Core Alternative Capital Reduces Stake in Target Corporation (NYSE:TGT)

Core Alternative Capital reduced its stake in shares of Target Corporation (NYSE:TGT) by 8.7% during the 1st quarter, HoldingsChannel reports. The fund owned 27,590 shares of the retailer’s stock after selling 2,630 shares during the period. Core Alternative Capital’s holdings in Target were worth $2,879,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Horrell Capital Management Inc. raised its position in Target by 0.3% during the fourth quarter. Horrell Capital Management Inc. now owns 26,657 shares of the retailer’s stock worth $3,603,000 after acquiring an additional 76 shares during the period. Fiducient Advisors LLC increased its stake in shares of Target by 4.6% during the fourth quarter. Fiducient Advisors LLC now owns 1,778 shares of the retailer’s stock worth $240,000 after purchasing an additional 78 shares in the last quarter. Napatree Capital LLC raised its position in shares of Target by 2.4% during the 4th quarter. Napatree Capital LLC now owns 3,609 shares of the retailer’s stock worth $488,000 after purchasing an additional 85 shares during the last quarter. Legacy Investment Solutions LLC lifted its stake in Target by 47.5% in the 4th quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer’s stock valued at $35,000 after buying an additional 85 shares in the last quarter. Finally, Bontempo Ohly Capital Mgmt LLC boosted its holdings in Target by 0.3% in the 4th quarter. Bontempo Ohly Capital Mgmt LLC now owns 28,668 shares of the retailer’s stock worth $3,875,000 after buying an additional 85 shares during the last quarter. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Target Stock Performance

Shares of Target stock opened at $104.17 on Friday. Target Corporation has a 52 week low of $87.35 and a 52 week high of $167.40. The business’s fifty day simple moving average is $97.05 and its 200-day simple moving average is $111.62. The firm has a market cap of $47.33 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 2.98 and a beta of 1.22. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.96.

Target (NYSE:TGT) last issued its quarterly earnings data on Wednesday, May 21st. The retailer reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.35). Target had a net margin of 3.95% and a return on equity of 25.59%. The company had revenue of $24.20 billion during the quarter, compared to analysts’ expectations of $24.54 billion. During the same quarter last year, the firm posted $2.03 earnings per share. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. Equities analysts forecast that Target Corporation will post 8.69 earnings per share for the current year.

Target Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Wednesday, August 13th will be issued a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 annualized dividend and a dividend yield of 4.30%. Target’s dividend payout ratio is currently 49.23%.

Insider Activity at Target

In related news, insider Brian C. Cornell sold 45,000 shares of Target stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total value of $4,328,100.00. Following the completion of the sale, the insider owned 246,453 shares in the company, valued at approximately $23,703,849.54. This trade represents a 15.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on TGT. Barclays began coverage on Target in a report on Thursday, May 22nd. They set an “equal weight” rating for the company. Evercore ISI decreased their price objective on Target from $130.00 to $120.00 and set an “in-line” rating on the stock in a report on Tuesday, April 1st. Mizuho dropped their target price on shares of Target from $92.00 to $88.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Bank of America cut shares of Target from a “buy” rating to a “neutral” rating and reduced their target price for the company from $145.00 to $105.00 in a research report on Thursday, May 22nd. Finally, Sanford C. Bernstein lowered shares of Target from a “market perform” rating to an “underperform” rating and lowered their price target for the stock from $97.00 to $82.00 in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $116.70.

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.