Flputnam Investment Management Co. Takes Position in Target Corporation $TGT

Key Points

• Flputnam Investment Management acquired 35,512 Target shares worth approximately $4.64 million in the second quarter. Institutional investors collectively own 79.73% of Target’s outstanding stock.
• Target reported stronger-than-expected quarterly results, with EPS of $1.71 versus the $1.47 consensus estimate and revenue of $25.44 billion, up 6.7% year over year.
• Target raised its quarterly dividend to $1.16 per share, implying an annualized dividend of $4.64 and a 3.0% yield. Despite several bullish analyst calls, the stock has a consensus “Hold” rating and an average price target of $143.30.

Flputnam Investment Management Co. acquired a new position in Target Corporation (NYSE:TGT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 35,512 shares of the retailer's stock, valued at approximately $4,638,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in shares of Target in the 2nd quarter valued at about $1,812,000. SCS Capital Management LLC acquired a new position in shares of Target during the 2nd quarter worth approximately $11,583,000. M3 Wealth Management LLC acquired a new stake in shares of Target during the 2nd quarter worth about $2,638,000. Salus Financial Advisors LLC purchased a new position in shares of Target during the 2nd quarter worth $268,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Target during the 2nd quarter worth about $831,466,000. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Target

In related news, insider Cara A. Sylvester sold 10,000 shares of Target stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $125.89, for a total value of $1,258,900.00. Following the sale, the insider directly owned 45,930 shares in the company, valued at $5,782,127.70. This trade represents a 17.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.13% of the stock is currently owned by company insiders.

Target Price Performance

Shares of TGT stock opened at $154.52 on Monday. The firm has a market cap of $70.18 billion, a P/E ratio of 20.41, a P/E/G ratio of 2.51 and a beta of 0.96. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.93 and a quick ratio of 0.30. Target Corporation has a 1-year low of $83.44 and a 1-year high of $156.47. The firm has a fifty day moving average of $138.02 and a two-hundred day moving average of $126.29.

Target (NYSE:TGT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 20th. The retailer reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.24. Target had a return on equity of 22.92% and a net margin of 3.24%.The firm had revenue of $25.44 billion for the quarter, compared to analysts' expectations of $24.66 billion. During the same quarter in the prior year, the firm posted $1.30 earnings per share. Target's revenue for the quarter was up 6.7% compared to the same quarter last year. Target has set its FY 2026 guidance at 7.500-8.500 EPS. As a group, research analysts anticipate that Target Corporation will post 8.4 earnings per share for the current fiscal year.

Target Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 12th will be issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 3.0%. This is a positive change from Target's previous quarterly dividend of $1.14. The ex-dividend date of this dividend is Wednesday, August 12th. Target's dividend payout ratio is presently 61.29%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TGT. Zacks Research raised shares of Target from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. Wolfe Research set a $169.00 target price on Target in a report on Monday, August 3rd. The Goldman Sachs Group reiterated a "neutral" rating on shares of Target in a research note on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $140.00 target price on shares of Target in a research report on Friday. Finally, DA Davidson raised their price target on shares of Target from $140.00 to $155.00 and gave the company a "buy" rating in a report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seventeen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $143.30.

Target Company Profile

Target Corporation NYSE: TGT is a U.S.-based general merchandise retailer headquartered in Minneapolis, Minnesota. The company operates a network of full-line and small-format stores across the United States alongside a national e-commerce platform and mobile app. Target’s retail assortment spans apparel, home goods, electronics, groceries and household essentials, plus beauty, baby and pet categories. The firm complements national brands with a portfolio of owned and exclusive labels and partnerships that help differentiate its merchandise assortment.

Target traces its roots to the Dayton Company, founded by George Dayton in 1902; the Target discount chain was launched in 1962 and the parent company later adopted the Target Corporation name.

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