CCM Investment Group LLC Purchases Shares of 39,240 Target Corporation (NYSE:TGT)

Key Points

• CCM Investment Group LLC has acquired a new position in Target Corporation, investing approximately $4.07 million for 39,240 shares.
• Target's stock has seen a recent downgrade from Morgan Stanley, lowering the target price from $160.00 to $112.00 while maintaining an "overweight" rating.
• The company announced a quarterly dividend of $1.12 per share, scheduled for September 1st, representing an annual yield of 4.2%.

CCM Investment Group LLC purchased a new position in shares of Target Corporation (NYSE:TGT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 39,240 shares of the retailer's stock, valued at approximately $4,067,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of TGT. DSG Capital Advisors LLC lifted its holdings in shares of Target by 16.1% in the 1st quarter. DSG Capital Advisors LLC now owns 156,644 shares of the retailer's stock worth $16,347,000 after purchasing an additional 21,726 shares in the last quarter. Viking Fund Management LLC increased its position in shares of Target by 20.0% during the 1st quarter. Viking Fund Management LLC now owns 60,000 shares of the retailer's stock valued at $6,262,000 after purchasing an additional 10,000 shares during the last quarter. Correct Capital Wealth Management increased its position in shares of Target by 44.7% during the 1st quarter. Correct Capital Wealth Management now owns 13,556 shares of the retailer's stock valued at $1,415,000 after purchasing an additional 4,189 shares during the last quarter. Chapin Davis Inc. increased its position in shares of Target by 64.7% during the 1st quarter. Chapin Davis Inc. now owns 8,507 shares of the retailer's stock valued at $888,000 after purchasing an additional 3,342 shares during the last quarter. Finally, CMH Wealth Management LLC increased its position in shares of Target by 31.5% during the 1st quarter. CMH Wealth Management LLC now owns 61,420 shares of the retailer's stock valued at $6,410,000 after purchasing an additional 14,719 shares during the last quarter. 79.73% of the stock is currently owned by institutional investors.

Target Stock Performance

TGT stock traded down $1.04 during trading on Wednesday, reaching $105.22. The stock had a trading volume of 7,358,484 shares, compared to its average volume of 6,919,711. Target Corporation has a 52 week low of $87.35 and a 52 week high of $167.40. The stock's 50 day moving average is $101.22 and its two-hundred day moving average is $105.64. 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 firm has a market cap of $47.81 billion, a PE ratio of 11.56, a PEG ratio of 2.99 and a beta of 1.22.

Target (NYSE:TGT - Get Free Report) last posted its earnings results on Wednesday, May 21st. The retailer reported $1.30 earnings per share for the quarter, missing analysts' consensus estimates of $1.65 by ($0.35). Target had a net margin of 3.95% and a return on equity of 25.59%. The firm had revenue of $24.20 billion during the quarter, compared to the consensus estimate of $24.54 billion. During the same period in the prior year, the company posted $2.03 EPS. The firm's revenue was down 2.8% compared to the same quarter last year. As a group, equities analysts anticipate that Target Corporation will post 8.69 earnings per share for the current year.

Target Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be paid a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 annualized dividend and a dividend yield of 4.3%. Target's dividend payout ratio (DPR) is 49.23%.

Insider Activity at Target

In related news, insider Brian C. Cornell sold 45,000 shares of the 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 owned 246,453 shares in the company, valued at approximately $23,703,849.54. This trade represents a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by company insiders.

Analysts Set New Price Targets

TGT has been the subject of several recent research reports. Bank of America lowered Target from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $145.00 to $105.00 in a report on Thursday, May 22nd. Loop Capital set a $95.00 price target on Target in a research report on Thursday, July 17th. Truist Financial set a $107.00 price target on Target and gave the company a "hold" rating in a research report on Wednesday. Guggenheim dropped their target price on Target from $155.00 to $115.00 and set a "buy" rating for the company in a research report on Tuesday, May 27th. Finally, Robert W. Baird set a $100.00 price target on Target in a research note on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Target currently has a consensus rating of "Hold" and a consensus price target of $115.81.

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.