Modern Wealth Management LLC Decreases Position in Target Corporation $TGT

Key Points

• Modern Wealth Management LLC has reduced its stake in Target Corporation by 69.6%, holding 4,934 shares after selling 11,278 during the first quarter.
• Analysts have downgraded Target's stock price targets, with Goldman Sachs lowering it from $101.00 to $90.00 and Morgan Stanley from $160.00 to $112.00.
• Target reported earnings of $2.05 per share for its last quarter, exceeding estimates, but revenue dropped 0.9% year-over-year.

Modern Wealth Management LLC cut its stake in Target Corporation (NYSE:TGT - Free Report) by 69.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,934 shares of the retailer's stock after selling 11,278 shares during the quarter. Modern Wealth Management LLC's holdings in Target were worth $515,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TGT. Strs Ohio purchased a new position in Target in the 1st quarter worth approximately $48,371,000. Ellsworth Advisors LLC lifted its stake in Target by 8.0% in the 1st quarter. Ellsworth Advisors LLC now owns 38,828 shares of the retailer's stock worth $4,052,000 after purchasing an additional 2,883 shares in the last quarter. Wealth Management Associates Inc. lifted its stake in Target by 25.0% in the 1st quarter. Wealth Management Associates Inc. now owns 3,330 shares of the retailer's stock worth $348,000 after purchasing an additional 665 shares in the last quarter. Jacobi Capital Management LLC lifted its stake in Target by 16.7% in the 1st quarter. Jacobi Capital Management LLC now owns 33,342 shares of the retailer's stock worth $3,480,000 after purchasing an additional 4,780 shares in the last quarter. Finally, Advisors Capital Management LLC lifted its stake in Target by 19.9% in the 1st quarter. Advisors Capital Management LLC now owns 229,725 shares of the retailer's stock worth $23,974,000 after purchasing an additional 38,072 shares in the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TGT has been the topic of a number of research reports. The Goldman Sachs Group decreased their target price on shares of Target from $101.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Morgan Stanley cut their price target on shares of Target from $160.00 to $112.00 and set an "overweight" rating for the company in a report on Thursday, May 22nd. UBS Group cut their price target on shares of Target from $135.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, August 21st. Wedbush restated an "outperform" rating on shares of Target in a report on Thursday, July 17th. Finally, Robert W. Baird set a $100.00 price target on shares of Target in a report on Thursday, May 22nd. Ten analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Target presently has an average rating of "Hold" and a consensus price target of $113.74.

Target Stock Performance

Shares of TGT stock opened at $90.03 on Monday. The company has a quick ratio of 0.32, a current ratio of 0.99 and a debt-to-equity ratio of 0.99. Target Corporation has a 52 week low of $87.35 and a 52 week high of $161.50. The stock has a market capitalization of $40.91 billion, a PE ratio of 10.49, a P/E/G ratio of 2.60 and a beta of 1.16. The firm has a 50 day moving average of $100.52 and a two-hundred day moving average of $99.82.

Target (NYSE:TGT - Get Free Report) last released its quarterly earnings data on Wednesday, August 20th. The retailer reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the company earned $2.57 EPS. Target has set its FY 2025 guidance at 7.000-9.000 EPS. On average, research analysts predict that Target Corporation will post 8.69 EPS for the current fiscal year.

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.

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