NFJ Investment Group LLC Reduces Position in Target Co. (NYSE:TGT)

NFJ Investment Group LLC reduced its holdings in shares of Target Co. (NYSE:TGT) by 21.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,119 shares of the retailer’s stock after selling 23,686 shares during the quarter. NFJ Investment Group LLC’s holdings in Target were worth $13,734,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Triad Wealth Partners LLC bought a new stake in shares of Target during the 2nd quarter valued at $25,000. Slocum Gordon & Co LLP bought a new stake in shares of Target during the second quarter valued at about $28,000. Hobbs Group Advisors LLC purchased a new stake in shares of Target in the second quarter worth about $31,000. Wolff Wiese Magana LLC boosted its position in shares of Target by 156.5% in the third quarter. Wolff Wiese Magana LLC now owns 218 shares of the retailer’s stock valued at $34,000 after acquiring an additional 133 shares during the period. Finally, FSA Wealth Management LLC bought a new stake in Target during the 3rd quarter worth approximately $36,000. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Target

In related news, insider Richard H. Gomez sold 6,348 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $157.17, for a total value of $997,715.16. Following the completion of the transaction, the insider now directly owns 123,551 shares of the company’s stock, valued at approximately $19,418,510.67. This trade represents a 4.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.15% of the company’s stock.

Target Stock Performance

Shares of Target stock traded down $0.92 during trading hours on Tuesday, reaching $129.80. 1,016,123 shares of the stock traded hands, compared to its average volume of 4,457,887. The company has a 50 day moving average price of $148.86 and a 200 day moving average price of $148.45. Target Co. has a one year low of $120.21 and a one year high of $181.86. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $59.48 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 2.17 and a beta of 1.18.

Target (NYSE:TGT) last issued its quarterly earnings results on Wednesday, November 20th. The retailer reported $1.85 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.45). The business had revenue of $25.23 billion for the quarter, compared to analysts’ expectations of $25.87 billion. Target had a return on equity of 31.11% and a net margin of 4.06%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.10 EPS. On average, equities research analysts expect that Target Co. will post 8.6 earnings per share for the current fiscal year.

Target Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Wednesday, November 20th. Target’s payout ratio is 47.51%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. UBS Group raised their price target on shares of Target from $185.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Sanford C. Bernstein initiated coverage on Target in a report on Tuesday, October 22nd. They issued a “market perform” rating and a $168.00 price target on the stock. Bank of America cut their price objective on Target from $195.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, November 21st. BMO Capital Markets lowered their target price on shares of Target from $160.00 to $120.00 and set a “market perform” rating on the stock in a research note on Thursday, November 21st. Finally, Guggenheim lowered their price objective on shares of Target from $180.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Target currently has a consensus rating of “Hold” and a consensus target price of $160.30.

Target Company Profile

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.