Verity & Verity LLC Has $16.23 Million Position in Target Co. (NYSE:TGT)

Verity & Verity LLC lifted its stake in shares of Target Co. (NYSE:TGT - Free Report) by 25.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 155,488 shares of the retailer's stock after purchasing an additional 31,232 shares during the quarter. Verity & Verity LLC's holdings in Target were worth $16,227,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Bernard Wealth Management Corp. bought a new stake in shares of Target during the 4th quarter worth about $30,000. Hopwood Financial Services Inc. acquired a new position in shares of Target during the fourth quarter valued at approximately $29,000. Legacy Investment Solutions LLC raised its holdings in Target by 47.5% during the fourth quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer's stock worth $35,000 after purchasing an additional 85 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Target in the fourth quarter worth approximately $36,000. Finally, Heck Capital Advisors LLC acquired a new stake in Target in the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 79.73% of the company's stock.

Target Stock Up 2.1%

Shares of NYSE TGT traded up $2.00 during trading hours on Monday, hitting $97.37. The stock had a trading volume of 7,291,055 shares, compared to its average volume of 6,135,152. The company has a market capitalization of $44.24 billion, a P/E ratio of 10.33, a P/E/G ratio of 1.94 and a beta of 1.22. The firm's 50-day moving average price is $95.48 and its two-hundred day moving average price is $115.02. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.25 and a current ratio of 0.94. Target Co. has a 52 week low of $87.35 and a 52 week high of $167.40.

Target (NYSE:TGT - Get Free Report) last released its quarterly earnings results 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 4.06% and a return on equity of 31.11%. The business had revenue of $24.20 billion for the quarter, compared to the consensus estimate of $24.54 billion. During the same quarter in the prior year, the business posted $2.03 EPS. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. Analysts anticipate that Target Co. will post 8.69 EPS for the current fiscal year.

Target Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be paid a dividend of $1.12 per share. The ex-dividend date is Wednesday, August 13th. This represents a $4.48 annualized dividend and a dividend yield of 4.60%. Target's dividend payout ratio (DPR) is presently 50.11%.

Insider Activity

In other Target news, insider Brian C. Cornell sold 45,000 shares of the company's stock in a transaction that occurred 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 sale, the insider now owns 246,453 shares of the company's stock, valued at $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Cfra Research downgraded Target from a "moderate buy" rating to a "hold" rating in a research note on Thursday, April 17th. Barclays initiated coverage on shares of Target in a research report on Thursday, May 22nd. They issued an "equal weight" rating on the stock. Truist Financial raised their price objective on shares of Target from $82.00 to $90.00 and gave the company a "hold" rating in a research report on Thursday, May 22nd. Robert W. Baird set a $100.00 target price on shares of Target in a research note on Thursday, May 22nd. Finally, Stifel Nicolaus reduced their target price on shares of Target from $130.00 to $120.00 and set a "hold" rating for the company in a report on Thursday, March 20th. One investment analyst has rated the stock with a sell rating, twenty-five have given a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $116.70.

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.