Modera Wealth Management LLC Lowers Stock Holdings in Target Corporation (NYSE:TGT)

Key Points

• Modera Wealth Management LLC reduced its stake in Target Corporation by 4.3%, selling 6,029 shares and retaining 134,034 shares worth approximately $13.99 million.
• Target recently reported earnings of $1.30 EPS, missing estimates by $0.35, with total revenue reaching $24.20 billion, down 2.8% year-over-year.
• The company announced a $1.12 quarterly dividend with a yield of 4.30%, to be paid on September 1st to shareholders of record as of August 13th.

Modera Wealth Management LLC cut its stake in Target Corporation (NYSE:TGT - Free Report) by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 134,034 shares of the retailer's stock after selling 6,029 shares during the quarter. Modera Wealth Management LLC's holdings in Target were worth $13,988,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Fiducient Advisors LLC raised its stake in shares of Target by 4.6% during the 4th quarter. Fiducient Advisors LLC now owns 1,778 shares of the retailer's stock worth $240,000 after buying an additional 78 shares during the period. Legacy Investment Solutions LLC raised its stake in shares of Target by 47.5% during the 4th quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer's stock worth $35,000 after buying an additional 85 shares during the period. Bontempo Ohly Capital Mgmt LLC increased its position in shares of Target by 0.3% during the fourth quarter. Bontempo Ohly Capital Mgmt LLC now owns 28,668 shares of the retailer's stock worth $3,875,000 after purchasing an additional 85 shares in the last quarter. Anchor Investment Management LLC increased its position in shares of Target by 1.7% during the fourth quarter. Anchor Investment Management LLC now owns 5,471 shares of the retailer's stock worth $740,000 after purchasing an additional 92 shares in the last quarter. Finally, Ancora Advisors LLC increased its position in shares of Target by 0.9% during the fourth quarter. Ancora Advisors LLC now owns 10,369 shares of the retailer's stock worth $1,402,000 after purchasing an additional 92 shares in the last quarter. 79.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Citigroup dropped their price target on Target from $97.00 to $94.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Wedbush restated an "outperform" rating on shares of Target in a report on Thursday, July 17th. Wall Street Zen cut Target from a "buy" rating to a "hold" rating in a report on Tuesday, April 22nd. The Goldman Sachs Group dropped their target price on Target from $101.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Finally, Piper Sandler restated a "neutral" rating on shares of Target in a report on Tuesday. Two analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $115.65.

Target Stock Down 0.7%

Shares of TGT traded down $0.75 during mid-day trading on Friday, reaching $99.75. The company's stock had a trading volume of 5,020,123 shares, compared to its average volume of 4,692,105. Target Corporation has a 12-month low of $87.35 and a 12-month high of $167.40. The stock has a market cap of $45.32 billion, a PE ratio of 10.96, a price-to-earnings-growth ratio of 2.87 and a beta of 1.22. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.25. The company's 50 day moving average is $99.83 and its 200 day moving average is $107.61.

Target (NYSE:TGT - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The retailer reported $1.30 EPS for the quarter, missing analysts' consensus estimates of $1.65 by ($0.35). Target had a net margin of 3.95% and a return on equity of 25.59%. The business had revenue of $24.20 billion during the quarter, compared to analysts' expectations of $24.54 billion. During the same quarter in the previous year, the company posted $2.03 EPS. The company's revenue was down 2.8% compared to the same quarter last year. Equities analysts anticipate that Target Corporation will post 8.69 EPS for the current fiscal year.

Target Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Wednesday, August 13th will be paid a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Wednesday, August 13th. Target's dividend payout ratio (DPR) is currently 49.23%.

Insider Transactions at Target

In related news, insider Brian C. Cornell sold 45,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the transaction, the insider owned 246,453 shares in the company, valued at $23,703,849.54. This trade represents a 15.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.16% of the stock is owned by corporate insiders.

Target 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.