Channing Capital Management LLC Acquires 6,480 Shares of Target Corporation $TGT

Key Points

• Channing Capital Management LLC increased its holdings in Target Corporation by 9.9% during the first quarter, owning a total of 72,068 shares valued at approximately $7.52 million.
• Despite a 6.3% drop in Target's stock price, the company reported a quarterly earnings per share (EPS) of $2.05, slightly surpassing analyst expectations.
• Target recently announced a quarterly dividend of $1.12, translating to an annualized dividend yield of 4.5% with a payout ratio of 50.11%.

Channing Capital Management LLC increased its position in shares of Target Corporation (NYSE:TGT - Free Report) by 9.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,068 shares of the retailer's stock after acquiring an additional 6,480 shares during the quarter. Channing Capital Management LLC's holdings in Target were worth $7,521,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Target by 101.3% during the fourth quarter. Brighton Jones LLC now owns 6,080 shares of the retailer's stock worth $822,000 after acquiring an additional 3,059 shares during the period. Marshall Wace LLP increased its holdings in Target by 151.8% during the 4th quarter. Marshall Wace LLP now owns 67,216 shares of the retailer's stock worth $9,086,000 after purchasing an additional 40,519 shares in the last quarter. Natixis bought a new position in Target during the 4th quarter worth about $767,000. MML Investors Services LLC lifted its holdings in shares of Target by 3.4% in the fourth quarter. MML Investors Services LLC now owns 88,770 shares of the retailer's stock valued at $12,000,000 after purchasing an additional 2,944 shares in the last quarter. Finally, TD Waterhouse Canada Inc. boosted its position in shares of Target by 89.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 45,123 shares of the retailer's stock worth $6,101,000 after buying an additional 21,331 shares during the period. Institutional investors own 79.73% of the company's stock.

Insider Buying and Selling at Target

In related news, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TGT shares. Wedbush reissued an "outperform" rating on shares of Target in a research report on Thursday, July 17th. Evercore ISI decreased their price objective on shares of Target from $108.00 to $106.00 and set an "in-line" rating for the company in a research report on Thursday. Truist Financial upped their target price on shares of Target from $90.00 to $107.00 and gave the company a "hold" rating in a report on Wednesday, August 13th. BMO Capital Markets reduced their target price on Target from $100.00 to $95.00 and set a "market perform" rating for the company in a research note on Thursday, May 22nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Target from $105.00 to $109.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Ten investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $113.74.

Target Price Performance

NYSE:TGT traded up $1.9280 during trading hours on Friday, reaching $98.9880. 13,658,170 shares of the company were exchanged, compared to its average volume of 7,152,688. The business has a 50 day moving average of $102.06 and a 200 day moving average of $103.64. Target Corporation has a 1-year low of $87.35 and a 1-year high of $161.84. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.99 and a quick ratio of 0.25. The company has a market capitalization of $44.98 billion, a P/E ratio of 11.54, a P/E/G ratio of 2.86 and a beta of 1.22.

Target (NYSE:TGT - Get Free Report) last released its earnings results on Wednesday, August 20th. The retailer reported $2.05 earnings per share for the quarter, beating analysts' consensus estimates of $2.04 by $0.01. The firm had revenue of $24.99 billion during the quarter, compared to the consensus estimate of $24.84 billion. Target had a return on equity of 23.43% and a net margin of 3.72%.The company's revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.57 EPS. Target has set its FY 2025 guidance at 7.000-9.000 EPS. Research analysts forecast that Target Corporation will post 8.69 EPS for the current year.

Target Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be given a $1.12 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $4.48 annualized dividend and a dividend yield of 4.5%. Target's payout ratio is presently 53.15%.

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.