Van ECK Associates Corp Acquires 4,935 Shares of Target Co. (NYSE:TGT)

Van ECK Associates Corp grew its position in shares of Target Co. (NYSE:TGT) by 5.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 102,537 shares of the retailer’s stock after purchasing an additional 4,935 shares during the period. Van ECK Associates Corp’s holdings in Target were worth $24,787,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dana Investment Advisors Inc. boosted its position in Target by 3.5% during the 2nd quarter. Dana Investment Advisors Inc. now owns 87,611 shares of the retailer’s stock valued at $21,179,000 after acquiring an additional 2,950 shares in the last quarter. Linscomb & Williams Inc. raised its stake in Target by 1.3% during the 2nd quarter. Linscomb & Williams Inc. now owns 7,517 shares of the retailer’s stock valued at $1,817,000 after buying an additional 100 shares during the last quarter. Aviva PLC increased its stake in shares of Target by 8.7% in the 2nd quarter. Aviva PLC now owns 182,235 shares of the retailer’s stock worth $44,053,000 after purchasing an additional 14,582 shares in the last quarter. Nelson Capital Management LLC purchased a new stake in shares of Target in the 2nd quarter worth $2,793,000. Finally, Intersect Capital LLC increased its stake in Target by 13.6% in the 2nd quarter. Intersect Capital LLC now owns 8,401 shares of the retailer’s stock worth $2,031,000 after buying an additional 1,003 shares in the last quarter. Hedge funds and other institutional investors own 76.73% of the company’s stock.

In other Target news, insider John J. Mulligan sold 80,782 shares of the firm’s stock in a transaction on Thursday, August 19th. The stock was sold at an average price of $247.20, for a total value of $19,969,310.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian C. Cornell sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 2nd. The stock was sold at an average price of $245.98, for a total value of $6,149,500.00. Following the completion of the transaction, the insider now directly owns 195,271 shares of the company’s stock, valued at $48,032,760.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 136,744 shares of company stock valued at $34,106,184. Insiders own 0.29% of the company’s stock.

TGT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Target from $233.00 to $260.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 25th. Credit Suisse Group raised their target price on shares of Target from $283.00 to $286.00 and gave the company an “outperform” rating in a research note on Thursday, August 19th. UBS Group upgraded shares of Target from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $210.00 to $265.00 in a research note on Tuesday, June 8th. They noted that the move was a valuation call. Barclays boosted their target price on shares of Target from $225.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, May 20th. Finally, Evercore ISI reissued a “hold” rating on shares of Target in a research note on Sunday, May 23rd. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $252.30.

NYSE:TGT opened at $242.24 on Wednesday. The company has a quick ratio of 0.46, a current ratio of 1.04 and a debt-to-equity ratio of 0.78. Target Co. has a twelve month low of $146.45 and a twelve month high of $267.06. The stock’s 50 day moving average price is $253.16 and its two-hundred day moving average price is $225.98. The firm has a market capitalization of $118.22 billion, a price-to-earnings ratio of 19.29, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98.

Target (NYSE:TGT) last released its earnings results on Tuesday, August 17th. The retailer reported $3.64 earnings per share for the quarter, beating analysts’ consensus estimates of $3.49 by $0.15. The firm had revenue of $24.83 billion during the quarter, compared to the consensus estimate of $25.03 billion. Target had a return on equity of 44.68% and a net margin of 6.29%. The company’s revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.38 EPS. As a group, analysts anticipate that Target Co. will post 12.86 earnings per share for the current year.

Target declared that its Board of Directors has initiated a share repurchase plan on Wednesday, August 18th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the retailer to reacquire up to 12.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Target Profile

Target Corp. engages in the operation and ownership of general merchandise stores. It offers food assortments including perishables, dry grocery, dairy, and frozen items. The company was founded by George Draper Dayton in 1902 and is headquartered in Minneapolis, MN.

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Institutional Ownership by Quarter for Target (NYSE:TGT)

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