Target Corporation (NYSE:TGT) Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its holdings in Target Corporation by 404.9% during the first quarter, owning 16,748 shares valued at approximately $1.78 million.
• Target Corporation recently reported a miss on earnings, with an EPS of $1.30 compared to expectations of $1.65, and revenue down 2.8% year-over-year.
• The company declared a quarterly dividend of $1.12 per share, with the next payment scheduled for September 1st, resulting in an annualized yield of 4.5%.

OVERSEA CHINESE BANKING Corp Ltd lifted its position in Target Corporation (NYSE:TGT - Free Report) by 404.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,748 shares of the retailer's stock after purchasing an additional 13,431 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Target were worth $1,777,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. DSG Capital Advisors LLC raised its stake in Target by 16.1% in the first quarter. DSG Capital Advisors LLC now owns 156,644 shares of the retailer's stock worth $16,347,000 after buying an additional 21,726 shares in the last quarter. Sierra Summit Advisors LLC increased its stake in shares of Target by 29.0% in the fourth quarter. Sierra Summit Advisors LLC now owns 14,354 shares of the retailer's stock worth $1,940,000 after acquiring an additional 3,231 shares during the period. Viking Fund Management LLC increased its position in shares of Target by 20.0% during the first quarter. Viking Fund Management LLC now owns 60,000 shares of the retailer's stock valued at $6,262,000 after acquiring an additional 10,000 shares during the last quarter. Correct Capital Wealth Management lifted its stake in Target by 44.7% in the first quarter. Correct Capital Wealth Management now owns 13,556 shares of the retailer's stock worth $1,415,000 after acquiring an additional 4,189 shares during the last quarter. Finally, Chapin Davis Inc. lifted its stake in Target by 64.7% in the first quarter. Chapin Davis Inc. now owns 8,507 shares of the retailer's stock worth $888,000 after acquiring an additional 3,342 shares during the last quarter. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TGT has been the subject of a number of recent research reports. Bank of America downgraded shares of Target from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $145.00 to $105.00 in a research note on Thursday, May 22nd. Truist Financial lifted their price target on shares of Target from $82.00 to $90.00 and gave the stock a "hold" rating in a research note on Thursday, May 22nd. Citigroup reduced their price objective on shares of Target from $97.00 to $94.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. The Goldman Sachs Group reduced their price objective on shares of Target from $101.00 to $90.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Finally, Barclays restated an "underweight" rating and set a $91.00 price objective on shares of Target in a research report on Monday, July 21st. Two research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Target presently has a consensus rating of "Hold" and a consensus target price of $115.65.

Target Stock Performance

TGT traded up $2.79 during trading hours on Wednesday, hitting $105.22. 1,533,678 shares of the stock were exchanged, compared to its average volume of 6,939,128. The stock has a 50-day simple moving average of $100.16 and a 200-day simple moving average of $106.72. 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 $47.81 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 2.85 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.

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

Target Dividend Announcement

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

Insider Transactions at Target

In other Target news, insider Brian C. Cornell sold 45,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total value of $4,328,100.00. Following the sale, the insider directly owned 246,453 shares in the company, valued at approximately $23,703,849.54. This trade represents a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.16% of the company's stock.

About Target

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.