TIAA Trust National Association Decreases Holdings in Target Corporation (NYSE:TGT)

Key Points

• TIAA Trust National Association reduced its stake in Target Corporation by 7.4%, holding approximately $4.09 million worth of shares after selling 3,156 shares in the first quarter.
• Target reported earnings of $1.30 per share for the last quarter, which missed analyst expectations by $0.35, reflecting a 2.8% decline in revenue year-over-year.
• The company announced a quarterly dividend of $1.12 per share, with a yield of 4.5%, payable on September 1st, 2023.

TIAA Trust National Association lessened its holdings in Target Corporation (NYSE:TGT - Free Report) by 7.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 39,224 shares of the retailer's stock after selling 3,156 shares during the quarter. TIAA Trust National Association's holdings in Target were worth $4,093,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Bernard Wealth Management Corp. purchased a new stake in shares of Target in the 4th quarter worth $29,000. Legacy Investment Solutions LLC lifted its stake in shares of Target by 47.5% during the 4th quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer's stock worth $35,000 after purchasing an additional 85 shares during the last quarter. Heck Capital Advisors LLC purchased a new stake in shares of Target during the 4th quarter worth $40,000. Atwood & Palmer Inc. lifted its stake in shares of Target by 951.4% during the 1st quarter. Atwood & Palmer Inc. now owns 389 shares of the retailer's stock worth $41,000 after purchasing an additional 352 shares during the last quarter. Finally, Abound Financial LLC purchased a new stake in shares of Target during the 1st quarter worth $43,000. Institutional investors own 79.73% of the company's stock.

Insider Buying and Selling at Target

In related news, insider Brian C. Cornell sold 45,000 shares of the business's stock in a transaction on 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 completion of the transaction, the insider directly owned 246,453 shares of the company's stock, valued at $23,703,849.54. The trade was a 15.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on TGT shares. Wall Street Zen cut Target from a "buy" rating to a "hold" rating in a research note on Tuesday, April 22nd. Cfra Research lowered Target from a "moderate buy" rating to a "hold" rating in a research report on Thursday, April 17th. Piper Sandler reaffirmed a "neutral" rating on shares of Target in a research report on Tuesday, July 29th. Truist Financial upped their target price on Target from $82.00 to $90.00 and gave the company a "hold" rating in a research report on Thursday, May 22nd. Finally, Citigroup reduced their target price on Target from $97.00 to $94.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Target presently has an average rating of "Hold" and an average target price of $115.65.

Target Trading Up 2.6%

NYSE:TGT traded up $2.57 on Tuesday, reaching $102.36. The company's stock had a trading volume of 5,091,381 shares, compared to its average volume of 4,924,973. Target Corporation has a 12-month low of $87.35 and a 12-month high of $167.40. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.96. The stock has a 50 day moving average price of $100.05 and a 200 day moving average price of $106.75. The firm has a market cap of $46.51 billion, a price-to-earnings ratio of 11.25, a price-to-earnings-growth ratio of 2.85 and a beta of 1.22.

Target (NYSE:TGT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The retailer reported $1.30 earnings per share for the quarter, missing analysts' consensus estimates of $1.65 by ($0.35). Target had a net margin of 3.95% and a return on equity of 25.59%. The firm had revenue of $24.20 billion during the quarter, compared to analyst estimates of $24.54 billion. During the same period in the previous year, the firm posted $2.03 earnings per share. The company's quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities analysts anticipate that Target Corporation will post 8.69 EPS for the current fiscal year.

Target Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be paid a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.4%. Target's payout ratio is presently 49.23%.

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.