RNC Capital Management LLC Acquires 5,954 Shares of Target Corporation $TGT

Key Points

• RNC Capital Management LLC increased its stake in Target Corporation by 37.3%, acquiring an additional 5,954 shares to reach a total of 21,898 shares worth approximately $2.29 million.
• Target reported $24.99 billion in revenue for its recent quarter, slightly exceeding analyst expectations, but its year-over-year revenue declined 0.9%.
• The company recently announced a quarterly dividend of $1.12 per share, translating to an annualized dividend yield of 4.8%, with a payout ratio of 53.15%.

RNC Capital Management LLC boosted its holdings in Target Corporation (NYSE:TGT - Free Report) by 37.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,898 shares of the retailer's stock after purchasing an additional 5,954 shares during the period. RNC Capital Management LLC's holdings in Target were worth $2,285,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in TGT. Bernard Wealth Management Corp. bought a new position in shares of Target in the 4th quarter valued at about $29,000. WPG Advisers LLC bought a new position in shares of Target in the 1st quarter valued at about $32,000. 1248 Management LLC bought a new position in shares of Target in the 1st quarter valued at about $38,000. Heck Capital Advisors LLC bought a new position in shares of Target in the 4th quarter valued at about $40,000. Finally, Atwood & Palmer Inc. grew its position in shares of Target by 951.4% in the 1st quarter. Atwood & Palmer Inc. now owns 389 shares of the retailer's stock valued at $41,000 after acquiring an additional 352 shares during the period. Institutional investors own 79.73% of the company's stock.

Target Trading Up 0.5%

NYSE:TGT opened at $93.14 on Monday. The firm's fifty day moving average is $101.75 and its 200-day moving average is $101.00. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.32 and a current ratio of 0.99. Target Corporation has a 52 week low of $87.35 and a 52 week high of $161.50. The firm has a market cap of $42.32 billion, a P/E ratio of 10.85, a P/E/G ratio of 2.69 and a beta of 1.16.

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

Target Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Wednesday, August 13th were given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Wednesday, August 13th. Target's payout ratio is presently 53.15%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TGT. Citigroup lifted their target price on shares of Target from $94.00 to $100.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. Truist Financial lifted their target price on shares of Target from $90.00 to $107.00 and gave the stock a "hold" rating in a report on Wednesday, August 13th. Sanford C. Bernstein downgraded shares of Target from a "market perform" rating to an "underperform" rating and reduced their target price for the stock from $97.00 to $82.00 in a report on Monday, May 12th. The Goldman Sachs Group dropped their price objective on shares of Target from $101.00 to $90.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Finally, Wells Fargo & Company dropped their price objective on shares of Target from $135.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, May 22nd. Ten investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Target currently has an average rating of "Hold" and an average target price of $113.74.

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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