Pitcairn Co. Cuts Holdings in Target Co. (NYSE:TGT)

Pitcairn Co. cut its holdings in shares of Target Co. (NYSE:TGT) by 19.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,040 shares of the retailer’s stock after selling 1,491 shares during the quarter. Pitcairn Co.’s holdings in Target were worth $941,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC lifted its holdings in shares of Target by 13.5% in the 3rd quarter. Cerity Partners LLC now owns 176,584 shares of the retailer’s stock worth $27,522,000 after acquiring an additional 21,008 shares during the last quarter. Stonebrook Private Inc. boosted its stake in Target by 3.7% during the 3rd quarter. Stonebrook Private Inc. now owns 2,840 shares of the retailer’s stock worth $443,000 after purchasing an additional 102 shares during the period. Nwam LLC purchased a new stake in shares of Target in the third quarter valued at about $436,000. Meridian Wealth Management LLC acquired a new stake in shares of Target in the third quarter valued at about $644,000. Finally, Biltmore Family Office LLC raised its position in Target by 9.5% during the third quarter. Biltmore Family Office LLC now owns 2,111 shares of the retailer’s stock worth $329,000 after acquiring an additional 184 shares during the last quarter. 79.73% of the stock is currently owned by institutional investors and hedge funds.

Target Stock Performance

Target stock opened at $125.01 on Monday. The stock has a 50-day simple moving average of $151.27 and a 200 day simple moving average of $149.54. The company has a quick ratio of 0.27, a current ratio of 0.94 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $57.59 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 1.57 and a beta of 1.24. Target Co. has a 12-month low of $120.21 and a 12-month high of $181.86.

Target (NYSE:TGT) last posted its earnings results on Wednesday, November 20th. The retailer reported $1.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.45). Target had a return on equity of 31.11% and a net margin of 4.06%. The company had revenue of $25.23 billion for the quarter, compared to analyst estimates of $25.87 billion. During the same quarter in the previous year, the firm posted $2.10 earnings per share. Target’s quarterly revenue was up .9% compared to the same quarter last year. On average, research analysts anticipate that Target Co. will post 9.58 earnings per share for the current fiscal year.

Target Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Wednesday, November 20th. Target’s dividend payout ratio is currently 47.51%.

Insider Buying and Selling at Target

In related news, insider Brian C. Cornell sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $158.67, for a total transaction of $7,140,150.00. Following the completion of the sale, the insider now owns 303,843 shares of the company’s stock, valued at $48,210,768.81. This trade represents a 12.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Matthew A. Liegel sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $153.13, for a total value of $153,130.00. Following the sale, the chief accounting officer now owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. This represents a 12.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,348 shares of company stock valued at $8,290,995 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TGT. Evercore ISI cut their price objective on shares of Target from $165.00 to $130.00 and set an “in-line” rating for the company in a research report on Thursday. Bank of America dropped their target price on shares of Target from $195.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday. JPMorgan Chase & Co. decreased their target price on shares of Target from $167.00 to $139.00 and set a “neutral” rating for the company in a research report on Thursday. Truist Financial upped their price objective on shares of Target from $156.00 to $162.00 and gave the company a “hold” rating in a research note on Thursday, August 22nd. Finally, Daiwa Capital Markets raised shares of Target from a “neutral” rating to an “outperform” rating and set a $170.00 price objective on the stock in a research report on Monday, August 26th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $162.13.

About Target

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.