Mechanics Bank Trust Department Sells 3,275 Shares of Target Corporation $TGT

Key Points

• Mechanics Bank Trust Department sold 3,275 shares of Target Corporation, reducing its stake by 25.4%, leaving it with a total of 9,636 shares valued at approximately $951,000 as of the latest SEC filing.
• Target reported quarterly earnings of $2.05 per share, surpassing expectations, though its revenue declined by 0.9% year-over-year, totaling $24.99 billion.
• The company recently announced a dividend increase, declaring a quarterly dividend of $1.14, which reflects an annualized yield of 5.2%, up from a previous dividend of $1.12.

Mechanics Bank Trust Department decreased its holdings in shares of Target Corporation (NYSE:TGT - Free Report) by 25.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,636 shares of the retailer's stock after selling 3,275 shares during the quarter. Mechanics Bank Trust Department's holdings in Target were worth $951,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its holdings in Target by 33.3% during the second quarter. GAMMA Investing LLC now owns 12,360 shares of the retailer's stock valued at $1,219,000 after buying an additional 3,086 shares in the last quarter. Ridgewood Investments LLC increased its holdings in shares of Target by 1,479.1% during the 2nd quarter. Ridgewood Investments LLC now owns 10,264 shares of the retailer's stock valued at $1,013,000 after acquiring an additional 9,614 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its stake in shares of Target by 27.8% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 25,752 shares of the retailer's stock valued at $2,540,000 after acquiring an additional 5,601 shares in the last quarter. Bank & Trust Co lifted its holdings in Target by 30.5% in the 2nd quarter. Bank & Trust Co now owns 2,452 shares of the retailer's stock worth $242,000 after purchasing an additional 573 shares during the last quarter. Finally, Sowell Financial Services LLC grew its holdings in Target by 15.9% during the second quarter. Sowell Financial Services LLC now owns 7,964 shares of the retailer's stock valued at $786,000 after purchasing an additional 1,090 shares during the last quarter. Institutional investors and hedge funds own 79.73% of the company's stock.

Target Price Performance

Shares of NYSE TGT traded down $1.47 during midday trading on Monday, reaching $86.66. 12,431,248 shares of the company traded hands, compared to its average volume of 7,455,542. Target Corporation has a 12 month low of $86.30 and a 12 month high of $161.50. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.32 and a current ratio of 0.99. The stock's 50-day simple moving average is $98.73 and its 200-day simple moving average is $98.59. The firm has a market cap of $39.38 billion, a PE ratio of 10.10, a PEG ratio of 2.54 and a beta of 1.16.

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

Target Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 12th will be issued a dividend of $1.14 per share. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $4.56 dividend on an annualized basis and a yield of 5.3%. This is a positive change from Target's previous quarterly dividend of $1.12. Target's payout ratio is 53.15%.

Analysts Set New Price Targets

Several research firms recently issued reports on TGT. Jefferies Financial Group decreased their price objective on shares of Target from $120.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, August 20th. Citigroup upped their price target on shares of Target from $94.00 to $100.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Loop Capital set a $95.00 price objective on Target in a research note on Thursday, July 17th. Evercore ISI decreased their target price on Target from $108.00 to $106.00 and set an "in-line" rating for the company in a research note on Thursday, August 21st. Finally, Wolfe Research began coverage on Target in a research report on Thursday. They issued an "underperform" rating and a $80.00 price target on the stock. Ten equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $112.69.

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.