ProShare Advisors LLC Sells 154,632 Shares of Target Co. (NYSE:TGT)

ProShare Advisors LLC cut its stake in shares of Target Co. (NYSE:TGT) by 12.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,135,195 shares of the retailer’s stock after selling 154,632 shares during the period. ProShare Advisors LLC owned about 0.25% of Target worth $168,054,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners purchased a new position in Target in the first quarter worth about $335,870,000. Focused Investors Fund L P bought a new position in shares of Target in the 1st quarter worth approximately $125,536,000. Swedbank AB purchased a new position in shares of Target in the first quarter worth approximately $107,367,000. Los Angeles Capital Management LLC grew its position in Target by 44.6% during the first quarter. Los Angeles Capital Management LLC now owns 1,765,496 shares of the retailer’s stock valued at $312,864,000 after buying an additional 544,920 shares during the period. Finally, Clearbridge Investments LLC increased its holdings in Target by 17.5% during the first quarter. Clearbridge Investments LLC now owns 3,153,875 shares of the retailer’s stock valued at $558,898,000 after buying an additional 470,647 shares during the last quarter. 79.73% of the stock is owned by institutional investors.

Insider Activity at Target

In other Target news, CAO Matthew A. Liegel sold 1,000 shares of Target stock in a transaction on Friday, August 30th. The shares were 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 directly owns 7,276 shares of the company’s stock, valued at $1,114,173.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction dated 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 directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew A. Liegel sold 1,000 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Target Price Performance

Target stock opened at $154.75 on Friday. Target Co. has a 52-week low of $102.93 and a 52-week high of $181.86. The company has a market cap of $71.59 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 1.90 and a beta of 1.24. The firm’s fifty day moving average is $148.48 and its 200 day moving average is $154.98. The company has a quick ratio of 0.27, a current ratio of 0.90 and a debt-to-equity ratio of 0.95.

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

Target Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Wednesday, November 20th. Target’s dividend payout ratio is currently 50.28%.

Analyst Ratings Changes

TGT has been the subject of a number of recent research reports. Royal Bank of Canada boosted their price objective on shares of Target from $174.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Piper Sandler began coverage on Target in a report on Wednesday, July 10th. They set a “neutral” rating and a $156.00 price target for the company. StockNews.com raised Target from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 22nd. Bank of America boosted their price objective on Target from $190.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Finally, Morgan Stanley restated an “overweight” rating and set a $180.00 target price on shares of Target in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $179.68.

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.