PNC Financial Services Group Inc. Cuts Stock Position in Target Corporation (NYSE:TGT)

Key Points

• PNC Financial Services Group Inc. reduced its holdings in Target Corporation by 7.1%, owning approximately 532,205 shares valued at $55.5 million after selling 40,420 shares.
• Several hedge funds increased their stakes in Target, with Ameriprise Financial raising its stake by 61.2%, now owning a total of 3,968,037 shares worth $536.4 million.
• Target's most recent earnings report showed $1.30 earnings per share, missing expectations, and the company announced a dividend of $1.12 per share, with an annual yield of 4.5%.

PNC Financial Services Group Inc. lessened its holdings in Target Corporation (NYSE:TGT - Free Report) by 7.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 532,205 shares of the retailer's stock after selling 40,420 shares during the period. PNC Financial Services Group Inc. owned about 0.12% of Target worth $55,541,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TGT. Capital World Investors increased its stake in Target by 6.3% during the 4th quarter. Capital World Investors now owns 21,930,569 shares of the retailer's stock worth $2,964,565,000 after buying an additional 1,306,552 shares during the period. FMR LLC increased its stake in Target by 13.6% during the 4th quarter. FMR LLC now owns 11,338,729 shares of the retailer's stock worth $1,532,769,000 after buying an additional 1,358,348 shares during the period. Northern Trust Corp increased its stake in Target by 16.3% during the 4th quarter. Northern Trust Corp now owns 5,376,640 shares of the retailer's stock worth $726,814,000 after buying an additional 754,883 shares during the period. Dimensional Fund Advisors LP increased its stake in Target by 21.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,823,264 shares of the retailer's stock worth $652,014,000 after buying an additional 840,484 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in Target by 61.2% during the 4th quarter. Ameriprise Financial Inc. now owns 3,968,037 shares of the retailer's stock worth $536,407,000 after buying an additional 1,506,275 shares during the period. Hedge funds and other institutional investors own 79.73% of the company's stock.

Insider Transactions at Target

In other Target news, insider Brian C. Cornell sold 45,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider directly owned 246,453 shares of the company's stock, valued at $23,703,849.54. The trade was a 15.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TGT. Wedbush reaffirmed an "outperform" rating on shares of Target in a research note on Thursday, July 17th. Sanford C. Bernstein downgraded shares of Target from a "market perform" rating to an "underperform" rating and dropped their price target for the stock from $97.00 to $82.00 in a research note on Monday, May 12th. Piper Sandler reaffirmed a "neutral" rating on shares of Target in a research note on Tuesday, July 29th. Truist Financial raised their price objective on shares of Target from $82.00 to $90.00 and gave the stock a "hold" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Target from $105.00 to $109.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Target presently has a consensus rating of "Hold" and a consensus price target of $115.65.

Target Trading Down 0.7%

Target stock opened at $99.75 on Monday. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.96. The firm has a 50-day moving average price of $99.94 and a two-hundred day moving average price of $106.99. The firm has a market capitalization of $45.32 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 2.85 and a beta of 1.22. Target Corporation has a 52-week low of $87.35 and a 52-week high of $167.40.

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 firm had revenue of $24.20 billion for the quarter, compared to analyst estimates of $24.54 billion. Target had a net margin of 3.95% and a return on equity of 25.59%. The company's revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.03 earnings per share. Sell-side analysts expect that Target Corporation will post 8.69 earnings per share for the current year.

Target Announces Dividend

The company 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. This represents a $4.48 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Wednesday, August 13th. Target's payout ratio 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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