QRG Capital Management Inc. Sells 16,162 Shares of Target Corporation $TGT

Key Points

• QRG Capital Management Inc. reduced its stake in Target Corporation by 16.9%, selling 16,162 shares and ending the quarter with 79,456 shares valued at approximately $7.84 million.
• Target's recent earnings report showed a quarterly EPS of $2.05, slightly exceeding analysts' expectations, although revenue was down by 0.9% year-over-year.
• The company declared a quarterly dividend increase to $1.14, effective December 1st, representing a 5.1% yield on an annualized basis.

QRG Capital Management Inc. trimmed its position in Target Corporation (NYSE:TGT - Free Report) by 16.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,456 shares of the retailer's stock after selling 16,162 shares during the quarter. QRG Capital Management Inc.'s holdings in Target were worth $7,838,000 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 company. Corundum Group Inc. increased its holdings in Target by 3.7% in the 2nd quarter. Corundum Group Inc. now owns 6,665 shares of the retailer's stock worth $658,000 after acquiring an additional 236 shares in the last quarter. Precedent Wealth Partners LLC increased its holdings in Target by 27.7% in the 2nd quarter. Precedent Wealth Partners LLC now owns 13,208 shares of the retailer's stock worth $1,303,000 after acquiring an additional 2,869 shares in the last quarter. Franklin Street Advisors Inc. NC increased its holdings in Target by 10.5% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 4,572 shares of the retailer's stock worth $451,000 after acquiring an additional 433 shares in the last quarter. Ascent Group LLC increased its holdings in Target by 26.0% in the 2nd quarter. Ascent Group LLC now owns 2,472 shares of the retailer's stock worth $244,000 after acquiring an additional 510 shares in the last quarter. Finally, Abundance Wealth Counselors increased its holdings in Target by 2.6% in the 2nd quarter. Abundance Wealth Counselors now owns 6,742 shares of the retailer's stock worth $686,000 after acquiring an additional 168 shares in the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on TGT. Piper Sandler reissued a "neutral" rating on shares of Target in a report on Tuesday, July 29th. Bank of America reaffirmed an "underperform" rating and set a $93.00 price objective (down from $105.00) on shares of Target in a report on Friday, August 15th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $110.00 price objective on shares of Target in a report on Wednesday, August 20th. Zacks Research raised shares of Target from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 19th. Finally, Wedbush reaffirmed an "outperform" rating on shares of Target in a report on Thursday, July 17th. Nine analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $109.71.

Target Stock Down 0.5%

NYSE TGT opened at $89.03 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.32 and a current ratio of 0.99. The company has a market capitalization of $40.46 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.58 and a beta of 1.18. Target Corporation has a one year low of $86.30 and a one year high of $161.50. The stock has a 50 day moving average price of $95.89 and a 200-day moving average price of $97.43.

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

Target Increases Dividend

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

Target 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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