Granite Group Advisors LLC Purchases 13,811 Shares of Target Corporation $TGT

Key Points

• Granite Group Advisors LLC increased its holdings in Target Corporation by 145.7%, owning a total of 23,288 shares valued at approximately $2.3 million.
• Target has reported earnings per share of $2.05 for the quarter, slightly exceeding analysts' expectations and showing a year-over-year revenue decline of 0.9%.
• The company has boosted its quarterly dividend to $1.14 per share, representing a yield of 5.1%, with the ex-dividend date set for November 12.

Granite Group Advisors LLC lifted its position in shares of Target Corporation (NYSE:TGT - Free Report) by 145.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,288 shares of the retailer's stock after purchasing an additional 13,811 shares during the quarter. Target accounts for 1.4% of Granite Group Advisors LLC's investment portfolio, making the stock its 18th largest holding. Granite Group Advisors LLC's holdings in Target were worth $2,297,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Raleigh Capital Management Inc. grew its holdings in shares of Target by 63.4% during the second quarter. Raleigh Capital Management Inc. now owns 263 shares of the retailer's stock valued at $26,000 after buying an additional 102 shares during the last quarter. Kozak & Associates Inc. lifted its position in Target by 2,530.0% in the 2nd quarter. Kozak & Associates Inc. now owns 263 shares of the retailer's stock valued at $27,000 after acquiring an additional 253 shares in the last quarter. Investment Research & Advisory Group Inc. bought a new position in Target in the 2nd quarter valued at about $29,000. Global Assets Advisory LLC acquired a new position in Target during the 2nd quarter valued at about $31,000. Finally, WPG Advisers LLC bought a new stake in Target during the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 79.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TGT. Piper Sandler restated a "neutral" rating on shares of Target in a report on Tuesday, July 29th. Bank of America reaffirmed an "underperform" rating and set a $93.00 price objective (down from $105.00) on shares of Target in a report on Friday, August 15th. Truist Financial reduced their target price on shares of Target from $102.00 to $83.00 and set a "hold" rating for the company in a research note on Thursday, October 2nd. Wedbush reissued an "outperform" rating on shares of Target in a research report on Thursday, July 17th. Finally, Barclays reaffirmed an "underweight" rating and issued a $91.00 price objective on shares of Target in a research report on Monday, July 21st. Nine equities research analysts have rated the stock with a Buy rating, twenty-five have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $109.00.

Target Stock Performance

NYSE TGT opened at $88.94 on Wednesday. The company has a market capitalization of $40.41 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 2.54 and a beta of 1.18. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.32 and a current ratio of 0.99. Target Corporation has a 52-week low of $85.36 and a 52-week high of $161.50. The company has a 50-day simple moving average of $93.96 and a 200 day simple moving average of $96.65.

Target (NYSE:TGT - Get Free Report) last released its earnings results on Wednesday, August 20th. The retailer reported $2.05 earnings per share for the quarter, beating analysts' consensus estimates of $2.04 by $0.01. Target had a net margin of 3.72% and a return on equity of 23.43%. The firm had revenue of $24.99 billion for the quarter, compared to analysts' expectations of $24.84 billion. During the same period in the previous year, the company earned $2.57 earnings per share. The company's quarterly revenue was down .9% on a year-over-year basis. Target has set its FY 2025 guidance at 7.000-9.000 EPS. On average, research analysts predict that Target Corporation will post 8.69 EPS 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 issued a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 5.1%. This is a boost from Target's previous quarterly dividend of $1.12. The ex-dividend date of this dividend is Wednesday, November 12th. Target's 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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