Target Co. (NYSE:TGT) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System trimmed its holdings in Target Co. (NYSE:TGT) by 5.5% during the second quarter, Holdings Channel reports. The institutional investor owned 917,853 shares of the retailer’s stock after selling 53,463 shares during the period. California State Teachers Retirement System’s holdings in Target were worth $221,882,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Emerald Advisers LLC acquired a new stake in Target in the 2nd quarter worth about $31,000. Holloway Wealth Management LLC raised its holdings in Target by 166.0% in the second quarter. Holloway Wealth Management LLC now owns 133 shares of the retailer’s stock valued at $32,000 after buying an additional 83 shares during the period. Avion Wealth acquired a new position in Target during the second quarter valued at approximately $36,000. MV Capital Management Inc. lifted its position in Target by 237.9% during the second quarter. MV Capital Management Inc. now owns 196 shares of the retailer’s stock valued at $47,000 after buying an additional 138 shares in the last quarter. Finally, WealthShield Partners LLC purchased a new stake in Target during the second quarter worth approximately $49,000. 76.73% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:TGT traded down $1.42 during midday trading on Wednesday, hitting $257.31. The company’s stock had a trading volume of 45,830 shares, compared to its average volume of 3,342,116. The stock has a market capitalization of $125.58 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 1.36 and a beta of 0.98. The stock’s 50 day simple moving average is $243.86 and its 200 day simple moving average is $235.25. Target Co. has a fifty-two week low of $150.80 and a fifty-two week high of $267.06. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.46 and a current ratio of 1.04.

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

The business also recently announced a quarterly dividend, which will be paid on Friday, December 10th. Investors of record on Wednesday, November 17th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Tuesday, November 16th. Target’s payout ratio is presently 38.22%.

Target announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 18th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the retailer to buy up to 12.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Several equities research analysts have recently issued reports on the stock. Telsey Advisory Group increased their price objective on shares of Target from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Friday, August 13th. The Goldman Sachs Group increased their price objective on shares of Target from $281.00 to $308.00 and gave the stock a “buy” rating in a research report on Tuesday, October 19th. Credit Suisse Group increased their price objective on shares of Target from $283.00 to $286.00 and gave the stock an “outperform” rating in a research report on Thursday, August 19th. Raymond James raised their price target on shares of Target from $252.00 to $285.00 and gave the company a “strong-buy” rating in a report on Thursday, August 19th. Finally, DA Davidson reaffirmed a “buy” rating on shares of Target in a report on Thursday, August 19th. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $255.29.

In other Target news, insider Brian C. Cornell sold 25,000 shares of the company’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 sale, the insider now directly owns 195,271 shares in the company, valued at $48,032,760.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Don H. Liu sold 3,000 shares of the stock in a transaction on Friday, August 6th. The stock was sold at an average price of $261.93, for a total value of $785,790.00. Following the transaction, the insider now owns 62,017 shares of the company’s stock, valued at $16,244,112.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 122,759 shares of company stock valued at $30,555,393. 0.29% of the stock is owned by corporate insiders.

Target Company 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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