Kamunting Street Capital Management L.P. Takes Position in Target Corporation $TGT

Key Points

• Kamunting Street Capital Management L.P. acquired a new stake of 92,497 shares in Target Corporation, valued at approximately $9.65 million, making it the firm's 7th largest holding.
• Target's recent earnings report showed an EPS of $2.05, slightly exceeding analyst estimates, and the company has set its FY 2025 guidance between $7.00 and $9.00 EPS.
• An insider, Brian C. Cornell, sold 45,000 shares of Target, decreasing his ownership by 15.44% and reflecting ongoing trading activity among the firm's executives.

Kamunting Street Capital Management L.P. acquired a new stake in shares of Target Corporation (NYSE:TGT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 92,497 shares of the retailer's stock, valued at approximately $9,653,000. Target makes up 6.5% of Kamunting Street Capital Management L.P.'s investment portfolio, making the stock its 7th largest holding.

A number of other institutional investors have also recently made changes to their positions in TGT. Bernard Wealth Management Corp. purchased a new position in shares of Target during the fourth quarter valued at about $29,000. Heck Capital Advisors LLC purchased a new position in shares of Target during the fourth quarter valued at about $40,000. Atwood & Palmer Inc. grew its position in shares of Target by 951.4% during the first quarter. Atwood & Palmer Inc. now owns 389 shares of the retailer's stock valued at $41,000 after purchasing an additional 352 shares in the last quarter. Abound Financial LLC bought a new position in shares of Target in the 1st quarter valued at about $43,000. Finally, Bellwether Advisors LLC bought a new position in shares of Target in the 4th quarter valued at about $47,000. Hedge funds and other institutional investors own 79.73% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on TGT. Royal Bank Of Canada increased their price target on shares of Target from $104.00 to $107.00 and gave the company an "outperform" rating in a report on Thursday. Zacks Research raised shares of Target from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 19th. Truist Financial increased their price target on shares of Target from $90.00 to $107.00 and gave the company a "hold" rating in a report on Wednesday, August 13th. Piper Sandler reissued a "neutral" rating on shares of Target in a research report on Tuesday, July 29th. Finally, BMO Capital Markets reduced their price objective on shares of Target from $100.00 to $95.00 and set a "market perform" rating on the stock in a research report on Thursday, May 22nd. Ten investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $113.74.

Insider Activity at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $23,703,849.54. This trade represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.16% of the company's stock.

Target Stock Performance

Target stock opened at $98.9880 on Friday. The firm has a market capitalization of $44.98 billion, a P/E ratio of 11.54, a price-to-earnings-growth ratio of 2.86 and a beta of 1.22. The company's 50-day moving average is $102.06 and its 200 day moving average is $103.64. Target Corporation has a 1-year low of $87.35 and a 1-year high of $161.84. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.99 and a quick ratio of 0.25.

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

Target Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be given a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.5%. Target's dividend payout ratio (DPR) is 53.15%.

About Target

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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