Raiffeisen Bank International AG Acquires 3,112 Shares of Target Corporation (NYSE:TGT)

Key Points

• Raiffeisen Bank International AG increased its stake in Target Corporation by 96%, acquiring an additional 3,112 shares and bringing its total holdings to 6,352 shares valued at approximately $658,000.
• Target reported quarterly earnings of $1.30 per share, missing the consensus estimate of $1.65, alongside a revenue of $24.20 billion that also fell short of expectations.
• The company declared a quarterly dividend of $1.12 per share, which will be paid on September 1st, representing an annualized yield of 4.5%.

Raiffeisen Bank International AG raised its stake in Target Corporation (NYSE:TGT - Free Report) by 96.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,352 shares of the retailer's stock after acquiring an additional 3,112 shares during the quarter. Raiffeisen Bank International AG's holdings in Target were worth $658,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of TGT. Cheviot Value Management LLC bought a new stake in shares of Target during the first quarter worth approximately $476,000. Banco Santander S.A. raised its stake in shares of Target by 70.6% during the first quarter. Banco Santander S.A. now owns 14,986 shares of the retailer's stock worth $1,564,000 after buying an additional 6,201 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of Target by 404.9% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 16,748 shares of the retailer's stock worth $1,777,000 after buying an additional 13,431 shares during the last quarter. LSV Asset Management raised its stake in shares of Target by 92.3% during the first quarter. LSV Asset Management now owns 535,370 shares of the retailer's stock worth $55,871,000 after buying an additional 256,960 shares during the last quarter. Finally, Harbour Investments Inc. raised its stake in shares of Target by 4.1% during the first quarter. Harbour Investments Inc. now owns 8,512 shares of the retailer's stock worth $888,000 after buying an additional 332 shares during the last quarter. Institutional investors own 79.73% of the company's stock.

Target Price Performance

TGT opened at $99.71 on Tuesday. The firm has a market cap of $45.30 billion, a P/E ratio of 10.96, a PEG ratio of 2.85 and a beta of 1.22. The firm has a 50-day moving average of $100.05 and a 200 day moving average of $106.75. 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 Corporation has a fifty-two week low of $87.35 and a fifty-two week high of $167.40.

Target (NYSE:TGT - Get Free Report) last posted 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). The company had revenue of $24.20 billion for 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%. Target's quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.03 EPS. On average, research analysts expect that Target Corporation will post 8.69 EPS for the current year.

Target Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Wednesday, August 13th will be given a dividend of $1.12 per share. The ex-dividend date is Wednesday, August 13th. This represents a $4.48 annualized dividend and a yield of 4.5%. Target's dividend payout ratio is presently 49.23%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TGT. Telsey Advisory Group set a $110.00 price target on shares of Target and gave the stock a "market perform" rating in a research note on Thursday, May 22nd. Piper Sandler restated a "neutral" rating on shares of Target in a report on Tuesday, July 29th. Wells Fargo & Company decreased their price objective on shares of Target from $135.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 22nd. Baird R W downgraded shares of Target from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. increased their target price 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 equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Target has an average rating of "Hold" and an average price target of $115.65.

Insiders Place Their Bets

In related news, insider Brian C. Cornell sold 45,000 shares of the 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 owned 246,453 shares in the company, valued at approximately $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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.

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