First Manhattan Co. Sells 3,076 Shares of Target Co. (NYSE:TGT)

First Manhattan Co. reduced its position in shares of Target Co. (NYSE:TGT) by 35.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,490 shares of the retailer’s stock after selling 3,076 shares during the period. First Manhattan Co.’s holdings in Target were worth $475,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TGT. Phocas Financial Corp. bought a new stake in Target in the 2nd quarter valued at $329,000. Eaton Vance Management bought a new stake in Target in the 2nd quarter valued at $8,869,000. United Services Automobile Association boosted its holdings in Target by 9.8% in the 2nd quarter. United Services Automobile Association now owns 534,946 shares of the retailer’s stock valued at $46,332,000 after purchasing an additional 47,621 shares during the period. ClariVest Asset Management LLC boosted its holdings in Target by 23.1% in the 2nd quarter. ClariVest Asset Management LLC now owns 327,647 shares of the retailer’s stock valued at $28,378,000 after purchasing an additional 61,544 shares during the period. Finally, Moneta Group Investment Advisors LLC boosted its holdings in Target by 25.5% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 15,275 shares of the retailer’s stock valued at $1,323,000 after purchasing an additional 3,102 shares during the period. 81.82% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have weighed in on TGT. KeyCorp increased their price target on shares of Target from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Robert W. Baird set a $115.00 price target on shares of Target and gave the company a “buy” rating in a report on Wednesday, August 21st. Credit Suisse Group set a $112.00 price target on shares of Target and gave the company a “buy” rating in a report on Monday, September 23rd. Goldman Sachs Group initiated coverage on shares of Target in a report on Thursday, July 11th. They issued a “buy” rating and a $102.00 price target for the company. Finally, ValuEngine upgraded shares of Target from a “hold” rating to a “buy” rating in a research note on Friday, September 6th. Five investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Target presently has a consensus rating of “Buy” and a consensus price target of $103.97.

Shares of Target stock traded up $1.08 during mid-day trading on Monday, reaching $107.20. 1,048,570 shares of the stock were exchanged, compared to its average volume of 4,028,279. The company has a market cap of $54.31 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 2.44 and a beta of 0.53. The company has a current ratio of 0.84, a quick ratio of 0.21 and a debt-to-equity ratio of 1.05. The firm has a 50-day simple moving average of $100.91 and a 200 day simple moving average of $86.75. Target Co. has a fifty-two week low of $60.15 and a fifty-two week high of $110.94.

Target (NYSE:TGT) last issued its quarterly earnings data on Wednesday, August 21st. The retailer reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.21. Target had a net margin of 4.10% and a return on equity of 27.43%. The firm had revenue of $18.42 billion for the quarter, compared to analyst estimates of $18.32 billion. During the same quarter in the prior year, the firm earned $1.47 EPS. The company’s revenue was up 3.6% on a year-over-year basis. On average, research analysts predict that Target Co. will post 6.15 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Tuesday, November 19th. Target’s dividend payout ratio is currently 48.98%.

Target declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 19th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the retailer to buy up to 9.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

In other news, insider Don H. Liu sold 4,140 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $99.92, for a total value of $413,668.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Laysha Ward sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $110.23, for a total transaction of $2,204,600.00. Following the completion of the transaction, the insider now directly owns 88,171 shares in the company, valued at approximately $9,719,089.33. The disclosure for this sale can be found here. In the last three months, insiders have sold 93,369 shares of company stock worth $9,751,164. Insiders own 0.24% of the company’s stock.

Target Company Profile

Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials; food assortments, including perishables, dry grocery, dairy, and frozen items; and apparel, accessories, home décor products, electronics, toys, seasonal offerings, and other merchandise.

Further Reading: Market Capitalization – What it Means for Investors

Institutional Ownership by Quarter for Target (NYSE:TGT)

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