Palisade Asset Management LLC Cuts Stake in Target Co. (NYSE:TGT)

Palisade Asset Management LLC trimmed its position in shares of Target Co. (NYSE:TGT) by 1.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 149,327 shares of the retailer’s stock after selling 1,438 shares during the quarter. Target comprises about 2.3% of Palisade Asset Management LLC’s investment portfolio, making the stock its 8th largest position. Palisade Asset Management LLC’s holdings in Target were worth $23,274,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Cerity Partners LLC raised its position in Target by 13.5% during the 3rd quarter. Cerity Partners LLC now owns 176,584 shares of the retailer’s stock valued at $27,522,000 after purchasing an additional 21,008 shares during the last quarter. Stonebrook Private Inc. increased its stake in shares of Target by 3.7% during the third quarter. Stonebrook Private Inc. now owns 2,840 shares of the retailer’s stock valued at $443,000 after buying an additional 102 shares during the period. Nwam LLC purchased a new position in shares of Target during the third quarter valued at approximately $436,000. Meridian Wealth Management LLC bought a new position in shares of Target during the third quarter valued at approximately $644,000. Finally, Biltmore Family Office LLC lifted its stake in Target by 9.5% in the third quarter. Biltmore Family Office LLC now owns 2,111 shares of the retailer’s stock worth $329,000 after acquiring an additional 184 shares during the period. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Target Stock Performance

Shares of TGT stock opened at $125.01 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.94 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average price of $151.27 and a 200-day moving average price of $149.69. Target Co. has a 52 week low of $120.21 and a 52 week high of $181.86. The firm has a market capitalization of $57.59 billion, a PE ratio of 13.26, a P/E/G ratio of 1.57 and a beta of 1.24.

Target (NYSE:TGT) last posted its earnings results on Wednesday, November 20th. The retailer reported $1.85 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.45). The company had revenue of $25.23 billion during the quarter, compared to the consensus estimate of $25.87 billion. Target had a return on equity of 31.11% and a net margin of 4.06%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the firm posted $2.10 EPS. As a group, equities research analysts expect that Target Co. will post 9.58 earnings per share for the current year.

Target Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Wednesday, November 20th. Target’s dividend payout ratio (DPR) is presently 47.51%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TGT. Telsey Advisory Group reiterated an “outperform” rating and set a $195.00 price target on shares of Target in a research report on Wednesday. Melius Research assumed coverage on Target in a research report on Monday, September 23rd. They set a “buy” rating and a $180.00 price objective on the stock. Daiwa America raised Target to a “strong-buy” rating in a research report on Monday, August 26th. JPMorgan Chase & Co. lowered their target price on Target from $167.00 to $139.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Roth Mkm reduced their price target on Target from $157.00 to $131.00 and set a “neutral” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Target currently has a consensus rating of “Moderate Buy” and an average price target of $162.13.

Insider Buying and Selling at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total transaction of $7,140,150.00. Following the completion of the sale, the insider now owns 303,843 shares of the company’s stock, valued at $48,210,768.81. This represents a 12.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Richard H. Gomez sold 6,348 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $157.17, for a total transaction of $997,715.16. Following the completion of the transaction, the insider now directly owns 123,551 shares in the company, valued at approximately $19,418,510.67. The trade was a 4.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,348 shares of company stock valued at $8,290,995. 0.15% of the stock is owned by company insiders.

About Target

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.