Martingale Asset Management L P Raises Stock Holdings in Target Corporation $TGT

Key Points

• Martingale Asset Management L P increased its stake in Target Corporation by 159.2%, acquiring an additional 34,904 shares during the first quarter, bringing its total to 56,830 shares valued at approximately $5.93 million.
• Insider Brian C. Cornell sold 45,000 shares of Target's stock, representing a 15.44% reduction in his ownership, while the stock currently has a 0.16% insider ownership.
• Recent analyst reports show mixed ratings for Target, with revisions to price targets, including Wells Fargo reducing its target from $135.00 to $115.00, and analysts generally rating it a consensus "Hold."

Martingale Asset Management L P lifted its position in shares of Target Corporation (NYSE:TGT - Free Report) by 159.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,830 shares of the retailer's stock after purchasing an additional 34,904 shares during the quarter. Martingale Asset Management L P's holdings in Target were worth $5,931,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in TGT. Bernard Wealth Management Corp. bought a new stake in shares of Target during the fourth quarter valued at approximately $29,000. Heck Capital Advisors LLC bought a new stake in shares of Target during the fourth quarter valued at approximately $40,000. Atwood & Palmer Inc. boosted its holdings in Target by 951.4% in the first quarter. Atwood & Palmer Inc. now owns 389 shares of the retailer's stock worth $41,000 after acquiring an additional 352 shares in the last quarter. Abound Financial LLC bought a new stake in Target in the first quarter worth $43,000. Finally, Bellwether Advisors LLC bought a new stake in Target in the fourth quarter worth $47,000. 79.73% of the stock is currently owned by institutional investors.

Target Stock Performance

Target stock traded down $2.19 during mid-day trading on Monday, reaching $97.05. 7,637,181 shares of the stock traded hands, compared to its average volume of 7,152,869. The stock has a market capitalization of $44.10 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 2.86 and a beta of 1.22. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.99 and a quick ratio of 0.32. Target Corporation has a 12-month low of $87.35 and a 12-month high of $161.84. The business's 50-day moving average is $102.06 and its 200-day moving average is $103.42.

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

Target Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Wednesday, August 13th will be given a $1.12 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $4.48 dividend on an annualized basis and a yield of 4.6%. Target's dividend payout ratio is presently 53.15%.

Analyst Upgrades and Downgrades

Several research firms have commented on TGT. DA Davidson dropped their target price on Target from $140.00 to $125.00 and set a "buy" rating on the stock in a report on Thursday, May 22nd. Telsey Advisory Group reissued a "market perform" rating and issued a $110.00 target price on shares of Target in a report on Wednesday, August 20th. Truist Financial boosted their target price on Target from $90.00 to $107.00 and gave the stock a "hold" rating in a report on Wednesday, August 13th. Piper Sandler reissued a "neutral" rating on shares of Target in a report on Tuesday, July 29th. Finally, Jefferies Financial Group dropped their target price on Target from $120.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, August 20th. Ten research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $113.74.

Insider Buying and Selling

In other Target news, insider Brian C. Cornell sold 45,000 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total value of $4,328,100.00. Following the completion of the sale, the insider owned 246,453 shares in the company, valued at $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by insiders.

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.