Carnegie Investment Counsel Buys 7,296 Shares of Target Corporation $TGT

Key Points

• Carnegie Investment Counsel increased its Target stake by 25.3% in the third quarter, acquiring 7,296 shares for a total of 36,152 shares valued at approximately $5.7 million. Institutional investors collectively own 79.73% of Target.
• Analysts maintain a consensus “Hold” rating with an average price target of $159.33, compared with Target’s recent share price of $152.40.
• Target reported quarterly earnings of $4.11 per share, well above the $2.35 consensus estimate, while revenue rose 5.3% year over year to $26.54 billion. The company also declared a quarterly dividend of $1.16 per share, representing a 3.0% annualized yield.

Carnegie Investment Counsel increased its stake in Target Corporation (NYSE:TGT - Free Report) by 25.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,152 shares of the retailer's stock after acquiring an additional 7,296 shares during the period. Carnegie Investment Counsel's holdings in Target were worth $5,665,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TGT. Pinnacle Associates Ltd. raised its stake in Target by 0.5% during the third quarter. Pinnacle Associates Ltd. now owns 16,069 shares of the retailer's stock worth $2,518,000 after purchasing an additional 79 shares during the period. Uncommon Cents Investing Inc boosted its holdings in shares of Target by 0.5% in the 3rd quarter. Uncommon Cents Investing Inc now owns 23,942 shares of the retailer's stock valued at $3,751,000 after purchasing an additional 112 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Target by 12.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 189,553 shares of the retailer's stock valued at $29,701,000 after purchasing an additional 20,581 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Target by 11.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,300,681 shares of the retailer's stock valued at $203,804,000 after buying an additional 138,061 shares during the period. Finally, Diversify Advisory Services LLC grew its stake in shares of Target by 181.4% during the 3rd quarter. Diversify Advisory Services LLC now owns 12,158 shares of the retailer's stock valued at $1,904,000 after buying an additional 7,837 shares during the period. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Piper Sandler upped their price objective on Target from $146.00 to $153.00 and gave the stock a "neutral" rating in a report on Thursday, August 20th. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $154.00 target price on shares of Target in a research report on Thursday, August 20th. Jefferies Financial Group lifted their target price on Target from $161.00 to $177.00 and gave the company a "buy" rating in a report on Friday, August 14th. JPMorgan Chase & Co. lifted their target price on Target from $129.00 to $157.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Finally, Roth Capital reissued a "neutral" rating and set a $142.00 price target on shares of Target in a research report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Target presently has an average rating of "Hold" and a consensus target price of $159.33.

Insider Buying and Selling at Target

In related news, insider Melissa K. Kremer sold 15,500 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $169.96, for a total value of $2,634,380.00. Following the completion of the sale, the insider directly owned 56,981 shares in the company, valued at approximately $9,684,490.76. This represents a 21.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew A. Liegel sold 926 shares of the firm's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $163.51, for a total value of $151,410.26. Following the completion of the transaction, the chief accounting officer directly owned 12,266 shares in the company, valued at $2,005,613.66. This trade represents a 7.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.13% of the company's stock.

Target Trading Down 1.0%

Shares of TGT stock opened at $152.40 on Thursday. The stock has a market cap of $69.23 billion, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. The company has a quick ratio of 0.36, a current ratio of 0.99 and a debt-to-equity ratio of 0.80. Target Corporation has a fifty-two week low of $83.44 and a fifty-two week high of $170.75. The firm's 50 day moving average price is $157.79 and its two-hundred day moving average price is $140.74.

Target (NYSE:TGT - Get Free Report) last released its quarterly earnings data on Wednesday, August 19th. The retailer reported $4.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $1.76. Target had a net margin of 4.08% and a return on equity of 23.23%. The company had revenue of $26.54 billion during the quarter, compared to the consensus estimate of $26.13 billion. During the same period in the previous year, the firm earned $2.05 earnings per share. Target's revenue for the quarter was up 5.3% on a year-over-year basis. Target has set its FY 2026 guidance at 9.900-10.900 EPS. On average, analysts anticipate that Target Corporation will post 8.89 EPS for the current year.

Target Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Wednesday, November 11th will be issued a dividend of $1.16 per share. The ex-dividend date is Tuesday, November 10th. This represents a $4.64 annualized dividend and a dividend yield of 3.0%. Target's payout ratio is presently 48.18%.

About Target

Target Corporation is a U.S.-based general merchandise retailer that operates stores and digital shopping platforms under the Target name. The company sells a broad assortment of products, including apparel and accessories, beauty and household essentials, electronics, toys, groceries, home furnishings, and seasonal merchandise.

Target also offers services designed to support omnichannel shopping, including order pickup, Drive Up, same-day delivery, and shipping through its digital channels.

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