Wedge Capital Management L L P NC Purchases 20,805 Shares of Target Corporation $TGT

Key Points

• Wedge Capital Management L L P NC significantly increased its holdings in Target Corporation by 52.3%, acquiring an additional 20,805 shares, bringing its total to 60,609 shares valued at approximately $5.98 million.
• Target Corporation reported a quarterly earnings per share (EPS) of $2.05, slightly exceeding analysts' expectations of $2.04, and revealed a revenue of $24.99 billion for the quarter.
• The company announced an increase in its quarterly dividend to $1.14 per share, with a dividend yield of 5.2%, set to be paid out on December 1st.

Wedge Capital Management L L P NC grew its position in shares of Target Corporation (NYSE:TGT - Free Report) by 52.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,609 shares of the retailer's stock after buying an additional 20,805 shares during the quarter. Wedge Capital Management L L P NC's holdings in Target were worth $5,979,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of TGT. Brighton Jones LLC raised its holdings in shares of Target by 101.3% in the 4th quarter. Brighton Jones LLC now owns 6,080 shares of the retailer's stock worth $822,000 after purchasing an additional 3,059 shares during the period. Vident Advisory LLC grew its position in shares of Target by 17.7% during the 4th quarter. Vident Advisory LLC now owns 3,002 shares of the retailer's stock valued at $406,000 after purchasing an additional 452 shares in the last quarter. Woodline Partners LP purchased a new position in shares of Target during the 4th quarter valued at $3,740,000. Vise Technologies Inc. grew its position in shares of Target by 35.0% during the 4th quarter. Vise Technologies Inc. now owns 6,406 shares of the retailer's stock valued at $866,000 after purchasing an additional 1,662 shares in the last quarter. Finally, GTS Securities LLC grew its position in shares of Target by 114.8% during the 4th quarter. GTS Securities LLC now owns 7,371 shares of the retailer's stock valued at $996,000 after purchasing an additional 57,085 shares in the last quarter. Institutional investors own 79.73% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on TGT shares. Wall Street Zen upgraded shares of Target from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Wolfe Research started coverage on shares of Target in a research note on Thursday. They set an "underperform" rating and a $80.00 price objective for the company. Piper Sandler reissued a "neutral" rating on shares of Target in a research note on Tuesday, July 29th. Royal Bank Of Canada increased their price target on shares of Target from $104.00 to $107.00 and gave the stock an "outperform" rating in a research note on Thursday, August 21st. Finally, UBS Group cut their price objective on shares of Target from $135.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, August 21st. Ten equities research analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $112.69.

Target Stock Performance

Shares of NYSE TGT opened at $88.12 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.32 and a current ratio of 0.99. The company has a market cap of $40.04 billion, a P/E ratio of 10.27, a P/E/G ratio of 2.54 and a beta of 1.16. The firm's fifty day moving average is $99.10 and its two-hundred day moving average is $98.89. Target Corporation has a 52-week low of $87.35 and a 52-week high of $161.50.

Target (NYSE:TGT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 20th. The retailer reported $2.05 EPS for the quarter, topping analysts' consensus estimates of $2.04 by $0.01. Target had a net margin of 3.72% and a return on equity of 23.43%. The business had revenue of $24.99 billion during the quarter, compared to analysts' expectations of $24.84 billion. During the same period last year, the company posted $2.57 EPS. The business's revenue was down .9% on a year-over-year basis. Target has set its FY 2025 guidance at 7.000-9.000 EPS. As a group, analysts anticipate that Target Corporation will post 8.69 EPS 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 paid a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Wednesday, November 12th. This is an increase from Target's previous quarterly dividend of $1.12. Target's dividend payout ratio is 53.15%.

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.

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