Target Corporation (NYSE:TGT) Position Reduced by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. has reduced its stake in Target Corporation by 7.6%, currently owning 656,447 shares worth approximately $68.5 million after selling 54,022 shares during the first quarter.
• Target's recent earnings report showed a miss on analysts' expectations, with earnings per share of $1.30 compared to a consensus estimate of $1.65, and revenue down 2.8% year-over-year at $24.20 billion.
• The company announced a quarterly dividend of $1.12 per share, representing a yield of 4.30%, which will be paid to investors of record on August 13th.

Federated Hermes Inc. cut its stake in shares of Target Corporation (NYSE:TGT - Free Report) by 7.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 656,447 shares of the retailer's stock after selling 54,022 shares during the period. Federated Hermes Inc. owned approximately 0.14% of Target worth $68,507,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. purchased a new position in shares of Target during the 4th quarter worth approximately $29,000. Legacy Investment Solutions LLC grew its holdings in shares of Target by 47.5% in the 4th quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer's stock worth $35,000 after acquiring an additional 85 shares during the period. Heck Capital Advisors LLC acquired a new stake in shares of Target in the 4th quarter worth approximately $40,000. Atwood & Palmer Inc. grew its holdings in shares of Target by 951.4% in the 1st quarter. Atwood & Palmer Inc. now owns 389 shares of the retailer's stock worth $41,000 after acquiring an additional 352 shares during the period. Finally, Abound Financial LLC acquired a new stake in shares of Target in the 1st quarter worth approximately $43,000. 79.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TGT has been the topic of a number of research reports. The Goldman Sachs Group lowered their price target on Target from $101.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Wall Street Zen cut Target from a "buy" rating to a "hold" rating in a report on Tuesday, April 22nd. BMO Capital Markets lowered their price target on Target from $100.00 to $95.00 and set a "market perform" rating on the stock in a report on Thursday, May 22nd. Wedbush reiterated an "outperform" rating on shares of Target in a report on Thursday, July 17th. Finally, Telsey Advisory Group set a $110.00 target price on Target and gave the company a "market perform" rating in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $115.65.

Target Stock Down 0.7%

NYSE:TGT traded down $0.75 during mid-day trading on Friday, reaching $99.75. The stock had a trading volume of 5,020,123 shares, compared to its average volume of 4,692,105. The company has a market capitalization of $45.32 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 2.87 and a beta of 1.22. Target Corporation has a 1-year low of $87.35 and a 1-year high of $167.40. The stock's 50 day simple moving average is $99.83 and its two-hundred day simple moving average is $107.61. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.25.

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

Target Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Wednesday, August 13th. Target's payout ratio is 49.23%.

Insider Buying and Selling at Target

In other news, insider Brian C. Cornell sold 45,000 shares of Target stock in a transaction that occurred on 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 sale, the insider owned 246,453 shares of the company's stock, valued at approximately $23,703,849.54. The trade was a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.16% of the company's stock.

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.