Target (NYSE:TGT) Stock Price Up 1.3% After Dividend Announcement

Shares of Target Co. (NYSE:TGT) traded up 1.3% on Thursday after the company announced a dividend. The company traded as high as $156.89 and last traded at $155.64. 1,058,681 shares changed hands during trading, a decline of 74% from the average session volume of 4,001,758 shares. The stock had previously closed at $153.60.

The newly announced dividend which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a $1.12 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $4.48 annualized dividend and a dividend yield of 2.86%. Target’s payout ratio is 50.28%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on TGT shares. Oppenheimer lowered their target price on shares of Target from $200.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, August 14th. Robert W. Baird reiterated an “outperform” rating and issued a $190.00 target price on shares of Target in a report on Thursday, May 23rd. BNP Paribas started coverage on shares of Target in a research report on Monday, June 3rd. They set an “underperform” rating and a $116.00 price objective for the company. Morgan Stanley reiterated an “overweight” rating and set a $180.00 target price on shares of Target in a research report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Target to a “strong-buy” rating in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $179.68.

Target Stock Performance

The firm has a market cap of $72.41 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The company has a 50 day simple moving average of $148.44 and a 200-day simple moving average of $155.05. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.90 and a quick ratio of 0.27.

Target (NYSE:TGT) last released its earnings results on Wednesday, August 21st. The retailer reported $2.57 EPS for the quarter, beating the consensus estimate of $2.18 by $0.39. The company had revenue of $25.02 billion for the quarter, compared to analyst estimates of $25.19 billion. Target had a net margin of 4.18% and a return on equity of 33.10%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.80 EPS. As a group, equities research analysts anticipate that Target Co. will post 9.53 EPS for the current year.

Insider Transactions at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $158.67, for a total value 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 approximately $48,210,768.81. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Brian C. Cornell sold 45,000 shares of Target stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total value of $7,140,150.00. Following the sale, the insider now owns 303,843 shares in the company, valued at $48,210,768.81. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Matthew A. Liegel sold 1,000 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $153.13, for a total transaction of $153,130.00. Following the completion of the transaction, the chief accounting officer now owns 7,276 shares of the company’s stock, valued at $1,114,173.88. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Institutional Trading of Target

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Verity & Verity LLC increased its stake in shares of Target by 10.2% during the second quarter. Verity & Verity LLC now owns 106,952 shares of the retailer’s stock valued at $15,833,000 after purchasing an additional 9,903 shares in the last quarter. SS&H Financial Advisors Inc. bought a new position in Target in the 2nd quarter worth about $213,000. Sanctuary Advisors LLC purchased a new stake in Target during the 2nd quarter valued at about $15,591,000. Creekside Partners bought a new stake in Target during the 2nd quarter valued at about $343,000. Finally, Brown Financial Advisors purchased a new position in Target in the second quarter worth about $1,486,000. 79.73% of the stock is owned by hedge funds and other institutional investors.

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.