Naples Global Advisors LLC Raises Stock Position in Target Corporation $TGT

Key Points

• Naples Global Advisors LLC increased its stake in Target Corporation by 12.8% in Q2, owning 28,789 shares valued at approximately $2.84 million.
• Target reported $2.05 earnings per share for the last quarter, slightly exceeding analysts' expectations, while revenue decreased by 0.9% year-over-year to $24.99 billion.
• The company also announced a quarterly dividend increase, now paying $1.14 per share, reflecting a 5.1% annual yield and a payout ratio of 53.15%.

Naples Global Advisors LLC lifted its stake in shares of Target Corporation (NYSE:TGT - Free Report) by 12.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,789 shares of the retailer's stock after buying an additional 3,269 shares during the quarter. Naples Global Advisors LLC's holdings in Target were worth $2,840,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Brighton Jones LLC increased its holdings in shares of Target by 101.3% in the 4th quarter. Brighton Jones LLC now owns 6,080 shares of the retailer's stock valued at $822,000 after acquiring an additional 3,059 shares during the period. Wellington Management Group LLP increased its holdings in shares of Target by 12.5% in the 4th quarter. Wellington Management Group LLP now owns 56,384 shares of the retailer's stock valued at $7,622,000 after acquiring an additional 6,253 shares during the period. NBC Securities Inc. increased its holdings in shares of Target by 208,850.0% in the 1st quarter. NBC Securities Inc. now owns 4,179 shares of the retailer's stock valued at $436,000 after acquiring an additional 4,177 shares during the period. Merit Financial Group LLC increased its holdings in shares of Target by 25.9% in the 1st quarter. Merit Financial Group LLC now owns 70,740 shares of the retailer's stock valued at $7,382,000 after acquiring an additional 14,547 shares during the period. Finally, Wealth Alliance Advisory Group LLC increased its holdings in shares of Target by 7.4% in the 1st quarter. Wealth Alliance Advisory Group LLC now owns 2,950 shares of the retailer's stock valued at $308,000 after acquiring an additional 202 shares during the period. Hedge funds and other institutional investors own 79.73% of the company's stock.

Target Stock Performance

NYSE:TGT opened at $89.20 on Thursday. 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 fifty-two week low of $86.30 and a fifty-two week high of $161.50. The stock has a market cap of $40.53 billion, a PE ratio of 10.40, a price-to-earnings-growth ratio of 2.59 and a beta of 1.18. The firm's fifty day simple moving average is $96.56 and its 200-day simple moving average is $97.74.

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

Target Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Wednesday, November 12th will be paid a dividend of $1.14 per share. This is a boost from Target's previous quarterly dividend of $1.12. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 5.1%. Target's dividend payout ratio is currently 53.15%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Zacks Research raised shares of Target from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 19th. Wolfe Research began coverage on shares of Target in a research note on Thursday, September 18th. They issued an "underperform" rating and a $80.00 price objective on the stock. Bank of America reissued an "underperform" rating and issued a $93.00 price objective (down from $105.00) on shares of Target in a research note on Friday, August 15th. Wall Street Zen raised shares of Target from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. Finally, Guggenheim reissued a "buy" rating and issued a $115.00 price objective on shares of Target in a research note on Thursday, August 21st. Nine research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $110.48.

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.

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