Forsta AP Fonden Sells 11,200 Shares of Target Corporation (NYSE:TGT)

Key Points

• Forsta AP Fonden sold 11,200 shares of Target Corporation, reducing its ownership by 10.2%, which leaves them with 98,900 shares valued at approximately $10.32 million as of the end of the most recent reporting period.
• Target reported an earnings per share (EPS) of $1.30 for the last quarter, falling short of analysts' estimates by $0.35, while its revenue for the quarter was down 2.8% year-over-year.
• The company announced a quarterly dividend of $1.12, expected to be paid on September 1st, representing an annualized yield of 4.2% with a payout ratio of 49.23%.

Forsta AP Fonden reduced its holdings in Target Corporation (NYSE:TGT - Free Report) by 10.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 98,900 shares of the retailer's stock after selling 11,200 shares during the quarter. Forsta AP Fonden's holdings in Target were worth $10,321,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in TGT. Hudson Canyon Capital Management increased its stake in Target by 11.9% during the first quarter. Hudson Canyon Capital Management now owns 13,200 shares of the retailer's stock valued at $1,378,000 after acquiring an additional 1,403 shares during the period. AlphaCore Capital LLC bought a new position in Target during the first quarter valued at about $261,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Target by 6.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 857,903 shares of the retailer's stock valued at $89,531,000 after acquiring an additional 54,149 shares during the period. Y.D. More Investments Ltd increased its stake in Target by 22.4% during the first quarter. Y.D. More Investments Ltd now owns 1,224 shares of the retailer's stock valued at $128,000 after acquiring an additional 224 shares during the period. Finally, Arjuna Capital bought a new position in Target during the first quarter valued at about $1,845,000. 79.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 246,453 shares in the company, valued at $23,703,849.54. The trade was a 15.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TGT has been the subject of a number of analyst reports. The Goldman Sachs Group cut their price target on shares of Target from $101.00 to $90.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Citigroup cut their price target on shares of Target from $97.00 to $94.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Piper Sandler restated a "neutral" rating on shares of Target in a research note on Tuesday, July 29th. JPMorgan Chase & Co. raised their price target on shares of Target from $105.00 to $109.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Finally, Bank of America cut shares of Target from a "buy" rating to a "neutral" rating and cut their price target for the stock from $145.00 to $105.00 in a research note on Thursday, May 22nd. Three research 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.com, the stock presently has an average rating of "Hold" and an average price target of $115.81.

Target Trading Down 1.0%

TGT traded down $1.04 during trading on Wednesday, reaching $105.22. 7,358,475 shares of the company's stock were exchanged, compared to its average volume of 6,919,462. The company's fifty day moving average price is $101.22 and its 200-day moving average price is $105.64. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.25 and a current ratio of 0.94. Target Corporation has a fifty-two week low of $87.35 and a fifty-two week high of $167.40. The firm has a market capitalization of $47.81 billion, a PE ratio of 11.56, a P/E/G ratio of 2.99 and a beta of 1.22.

Target (NYSE:TGT - Get Free Report) last announced its quarterly 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). The firm had revenue of $24.20 billion for the quarter, compared to the consensus estimate of $24.54 billion. Target had a return on equity of 25.59% and a net margin of 3.95%. The company's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.03 earnings per share. As a group, equities analysts forecast that Target Corporation will post 8.69 EPS for the current year.

Target Dividend Announcement

The company 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 dividend of $1.12 per share. The ex-dividend date is Wednesday, August 13th. This represents a $4.48 annualized dividend and a dividend yield of 4.3%. Target's payout ratio is currently 49.23%.

Target 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.