Greatmark Investment Partners Inc. Lowers Holdings in Target Corporation $TGT

Key Points

• Greatmark Investment Partners Inc. reduced its holdings in Target Corporation by 53.9%, owning 20,565 shares after selling 24,026 shares in Q2.
• Target announced a quarterly dividend of $1.14 per share, representing a yield of 4.8%, an increase from the previous dividend of $1.12.
• The company's recent earnings report showed a quarterly EPS of $2.05, slightly beating estimates, but revenue was down 0.9% year-over-year.

Greatmark Investment Partners Inc. reduced its position in shares of Target Corporation (NYSE:TGT - Free Report) by 53.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,565 shares of the retailer's stock after selling 24,026 shares during the period. Greatmark Investment Partners Inc.'s holdings in Target were worth $2,029,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Caliber Wealth Management LLC KS grew its holdings in shares of Target by 21.4% during the second quarter. Caliber Wealth Management LLC KS now owns 2,725 shares of the retailer's stock worth $269,000 after purchasing an additional 481 shares in the last quarter. Studio Investment Management LLC increased its holdings in shares of Target by 108.3% in the 2nd quarter. Studio Investment Management LLC now owns 9,934 shares of the retailer's stock worth $980,000 after buying an additional 5,166 shares during the last quarter. Probity Advisors Inc. raised its position in shares of Target by 29.9% during the 2nd quarter. Probity Advisors Inc. now owns 12,489 shares of the retailer's stock valued at $1,232,000 after buying an additional 2,876 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Target by 26.4% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 292,694 shares of the retailer's stock worth $29,426,000 after acquiring an additional 61,074 shares during the last quarter. Finally, Bogart Wealth LLC lifted its holdings in shares of Target by 8,222.8% during the 2nd quarter. Bogart Wealth LLC now owns 78,734 shares of the retailer's stock worth $7,767,000 after acquiring an additional 77,788 shares during the last quarter. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Target Trading Up 3.2%

Shares of TGT opened at $94.45 on Wednesday. Target Corporation has a 1-year low of $85.36 and a 1-year high of $158.42. The firm has a market capitalization of $42.92 billion, a price-to-earnings ratio of 11.01, a PEG ratio of 2.66 and a beta of 1.18. The firm's 50-day moving average price is $92.58 and its 200-day moving average price is $96.33. The company has a current ratio of 0.99, a quick ratio of 0.32 and a debt-to-equity ratio of 0.99.

Target (NYSE:TGT - Get Free Report) last released its quarterly earnings results on Wednesday, August 20th. The retailer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.01. The company had revenue of $24.99 billion for the quarter, compared to analyst estimates of $24.84 billion. Target had a return on equity of 23.43% and a net margin of 3.72%.The firm's revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $2.57 earnings per share. Target has set its FY 2025 guidance at 7.000-9.000 EPS. Sell-side analysts anticipate that Target Corporation will post 8.69 EPS for the current year.

Target Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 12th will be given a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 4.8%. This is a positive change from Target's previous quarterly dividend of $1.12. The ex-dividend date is Wednesday, November 12th. Target's dividend payout ratio (DPR) is presently 53.15%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TGT shares. Piper Sandler reaffirmed a "neutral" rating on shares of Target in a research note on Tuesday, July 29th. Bank of America reissued an "underperform" rating and set a $93.00 price target (down from $105.00) on shares of Target in a research note on Friday, August 15th. Telsey Advisory Group reaffirmed a "market perform" rating and issued a $110.00 price objective on shares of Target in a research note on Wednesday, August 20th. UBS Group reduced their price objective on Target from $135.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, August 21st. Finally, Evercore ISI decreased their price objective on Target from $103.00 to $100.00 and set an "in-line" rating on the stock in a report on Tuesday, October 14th. Nine analysts have rated the stock with a Buy rating, twenty-five have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Target has an average rating of "Hold" and an average target price of $109.00.

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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