Bank of New York Mellon Corp Sells 211,453 Shares of Target Corporation $TGT

Bank of New York Mellon Corp reduced its stake in Target Corporation (NYSE:TGT) by 5.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 3,584,944 shares of the retailer’s stock after selling 211,453 shares during the quarter. Bank of New York Mellon Corp’s holdings in Target were worth $353,655,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TGT. Punch & Associates Investment Management Inc. grew its holdings in shares of Target by 48.1% in the first quarter. Punch & Associates Investment Management Inc. now owns 84,190 shares of the retailer’s stock valued at $8,786,000 after acquiring an additional 27,329 shares in the last quarter. Precedent Wealth Partners LLC boosted its position in Target by 27.7% in the second quarter. Precedent Wealth Partners LLC now owns 13,208 shares of the retailer’s stock worth $1,303,000 after purchasing an additional 2,869 shares during the last quarter. Correct Capital Wealth Management grew its stake in Target by 44.7% in the 1st quarter. Correct Capital Wealth Management now owns 13,556 shares of the retailer’s stock valued at $1,415,000 after purchasing an additional 4,189 shares during the period. PDT Partners LLC bought a new position in Target in the 1st quarter valued at $4,623,000. Finally, Mattern Capital Management LLC increased its position in shares of Target by 7.6% during the 2nd quarter. Mattern Capital Management LLC now owns 79,158 shares of the retailer’s stock valued at $7,809,000 after purchasing an additional 5,573 shares during the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TGT has been the topic of a number of research analyst reports. Piper Sandler reissued a “neutral” rating on shares of Target in a report on Tuesday, July 29th. DA Davidson dropped their target price on shares of Target from $115.00 to $108.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Telsey Advisory Group restated a “market perform” rating and set a $110.00 price target on shares of Target in a research note on Wednesday, August 20th. Citigroup upped their price objective on Target from $94.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, August 22nd. Finally, Loop Capital set a $95.00 price objective on Target in a report on Thursday, July 17th. Nine analysts have rated the stock with a Buy rating, twenty-five have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Target presently has an average rating of “Hold” and a consensus target price of $109.00.

Target Stock Down 1.6%

TGT opened at $90.02 on Wednesday. Target Corporation has a 12 month low of $85.36 and a 12 month high of $158.42. The company has a market cap of $40.91 billion, a PE ratio of 10.49, a price-to-earnings-growth ratio of 2.74 and a beta of 1.18. The company has a current ratio of 0.99, a quick ratio of 0.32 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average of $91.14 and a 200 day moving average of $96.44.

Target (NYSE:TGT) last posted its earnings results on Wednesday, August 20th. The retailer reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.01. The firm had revenue of $24.99 billion for the quarter, compared to the consensus estimate of $24.84 billion. Target had a return on equity of 23.43% and a net margin of 3.72%.The business’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.57 earnings per share. Target has set its FY 2025 guidance at 7.000-9.000 EPS. On average, sell-side analysts expect that Target Corporation will post 8.69 EPS for the current year.

Target Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend is Wednesday, November 12th. This is a boost from Target’s previous quarterly dividend of $1.12. Target’s payout ratio is presently 53.15%.

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.