Public Sector Pension Investment Board Sells 59,976 Shares of Target Corporation $TGT

Public Sector Pension Investment Board lowered its stake in Target Corporation (NYSE:TGT) by 60.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,279 shares of the retailer’s stock after selling 59,976 shares during the period. Public Sector Pension Investment Board’s holdings in Target were worth $3,523,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. WFA of San Diego LLC acquired a new stake in Target in the 2nd quarter worth approximately $25,000. Heartwood Wealth Advisors LLC bought a new position in shares of Target in the third quarter valued at approximately $27,000. Tripletail Wealth Management LLC acquired a new stake in shares of Target in the third quarter worth $31,000. Key Financial Inc lifted its stake in shares of Target by 77.4% in the third quarter. Key Financial Inc now owns 346 shares of the retailer’s stock worth $31,000 after buying an additional 151 shares during the last quarter. Finally, VSM Wealth Advisory LLC boosted its holdings in shares of Target by 1,113.8% during the 2nd quarter. VSM Wealth Advisory LLC now owns 352 shares of the retailer’s stock worth $35,000 after buying an additional 323 shares during the period. Institutional investors and hedge funds own 79.73% of the company’s stock.

Target Price Performance

Shares of TGT stock opened at $116.62 on Friday. The company has a market capitalization of $52.81 billion, a P/E ratio of 14.15, a P/E/G ratio of 11.82 and a beta of 1.14. The company has a current ratio of 0.97, a quick ratio of 0.27 and a debt-to-equity ratio of 0.99. Target Corporation has a 12 month low of $83.44 and a 12 month high of $127.89. The stock has a 50 day moving average of $106.09 and a two-hundred day moving average of $97.48.

Target (NYSE:TGT) last issued its earnings results on Wednesday, November 19th. The retailer reported $1.78 EPS for the quarter, topping the consensus estimate of $1.71 by $0.07. The firm had revenue of $25.27 billion during the quarter, compared to analysts’ expectations of $25.44 billion. Target had a return on equity of 22.74% and a net margin of 3.58%.Target’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business earned $1.85 earnings per share. As a group, equities analysts expect that Target Corporation will post 8.69 EPS for the current year.

Target Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Wednesday, February 11th will be paid a $1.14 dividend. The ex-dividend date of this dividend is Wednesday, February 11th. This represents a $4.56 dividend on an annualized basis and a yield of 3.9%. Target’s payout ratio is presently 55.34%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TGT. Guggenheim boosted their target price on shares of Target from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler reissued a “neutral” rating and set a $85.00 price objective (down previously from $94.00) on shares of Target in a research report on Thursday, November 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Target in a research note on Wednesday, January 21st. Argus lowered their target price on Target from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Monday, December 1st. Finally, Wolfe Research raised Target from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, January 27th. Ten investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $104.45.

Target Company Profile

Target Corporation (NYSE: TGT) is a U.S.-based general merchandise retailer headquartered in Minneapolis, Minnesota. The company operates a network of full-line and small-format stores across the United States alongside a national e-commerce platform and mobile app. Target’s retail assortment spans apparel, home goods, electronics, groceries and household essentials, plus beauty, baby and pet categories. The firm complements national brands with a portfolio of owned and exclusive labels and partnerships that help differentiate its merchandise assortment.

Target traces its roots to the Dayton Company, founded by George Dayton in 1902; the Target discount chain was launched in 1962 and the parent company later adopted the Target Corporation name.