Target Corporation (NYSE:TGT) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC reduced its position in Target Corporation (NYSE:TGT - Free Report) by 99.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,155 shares of the retailer's stock after selling 224,031 shares during the quarter. Exchange Traded Concepts LLC's holdings in Target were worth $225,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in TGT. Norges Bank bought a new stake in shares of Target in the fourth quarter valued at about $757,892,000. Raymond James Financial Inc. bought a new stake in shares of Target in the fourth quarter valued at about $297,122,000. Ameriprise Financial Inc. raised its holdings in shares of Target by 61.2% in the fourth quarter. Ameriprise Financial Inc. now owns 3,968,037 shares of the retailer's stock valued at $536,407,000 after acquiring an additional 1,506,275 shares in the last quarter. FMR LLC raised its holdings in shares of Target by 13.6% in the fourth quarter. FMR LLC now owns 11,338,729 shares of the retailer's stock valued at $1,532,769,000 after acquiring an additional 1,358,348 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC bought a new stake in shares of Target in the fourth quarter valued at about $182,882,000. 79.73% of the stock is currently owned by institutional investors.

Target Trading Up 1.1%

Shares of TGT traded up $1.02 during midday trading on Tuesday, reaching $97.55. The company had a trading volume of 6,396,737 shares, compared to its average volume of 6,200,720. Target Corporation has a 1-year low of $87.35 and a 1-year high of $167.40. The stock has a market cap of $44.32 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 2.78 and a beta of 1.22. The firm has a 50 day simple moving average of $95.72 and a 200-day simple moving average of $113.55. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.96.

Target (NYSE:TGT - Get Free Report) last issued 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). Target had a return on equity of 25.59% and a net margin of 3.95%. The company had revenue of $24.20 billion during the quarter, compared to analyst estimates of $24.54 billion. During the same period last year, the business earned $2.03 earnings per share. The firm's revenue was down 2.8% compared to the same quarter last year. Research analysts forecast that Target Corporation will post 8.69 EPS for the current fiscal year.

Target Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date is Wednesday, August 13th. Target's dividend payout ratio is presently 49.23%.

Analysts Set New Price Targets

Several equities analysts have issued reports on TGT shares. Wall Street Zen lowered Target from a "buy" rating to a "hold" rating in a research note on Tuesday, April 22nd. Evercore ISI cut their target price on Target from $130.00 to $120.00 and set an "in-line" rating on the stock in a research note on Tuesday, April 1st. Citigroup cut their target price on Target from $97.00 to $94.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. BMO Capital Markets cut their target price on Target from $100.00 to $95.00 and set a "market perform" rating on the stock in a research note on Thursday, May 22nd. Finally, Roth Mkm reiterated a "neutral" rating and issued a $122.00 target price (down previously from $131.00) on shares of Target in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, twenty-five have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $116.70.

Insider Transactions at Target

In related news, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the transaction, the insider now owns 246,453 shares of the company's stock, valued at approximately $23,703,849.54. This represents a 15.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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.