Target Co. (NYSE:TGT) was the recipient of a significant drop in short interest in September. As of September 30th, there was short interest totalling 14,260,000 shares, a drop of 28.0% from the August 30th total of 19,810,000 shares. Currently, 2.8% of the shares of the stock are sold short. Based on an average daily volume of 5,560,000 shares, the days-to-cover ratio is presently 2.6 days.
In related news, insider Laysha Ward sold 20,000 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $110.23, for a total value of $2,204,600.00. Following the completion of the sale, the insider now directly owns 88,171 shares in the company, valued at $9,719,089.33. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael Edward Mcnamara sold 20,386 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $108.25, for a total value of $2,206,784.50. Following the completion of the sale, the insider now owns 64,517 shares of the company’s stock, valued at $6,983,965.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 83,478 shares of company stock valued at $8,915,363. 0.24% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the company. CMH Wealth Management LLC purchased a new position in shares of Target during the third quarter valued at $2,616,000. Northside Capital Management LLC increased its stake in shares of Target by 46.1% during the third quarter. Northside Capital Management LLC now owns 4,166 shares of the retailer’s stock valued at $445,000 after buying an additional 1,315 shares during the period. Welch & Forbes LLC increased its stake in shares of Target by 4.1% during the third quarter. Welch & Forbes LLC now owns 7,203 shares of the retailer’s stock valued at $770,000 after buying an additional 287 shares during the period. Larson Financial Group LLC increased its stake in shares of Target by 309.1% during the third quarter. Larson Financial Group LLC now owns 1,444 shares of the retailer’s stock valued at $154,000 after buying an additional 1,091 shares during the period. Finally, Affiance Financial LLC increased its stake in shares of Target by 5.5% during the third quarter. Affiance Financial LLC now owns 13,089 shares of the retailer’s stock valued at $1,399,000 after buying an additional 679 shares during the period. Hedge funds and other institutional investors own 81.80% of the company’s stock.
Shares of NYSE:TGT traded up $1.26 on Friday, hitting $111.83. 4,525,525 shares of the company’s stock were exchanged, compared to its average volume of 4,221,909. Target has a 12 month low of $60.15 and a 12 month high of $112.94. The stock has a market capitalization of $56.39 billion, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 2.54 and a beta of 0.54. The business’s 50 day simple moving average is $107.43 and its two-hundred day simple moving average is $88.92. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.84 and a quick ratio of 0.21.
Target (NYSE:TGT) last released its earnings results on Wednesday, August 21st. The retailer reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.21. Target had a return on equity of 27.43% and a net margin of 4.10%. The business had revenue of $18.42 billion during the quarter, compared to the consensus estimate of $18.32 billion. During the same period last year, the company earned $1.47 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Equities analysts forecast that Target will post 6.15 EPS for the current fiscal year.
The firm 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 $0.66 per share. The ex-dividend date is Tuesday, November 19th. This represents a $2.64 annualized dividend and a dividend yield of 2.36%. Target’s dividend payout ratio (DPR) is 48.98%.
Target announced that its board has authorized a stock repurchase program on Thursday, September 19th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the retailer to purchase up to 9.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
A number of analysts recently issued reports on TGT shares. Morgan Stanley raised their price target on Target from $76.00 to $107.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Wells Fargo & Co upgraded Target from a “market perform” rating to an “outperform” rating and set a $115.00 price target for the company in a research report on Wednesday, August 21st. Deutsche Bank upgraded Target from a “hold” rating to a “buy” rating and raised their price target for the stock from $85.00 to $99.00 in a research report on Monday, August 5th. Guggenheim restated a “hold” rating on shares of Target in a research report on Wednesday, August 21st. Finally, Robert W. Baird set a $115.00 price target on Target and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $105.21.
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.
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