Washington Trust Bank Grows Stock Position in Target Co. (NYSE:TGT)

Washington Trust Bank increased its stake in shares of Target Co. (NYSE:TGT) by 94.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,551 shares of the retailer’s stock after purchasing an additional 1,242 shares during the quarter. Washington Trust Bank’s holdings in Target were worth $345,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new stake in shares of Target in the third quarter valued at about $28,000. Hopwood Financial Services Inc. acquired a new stake in Target in the fourth quarter valued at about $29,000. MCF Advisors LLC boosted its holdings in Target by 175.3% in the 4th quarter. MCF Advisors LLC now owns 256 shares of the retailer’s stock valued at $35,000 after purchasing an additional 163 shares in the last quarter. Raleigh Capital Management Inc. increased its position in Target by 110.7% during the 4th quarter. Raleigh Capital Management Inc. now owns 257 shares of the retailer’s stock worth $35,000 after purchasing an additional 135 shares during the period. Finally, FSA Wealth Management LLC purchased a new position in shares of Target during the 3rd quarter worth approximately $36,000. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Target Price Performance

Shares of NYSE:TGT opened at $104.29 on Friday. The business has a fifty day simple moving average of $125.89 and a 200-day simple moving average of $138.13. The company has a quick ratio of 0.25, a current ratio of 0.94 and a debt-to-equity ratio of 0.99. Target Co. has a 52 week low of $101.76 and a 52 week high of $181.86. The company has a market cap of $47.51 billion, a P/E ratio of 11.06, a P/E/G ratio of 1.94 and a beta of 1.18.

Target (NYSE:TGT) last announced its quarterly earnings data on Tuesday, March 4th. The retailer reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.17. Target had a net margin of 4.06% and a return on equity of 31.11%. The business had revenue of $30.92 billion for the quarter, compared to analyst estimates of $30.83 billion. Equities research analysts forecast that Target Co. will post 8.69 EPS for the current year.

Target Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Wednesday, May 14th will be issued a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.30%. Target’s payout ratio is 50.56%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TGT. Citigroup decreased their price target on Target from $133.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group decreased their target price on shares of Target from $165.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. The Goldman Sachs Group cut their price target on shares of Target from $166.00 to $142.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. DA Davidson reduced their price objective on shares of Target from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Piper Sandler lowered their target price on shares of Target from $132.00 to $124.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $145.55.

Target 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.