Sumitomo Mitsui DS Asset Management Company Ltd Acquires 18,111 Shares of Target Corporation $TGT

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Target Corporation (TGT) by 30.0% during the second quarter, now holding 78,547 shares valued at approximately $7.75 million.
• Target recently declared a quarterly dividend of $1.14 per share, marking an increase from the previous dividend of $1.12, with a yield of 5.2%.
• The retailer reported quarterly earnings of $2.05 per share, slightly beating estimates, although revenue decreased by 0.9% year-over-year.

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Target Corporation (NYSE:TGT - Free Report) by 30.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,547 shares of the retailer's stock after buying an additional 18,111 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Target were worth $7,749,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Bernard Wealth Management Corp. acquired a new stake in Target in the fourth quarter valued at $29,000. Heck Capital Advisors LLC acquired a new stake in Target in the fourth quarter valued at $40,000. WPG Advisers LLC bought a new position in shares of Target in the first quarter valued at about $32,000. Mascagni Wealth Management Inc. bought a new position in shares of Target in the fourth quarter valued at about $49,000. Finally, 1248 Management LLC bought a new position in shares of Target in the first quarter valued at about $38,000. Institutional investors and hedge funds own 79.73% of the company's stock.

Target Stock Up 1.1%

TGT stock traded up $0.95 during midday trading on Tuesday, reaching $87.51. 1,872,171 shares of the company's stock traded hands, compared to its average volume of 7,221,922. Target Corporation has a 52 week low of $86.30 and a 52 week high of $161.50. The company has a quick ratio of 0.32, a current ratio of 0.99 and a debt-to-equity ratio of 0.99. The company has a market cap of $39.76 billion, a price-to-earnings ratio of 10.20, a P/E/G ratio of 2.54 and a beta of 1.16. The firm's fifty day moving average price is $98.73 and its 200-day moving average price is $98.59.

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

Target Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th will be issued a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 5.2%. This is a boost from Target's previous quarterly dividend of $1.12. The ex-dividend date of this dividend is Wednesday, November 12th. Target's payout ratio is currently 53.15%.

Wall Street Analysts Forecast Growth

TGT has been the topic of a number of recent research reports. Evercore ISI lowered their price target on shares of Target from $106.00 to $105.00 and set an "in-line" rating on the stock in a research report on Tuesday. Citigroup raised their target price on shares of Target from $94.00 to $100.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Wall Street Zen raised shares of Target from a "sell" rating to a "hold" rating in a report on Sunday, August 17th. Zacks Research raised shares of Target from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 19th. Finally, Jefferies Financial Group decreased their target price on shares of Target from $120.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, August 20th. Nine investment analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $110.48.

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.