Washington Capital Management Inc. Invests $502,000 in Target Corporation $TGT

Key Points

• Washington Capital Management Inc. has invested approximately $502,000 in Target Corporation by acquiring 5,090 shares in the second quarter.
• Target's recent quarterly earnings report showed an earnings per share (EPS) of $2.05, exceeding estimates, although revenue decreased by 0.9% year-over-year.
• The company announced an increase in its quarterly dividend from $1.12 to $1.14, reflecting a yield of 5.2%.

Washington Capital Management Inc. bought a new position in Target Corporation (NYSE:TGT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,090 shares of the retailer's stock, valued at approximately $502,000.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in Target by 407.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 15,970,414 shares of the retailer's stock valued at $1,666,672,000 after buying an additional 12,825,586 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in Target during the second quarter valued at about $595,839,000. Goldman Sachs Group Inc. grew its position in Target by 35.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,370,062 shares of the retailer's stock valued at $560,420,000 after buying an additional 1,406,653 shares during the period. Dimensional Fund Advisors LP grew its position in Target by 7.7% during the first quarter. Dimensional Fund Advisors LP now owns 5,194,231 shares of the retailer's stock valued at $542,020,000 after buying an additional 370,967 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Target by 6.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,028,486 shares of the retailer's stock valued at $420,413,000 after buying an additional 229,670 shares during the period. Institutional investors own 79.73% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on TGT. Truist Financial increased their price target on shares of Target from $90.00 to $107.00 and gave the company a "hold" rating in a research report on Wednesday, August 13th. UBS Group cut their target price on shares of Target from $135.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, August 21st. Barclays reiterated an "underweight" rating and set a $91.00 target price on shares of Target in a research report on Monday, July 21st. Evercore ISI cut their target price on shares of Target from $106.00 to $105.00 and set an "in-line" rating for the company in a research report on Tuesday, September 23rd. Finally, Citigroup increased their target price on shares of Target from $94.00 to $100.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. Nine equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $110.48.

Target Trading Up 1.0%

Shares of Target stock opened at $88.04 on Monday. Target Corporation has a 12-month low of $86.30 and a 12-month high of $161.50. The company has a market cap of $40.01 billion, a price-to-earnings ratio of 10.26, a PEG ratio of 2.53 and a beta of 1.16. The company has a current ratio of 0.99, a quick ratio of 0.32 and a debt-to-equity ratio of 0.99. The company's 50-day moving average price is $97.53 and its 200-day moving average price is $97.97.

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

Target Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 12th will be paid a $1.14 dividend. This is an increase from Target's previous quarterly dividend of $1.12. This represents a $4.56 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Wednesday, November 12th. Target's payout ratio is 53.15%.

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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