Cerro Pacific Wealth Advisors LLC Cuts Stake in Target Corporation $TGT

Cerro Pacific Wealth Advisors LLC cut its stake in Target Corporation (NYSE:TGT) by 18.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,759 shares of the retailer’s stock after selling 627 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in Target were worth $272,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its position in shares of Target by 407.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 15,970,414 shares of the retailer’s stock worth $1,666,672,000 after acquiring an additional 12,825,586 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Target during the second quarter worth about $595,839,000. Goldman Sachs Group Inc. increased its position in shares of Target by 35.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,370,062 shares of the retailer’s stock worth $560,420,000 after acquiring an additional 1,406,653 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Target by 7.7% during the first quarter. Dimensional Fund Advisors LP now owns 5,194,231 shares of the retailer’s stock worth $542,020,000 after acquiring an additional 370,967 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Target by 6.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,028,486 shares of the retailer’s stock worth $420,413,000 after acquiring an additional 229,670 shares during the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.

Target Stock Performance

Shares of TGT stock opened at $85.79 on Friday. The company has a quick ratio of 0.32, a current ratio of 0.99 and a debt-to-equity ratio of 0.99. The business has a 50 day moving average of $94.48 and a two-hundred day moving average of $96.89. Target Corporation has a 52 week low of $85.36 and a 52 week high of $161.50. The company has a market cap of $38.98 billion, a P/E ratio of 10.00, a PEG ratio of 2.48 and a beta of 1.18.

Target (NYSE:TGT) last issued its earnings results on Wednesday, August 20th. The retailer reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.01. Target had a return on equity of 23.43% and a net margin of 3.72%.The company had revenue of $24.99 billion during the quarter, compared to the consensus estimate of $24.84 billion. During the same period in the previous year, the firm posted $2.57 earnings per share. Target’s quarterly revenue was down .9% compared to the same quarter last year. Target has set its FY 2025 guidance at 7.000-9.000 EPS. As a group, analysts anticipate that Target Corporation will post 8.69 EPS for the current year.

Target Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Wednesday, November 12th will be given a dividend of $1.14 per share. This is a boost from Target’s previous quarterly dividend of $1.12. This represents a $4.56 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Wednesday, November 12th. Target’s payout ratio is presently 53.15%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Citigroup lifted their target price on Target from $94.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, August 22nd. Piper Sandler reaffirmed a “neutral” rating on shares of Target in a research report on Tuesday, July 29th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Target in a research note on Wednesday. Wall Street Zen upgraded Target from a “sell” rating to a “hold” rating in a research note on Sunday, August 17th. Finally, Barclays reiterated an “underweight” rating and issued a $91.00 price target on shares of Target in a research note on Monday, July 21st. Nine research analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $109.65.

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.