Granite Group Advisors LLC Invests $989,000 in Target Corporation (NYSE:TGT)

Granite Group Advisors LLC purchased a new position in Target Corporation (NYSE:TGT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,477 shares of the retailer's stock, valued at approximately $989,000. Target accounts for approximately 0.7% of Granite Group Advisors LLC's investment portfolio, making the stock its 27th largest holding.

Other hedge funds have also recently modified their holdings of the company. DSG Capital Advisors LLC lifted its position in shares of Target by 16.1% in the 1st quarter. DSG Capital Advisors LLC now owns 156,644 shares of the retailer's stock worth $16,347,000 after purchasing an additional 21,726 shares during the period. Sierra Summit Advisors LLC lifted its position in Target by 29.0% during the fourth quarter. Sierra Summit Advisors LLC now owns 14,354 shares of the retailer's stock valued at $1,940,000 after acquiring an additional 3,231 shares during the last quarter. Viking Fund Management LLC lifted its position in Target by 20.0% during the first quarter. Viking Fund Management LLC now owns 60,000 shares of the retailer's stock valued at $6,262,000 after acquiring an additional 10,000 shares during the last quarter. Correct Capital Wealth Management lifted its position in Target by 44.7% during the first quarter. Correct Capital Wealth Management now owns 13,556 shares of the retailer's stock valued at $1,415,000 after acquiring an additional 4,189 shares during the last quarter. Finally, Chapin Davis Inc. lifted its position in Target by 64.7% during the first quarter. Chapin Davis Inc. now owns 8,507 shares of the retailer's stock valued at $888,000 after acquiring an additional 3,342 shares during the last quarter. Hedge funds and other institutional investors own 79.73% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Royal Bank Of Canada decreased their target price on shares of Target from $112.00 to $103.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. DA Davidson decreased their target price on shares of Target from $140.00 to $125.00 and set a "buy" rating for the company in a research report on Thursday, May 22nd. Loop Capital set a $95.00 target price on shares of Target in a research report on Thursday, July 17th. Truist Financial increased their target price on shares of Target from $82.00 to $90.00 and gave the company a "hold" rating in a research report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Target from $105.00 to $109.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Target has a consensus rating of "Hold" and an average target price of $115.65.

Insiders Place Their Bets

In related 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 approximately $23,703,849.54. The trade was a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.16% of the company's stock.

Target Price Performance

NYSE:TGT traded up $0.21 during trading hours on Friday, hitting $106.03. 3,468,072 shares of the stock were exchanged, compared to its average volume of 5,096,651. The company has a market cap of $48.18 billion, a P/E ratio of 11.65, a P/E/G ratio of 3.03 and a beta of 1.22. The firm's fifty day moving average price is $99.22 and its 200 day moving average price is $108.59. Target Corporation has a 52-week low of $87.35 and a 52-week high of $167.40. The company has a current ratio of 0.94, a quick ratio of 0.25 and a debt-to-equity ratio of 0.96.

Target (NYSE:TGT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The retailer reported $1.30 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $24.54 billion. During the same quarter in the previous year, the firm posted $2.03 earnings per share. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Target Corporation will post 8.69 EPS for the current fiscal year.

Target Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Wednesday, August 13th will be issued a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 dividend on an annualized basis and a yield of 4.23%. Target's payout ratio is currently 50.11%.

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.