.87. The stock has a market cap of $69.32 billion, a P/E ratio of 20.16, a PEG ratio of 2.51 and a beta of 0.96. The company's 50-day simple moving average is $139.08 and its 200 day simple moving average is $126.98.

Target (NYSE:TGT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 20th. The retailer reported $1.71 EPS for the quarter, topping analysts' consensus estimates of $1.47 by $0.24. The firm had revenue of $25.44 billion during 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 for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.30 earnings per share. As a group, research analysts forecast that Target Corporation will post 8.43 earnings per share for the current fiscal year.

Target Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 12th will be given a dividend of $1.16 per share. This is a boost from Target's previous quarterly dividend of $1.14. The ex-dividend date is Wednesday, August 12th. This represents a $4.64 annualized dividend and a dividend yield of 3.0%. Target's dividend payout ratio is 61.29%.

Target News Roundup

Here are the key news stories impacting Target this week:

• Positive Sentiment: DA Davidson raised its price target on Target from $155 to $170 and reiterated a “buy” rating, implying additional upside from recent trading levels. Target price target raised by DA Davidson
• Positive Sentiment: Analysts are highlighting Target’s dividend appeal, which may support demand from income-oriented investors while the stock trades at a valuation below some retail peers. Why Target is a great dividend stock right now
• Neutral Sentiment: Target is scheduled to report second-quarter earnings before the market opens on Wednesday, August 19, followed by a 7:00 a.m. conference call. The event is the immediate catalyst for the stock and could produce significant volatility. Target second-quarter earnings conference call
• Neutral Sentiment: Pre-earnings coverage points to rising estimates, improving merchandising and the possibility of another earnings beat. Investors will focus on sales trends, margins, costs and management’s outlook, particularly because tough year-over-year comparisons could limit gains. Target pre-second-quarter earnings preview
• Negative Sentiment: A review of Target’s five-year performance underscores longer-term concerns: the stock has substantially lagged other major U.S. retailers, raising questions about its competitive position and sustainable growth prospects. Target's stock down 40 percent in five years

Wall Street Analyst Weigh In

TGT has been the topic of several research reports. Evercore set a $150.00 price target on Target in a research note on Tuesday, August 4th. Robert W. Baird raised their price objective on Target from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Thursday, May 21st. The Goldman Sachs Group reissued a "neutral" rating on shares of Target in a report on Thursday, June 11th. Telsey Advisory Group boosted their price objective on Target from $150.00 to $170.00 and gave the company an "outperform" rating in a research report on Friday. Finally, KeyCorp restated a "sector weight" rating on shares of Target in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, sixteen have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $143.85.

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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