Granite Bay Wealth Management LLC Makes New $866,000 Investment in Target Co. (NYSE:TGT)

Granite Bay Wealth Management LLC purchased a new position in Target Co. (NYSE:TGT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,786 shares of the retailer’s stock, valued at approximately $866,000.

A number of other large investors have also modified their holdings of TGT. Triad Wealth Partners LLC acquired a new position in Target during the 2nd quarter worth $25,000. Ables Iannone Moore & Associates Inc. acquired a new position in shares of Target during the fourth quarter worth about $28,000. Slocum Gordon & Co LLP purchased a new stake in shares of Target during the second quarter worth approximately $28,000. Scarborough Advisors LLC acquired a new stake in Target in the fourth quarter valued at approximately $29,000. Finally, Hobbs Group Advisors LLC purchased a new position in Target in the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 79.73% of the company’s stock.

Target Stock Performance

NYSE TGT opened at $155.86 on Tuesday. The business’s 50-day moving average price is $148.85 and its 200 day moving average price is $154.33. The company has a current ratio of 0.90, a quick ratio of 0.27 and a debt-to-equity ratio of 0.95. Target Co. has a twelve month low of $102.93 and a twelve month high of $181.86. The company has a market capitalization of $72.11 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 2.00 and a beta of 1.24.

Target (NYSE:TGT) last released its earnings results on Wednesday, August 21st. The retailer reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.39. Target had a net margin of 4.18% and a return on equity of 33.10%. The business had revenue of $25.02 billion for the quarter, compared to analysts’ expectations of $25.19 billion. During the same period last year, the company earned $1.80 earnings per share. The company’s quarterly revenue was up 1.0% on a year-over-year basis. On average, research analysts predict that Target Co. will post 9.53 earnings per share for the current year.

Target Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be issued a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $4.48 annualized dividend and a yield of 2.87%. Target’s payout ratio is 50.28%.

Insider Buying and Selling at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the firm’s 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 transaction, the insider now owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Target news, insider Brian C. Cornell sold 45,000 shares of the company’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 value of $7,140,150.00. Following the completion of the transaction, the insider now owns 303,843 shares in the company, valued at approximately $48,210,768.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Richard H. Gomez sold 6,348 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $157.17, for a total transaction of $997,715.16. Following the completion of the sale, the insider now directly owns 123,551 shares of the company’s stock, valued at approximately $19,418,510.67. 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 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Jefferies Financial Group increased their price objective on shares of Target from $190.00 to $195.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Oppenheimer cut their target price on Target from $200.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Citigroup raised their price objective on shares of Target from $180.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. JPMorgan Chase & Co. boosted their price objective on Target from $153.00 to $167.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Finally, StockNews.com raised shares of Target from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.69.

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.