Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Holdings in Target Corporation (NYSE:TGT)

Key Points

• Zurcher Kantonalbank increased its stake in Target Corporation by 2.5%, owning 199,502 shares valued at over $20.8 million.
• Target's stock has experienced a recent decline of 2.1%, trading down to $104.19 following a quarterly earnings report that fell short of analyst expectations.
• The company announced a $1.12 quarterly dividend, resulting in an annualized yield of 4.30%, with a payout ratio of 49.23%.

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Target Corporation (NYSE:TGT - Free Report) by 2.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 199,502 shares of the retailer's stock after purchasing an additional 4,878 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Target were worth $20,820,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TGT. DSG Capital Advisors LLC raised its position in Target by 16.1% in the 1st quarter. DSG Capital Advisors LLC now owns 156,644 shares of the retailer's stock valued at $16,347,000 after buying an additional 21,726 shares during the last quarter. Sierra Summit Advisors LLC raised its position in Target by 29.0% in the 4th quarter. Sierra Summit Advisors LLC now owns 14,354 shares of the retailer's stock valued at $1,940,000 after buying an additional 3,231 shares during the last quarter. Viking Fund Management LLC raised its position in Target by 20.0% in the 1st quarter. Viking Fund Management LLC now owns 60,000 shares of the retailer's stock valued at $6,262,000 after buying an additional 10,000 shares during the last quarter. Correct Capital Wealth Management raised its position in Target by 44.7% in the 1st quarter. Correct Capital Wealth Management now owns 13,556 shares of the retailer's stock valued at $1,415,000 after buying an additional 4,189 shares during the last quarter. Finally, Chapin Davis Inc. raised its position in Target by 64.7% in the 1st quarter. Chapin Davis Inc. now owns 8,507 shares of the retailer's stock valued at $888,000 after buying an additional 3,342 shares during the last quarter. 79.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TGT has been the subject of a number of analyst reports. Citigroup lowered their price target on Target from $97.00 to $94.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Guggenheim reduced their price objective on Target from $155.00 to $115.00 and set a "buy" rating for the company in a research note on Tuesday, May 27th. The Goldman Sachs Group reduced their price objective on Target from $101.00 to $90.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Wedbush restated an "outperform" rating on shares of Target in a research note on Thursday, July 17th. Finally, Baird R W downgraded Target from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 7th. Two research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $115.65.

Target Stock Down 1.4%

Target stock traded down $1.38 during mid-day trading on Friday, hitting $99.13. The company had a trading volume of 2,390,905 shares, compared to its average volume of 6,983,419. The company has a current ratio of 0.94, a quick ratio of 0.25 and a debt-to-equity ratio of 0.96. The stock's 50 day moving average price is $99.83 and its two-hundred day moving average price is $107.61. Target Corporation has a 12 month low of $87.35 and a 12 month high of $167.40. The company has a market capitalization of $45.04 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 2.95 and a beta of 1.22.

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

Target Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Wednesday, August 13th will be given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Wednesday, August 13th. Target's dividend payout ratio is 50.11%.

Insider Buying and Selling

In related news, insider Brian C. Cornell sold 45,000 shares of the company'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 sale, the insider owned 246,453 shares in the company, valued at approximately $23,703,849.54. This represents a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.16% of the company's stock.

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.