Asio Capital LLC Decreases Stake in Target Co. (NYSE:TGT)

12 Oct 2024, 16:48 by Scott Moore · The Cerbat Gem

Asio Capital LLC reduced its position in Target Co. (NYSE:TGT – Free Report) by 2.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 27,757 shares of the retailer’s stock after selling 673 shares during the period. Asio Capital LLC’s holdings in Target were worth $4,326,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TGT. Boston Partners purchased a new position in Target in the 1st quarter valued at about $335,870,000. AQR Capital Management LLC raised its stake in shares of Target by 711.2% in the 2nd quarter. AQR Capital Management LLC now owns 876,531 shares of the retailer’s stock valued at $129,762,000 after purchasing an additional 768,479 shares in the last quarter. Swedbank AB acquired a new stake in shares of Target in the 1st quarter valued at about $107,367,000. Los Angeles Capital Management LLC raised its stake in shares of Target by 44.6% in the 1st quarter. Los Angeles Capital Management LLC now owns 1,765,496 shares of the retailer’s stock valued at $312,864,000 after purchasing an additional 544,920 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in shares of Target by 17.5% in the 1st quarter. Clearbridge Investments LLC now owns 3,153,875 shares of the retailer’s stock valued at $558,898,000 after purchasing an additional 470,647 shares in the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Target

In related news, insider Brian C. Cornell sold 45,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 303,843 shares in the company, valued at approximately $48,210,768.81. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Target news, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 303,843 shares in the company, valued at $48,210,768.81. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Matthew A. Liegel sold 1,000 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,348 shares of company stock worth $8,290,995. 0.15% of the stock is owned by corporate insiders.

Target Trading Up 1.6 %

Target stock opened at $158.47 on Friday. The firm has a 50 day simple moving average of $149.86 and a 200-day simple moving average of $153.52. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.90 and a quick ratio of 0.27. The stock has a market capitalization of $73.00 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 1.99 and a beta of 1.24. Target Co. has a 12-month low of $105.23 and a 12-month high of $181.86.

Target (NYSE:TGT – Get Free Report) last issued its quarterly 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 business had revenue of $25.02 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.80 EPS. As a group, equities research analysts expect that Target Co. will post 9.53 EPS for the current fiscal year.

Target Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $4.48 annualized dividend and a dividend yield of 2.83%. Target’s dividend payout ratio (DPR) is presently 46.28%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TGT. Daiwa Capital Markets upgraded shares of Target from a “neutral” rating to an “outperform” rating and set a $170.00 target price on the stock in a research note on Monday, August 26th. JPMorgan Chase & Co. upped their target price on shares of Target from $153.00 to $167.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Roth Mkm upped their target price on shares of Target from $153.00 to $157.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Piper Sandler started coverage on shares of Target in a research note on Wednesday, July 10th. They set a “neutral” rating and a $156.00 price objective on the stock. Finally, Jefferies Financial Group increased their price objective on shares of Target from $190.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Target currently has an average rating of “Moderate Buy” and a consensus price target of $179.69.

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