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

Pitcairn Co. lowered its holdings in shares of Target Co. (NYSE:TGT) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,170 shares of the retailer’s stock after selling 80 shares during the quarter. Pitcairn Co.’s holdings in Target were worth $1,271,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TGT. RFG Advisory LLC purchased a new stake in Target during the 4th quarter valued at approximately $605,000. Little House Capital LLC bought a new position in shares of Target during the first quarter worth $1,041,000. Nordea Investment Management AB grew its stake in Target by 23.6% during the first quarter. Nordea Investment Management AB now owns 642,340 shares of the retailer’s stock valued at $112,686,000 after acquiring an additional 122,706 shares in the last quarter. QRG Capital Management Inc. increased its holdings in Target by 11.4% in the 1st quarter. QRG Capital Management Inc. now owns 65,558 shares of the retailer’s stock valued at $11,618,000 after acquiring an additional 6,690 shares during the last quarter. Finally, Janney Capital Management LLC purchased a new stake in Target in the 1st quarter worth $13,958,000. Hedge funds and other institutional investors own 79.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. BNP Paribas assumed coverage on Target in a research report on Monday, June 3rd. They set an “underperform” rating and a $116.00 price objective for the company. Jefferies Financial Group lifted their price objective on Target from $195.00 to $205.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. StockNews.com cut Target from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 23rd. Truist Financial cut their target price on shares of Target from $160.00 to $153.00 and set a “hold” rating for the company in a report on Thursday, May 23rd. Finally, Morgan Stanley decreased their price target on shares of Target from $190.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.57.

Target Trading Down 0.1 %

TGT traded down $0.16 during trading hours on Thursday, reaching $146.29. 2,980,834 shares of the company’s stock traded hands, compared to its average volume of 3,860,498. The company has a quick ratio of 0.27, a current ratio of 0.86 and a debt-to-equity ratio of 0.97. The firm has a 50-day moving average price of $148.49 and a 200 day moving average price of $154.34. Target Co. has a 52-week low of $102.93 and a 52-week high of $181.86. The firm has a market capitalization of $67.68 billion, a PE ratio of 16.44, a PEG ratio of 1.41 and a beta of 1.19.

Target (NYSE:TGT) last issued its earnings results on Wednesday, May 22nd. The retailer reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.02). Target had a net margin of 3.87% and a return on equity of 31.91%. The company had revenue of $24.14 billion for the quarter, compared to analysts’ expectations of $24.52 billion. During the same period in the prior year, the firm posted $2.05 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, sell-side analysts predict that Target Co. will post 9.31 EPS for the current fiscal year.

Target Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 21st will be issued a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.06%. This is a boost from Target’s previous quarterly dividend of $1.10. Target’s dividend payout ratio (DPR) is currently 49.38%.

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.