DAVENPORT & Co LLC Sells 3,600 Shares of Target Corporation $TGT

Key Points

• Davenport & Co LLC reduced its holdings in Target Corporation by 17.5%, selling 3,600 shares and leaving it with 16,964 shares valued at $1,674,000.
• Target's recent earnings report showed an EPS of $2.05, exceeding expectations, but revenues were down 0.9% year-over-year.
• The company announced a quarterly dividend increase to $1.14, yielding 5.1%, with the ex-dividend date set for November 12th.

DAVENPORT & Co LLC trimmed its holdings in shares of Target Corporation (NYSE:TGT - Free Report) by 17.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,964 shares of the retailer's stock after selling 3,600 shares during the period. DAVENPORT & Co LLC's holdings in Target were worth $1,674,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Target by 407.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 15,970,414 shares of the retailer's stock worth $1,666,672,000 after purchasing an additional 12,825,586 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Target in the 2nd quarter worth $595,839,000. Pacer Advisors Inc. lifted its holdings in shares of Target by 1,364.3% in the 1st quarter. Pacer Advisors Inc. now owns 3,289,692 shares of the retailer's stock worth $343,312,000 after purchasing an additional 3,065,035 shares in the last quarter. Nuveen LLC bought a new position in shares of Target in the 1st quarter worth $186,361,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Target by 35.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,370,062 shares of the retailer's stock worth $560,420,000 after purchasing an additional 1,406,653 shares in the last quarter. 79.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TGT has been the topic of a number of recent research reports. UBS Group cut their target price on Target from $135.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, August 21st. Truist Financial lowered their price target on Target from $102.00 to $83.00 and set a "hold" rating for the company in a research report on Thursday, October 2nd. Weiss Ratings reissued a "hold (c-)" rating on shares of Target in a research report on Wednesday. Bank of America reissued an "underperform" rating and issued a $93.00 price target (down from $105.00) on shares of Target in a research report on Friday, August 15th. Finally, Loop Capital set a $95.00 price target on Target in a research report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $109.65.

Target Stock Down 1.4%

Shares of NYSE:TGT opened at $89.12 on Friday. The company has a market capitalization of $40.50 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 2.62 and a beta of 1.18. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.99 and a quick ratio of 0.32. The business has a fifty day moving average price of $94.76 and a two-hundred day moving average price of $97.09. Target Corporation has a 1 year low of $86.30 and a 1 year high of $161.50.

Target (NYSE:TGT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 20th. The retailer reported $2.05 earnings per share (EPS) 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 business's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.57 EPS. Target has set its FY 2025 guidance at 7.000-9.000 EPS. Analysts forecast that Target Corporation will post 8.69 earnings per share for the current year.

Target Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th will be paid a $1.14 dividend. This is a boost from Target's previous quarterly dividend of $1.12. The ex-dividend date is Wednesday, November 12th. This represents a $4.56 dividend on an annualized basis and a yield of 5.1%. Target's dividend payout ratio is currently 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.

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