Nuveen LLC Acquires Shares of 1,785,750 Target Corporation (NYSE:TGT)

Key Points

• Nuveen LLC has acquired 1,785,750 shares of Target Corporation, valued at approximately $186.36 million, representing a 0.39% stake in the company.
• Several analysts have downgraded Target's stock price targets, with BMO Capital Markets lowering its target from $100 to $95, reflecting a cautious outlook on the retailer.
• Target announced a quarterly dividend of $1.12 per share, scheduled to be paid on September 1st, which reflects a 4.3% dividend yield.

Nuveen LLC acquired a new stake in Target Corporation (NYSE:TGT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,785,750 shares of the retailer's stock, valued at approximately $186,361,000. Nuveen LLC owned 0.39% of Target at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TGT. Bernard Wealth Management Corp. purchased a new position in shares of Target in the fourth quarter valued at about $29,000. Heck Capital Advisors LLC purchased a new position in shares of Target during the fourth quarter valued at about $40,000. Atwood & Palmer Inc. increased its position in shares of Target by 951.4% during the first quarter. Atwood & Palmer Inc. now owns 389 shares of the retailer's stock valued at $41,000 after buying an additional 352 shares during the period. Abound Financial LLC purchased a new position in shares of Target during the first quarter valued at about $43,000. Finally, Bellwether Advisors LLC purchased a new position in shares of Target during the fourth quarter valued at about $47,000. Hedge funds and other institutional investors own 79.73% of the company's stock.

Wall Street Analysts Forecast Growth

TGT has been the topic of several research analyst reports. BMO Capital Markets reduced their price target on shares of Target from $100.00 to $95.00 and set a "market perform" rating on the stock in a research report on Thursday, May 22nd. Citigroup dropped their price objective on shares of Target from $97.00 to $94.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Mizuho cut their price objective on shares of Target from $92.00 to $88.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Sanford C. Bernstein cut shares of Target from a "market perform" rating to an "underperform" rating and cut their price objective for the stock from $97.00 to $82.00 in a report on Monday, May 12th. Finally, Piper Sandler restated a "neutral" rating on shares of Target in a report on Tuesday, July 29th. Three analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $115.65.

Insider Activity at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the sale, the insider directly owned 246,453 shares in the company, valued at $23,703,849.54. This trade represents a 15.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is owned by insiders.

Target Stock Down 1.3%

TGT opened at $104.06 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.25 and a debt-to-equity ratio of 0.96. Target Corporation has a 1-year low of $87.35 and a 1-year high of $167.40. The company has a market capitalization of $47.28 billion, a PE ratio of 11.43, a PEG ratio of 3.01 and a beta of 1.22. The firm's 50 day simple moving average is $101.01 and its two-hundred day simple moving average is $105.64.

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

Target Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Wednesday, August 13th. Target's dividend payout ratio (DPR) is presently 49.23%.

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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