Pinnacle Associates Ltd. Has $2.12 Million Stock Position in Target Corporation (NYSE:TGT)

Key Points

• Pinnacle Associates Ltd. reduced its stake in Target Corporation by 41.9% in the first quarter, holding approximately $2.12 million worth of shares afterward.
• Recent price targets for Target's stock have been lowered by multiple analysts, with Guggenheim revising it down to $115.00 from $155.00, indicating a shift in market sentiment.
• Target announced a quarterly dividend of $1.12 per share, which represents an annualized yield of 4.23%, with a payout ratio of 49.23%.

Pinnacle Associates Ltd. reduced its position in Target Corporation (NYSE:TGT - Free Report) by 41.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 20,264 shares of the retailer's stock after selling 14,589 shares during the period. Pinnacle Associates Ltd.'s holdings in Target were worth $2,115,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of TGT. Brighton Jones LLC lifted its position in Target by 101.3% during the fourth quarter. Brighton Jones LLC now owns 6,080 shares of the retailer's stock worth $822,000 after acquiring an additional 3,059 shares during the last quarter. Congress Wealth Management LLC DE acquired a new stake in Target during the fourth quarter worth approximately $337,000. NEOS Investment Management LLC lifted its position in Target by 30.8% during the fourth quarter. NEOS Investment Management LLC now owns 26,410 shares of the retailer's stock worth $3,570,000 after acquiring an additional 6,219 shares during the last quarter. AssuredPartners Investment Advisors LLC acquired a new stake in Target during the fourth quarter worth approximately $317,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in Target by 6.8% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 444,954 shares of the retailer's stock worth $60,149,000 after acquiring an additional 28,185 shares during the last quarter. 79.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TGT shares. Guggenheim cut their price objective on shares of Target from $155.00 to $115.00 and set a "buy" rating for the company in a research report on Tuesday, May 27th. Telsey Advisory Group set a $110.00 price objective on shares of Target and gave the stock a "market perform" rating in a research report on Thursday, May 22nd. BMO Capital Markets cut their price objective on shares of Target from $100.00 to $95.00 and set a "market perform" rating for the company in a research report on Thursday, May 22nd. Bank of America downgraded shares of Target from a "buy" rating to a "neutral" rating and dropped their price target for the company from $145.00 to $105.00 in a research report on Thursday, May 22nd. Finally, Loop Capital set a $95.00 price target on shares of Target in a research report on Thursday, July 17th. Two equities research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $115.65.

Target Stock Performance

NYSE TGT opened at $106.03 on Friday. The firm's fifty day moving average price is $99.22 and its two-hundred day moving average price is $108.39. The stock has a market cap of $48.18 billion, a PE ratio of 11.65, a PEG ratio of 3.03 and a beta of 1.22. Target Corporation has a fifty-two week low of $87.35 and a fifty-two week high of $167.40. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.25 and a current ratio of 0.94.

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

Target Announces Dividend

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 dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.23%. Target's payout ratio is presently 49.23%.

Insider Buying and Selling at Target

In other Target news, insider Brian C. Cornell sold 45,000 shares of the business'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 owned 246,453 shares of the company's stock, valued at approximately $23,703,849.54. The trade was 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 the SEC website. Insiders own 0.16% of the company's stock.

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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