Frank Rimerman Advisors LLC Boosts Holdings in Target Corporation $TGT

Frank Rimerman Advisors LLC lifted its position in shares of Target Corporation (NYSE:TGT) by 78.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,718 shares of the retailer’s stock after purchasing an additional 4,700 shares during the period. Frank Rimerman Advisors LLC’s holdings in Target were worth $1,057,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in Target by 407.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 15,970,414 shares of the retailer’s stock worth $1,666,672,000 after buying an additional 12,825,586 shares in 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. Pacer Advisors Inc. lifted its stake in shares of Target by 1,364.3% in the first quarter. Pacer Advisors Inc. now owns 3,289,692 shares of the retailer’s stock worth $343,312,000 after acquiring an additional 3,065,035 shares in the last quarter. Nuveen LLC acquired a new position in shares of Target in the first quarter worth about $186,361,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Target by 35.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,370,062 shares of the retailer’s stock valued at $560,420,000 after purchasing an additional 1,406,653 shares during the last quarter. 79.73% of the stock is owned by institutional investors and hedge funds.

Target Stock Performance

TGT stock opened at $88.78 on Wednesday. The stock’s 50 day simple moving average is $90.43 and its 200 day simple moving average is $96.09. Target Corporation has a 12-month low of $85.36 and a 12-month high of $158.42. The firm has a market cap of $40.34 billion, a P/E ratio of 10.35, a P/E/G ratio of 2.74 and a beta of 1.19. The company has a current ratio of 0.99, a quick ratio of 0.32 and a debt-to-equity ratio of 0.99.

Target (NYSE:TGT) last released its earnings results on Wednesday, August 20th. The retailer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.01. The firm had revenue of $24.99 billion during the quarter, compared to analyst estimates of $24.84 billion. Target had a net margin of 3.72% and a return on equity of 23.43%. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.57 earnings per share. As a group, equities research analysts predict 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. Investors of record on Wednesday, November 12th will be given a dividend of $1.14 per share. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 5.1%. This is a boost from Target’s previous quarterly dividend of $1.12. Target’s payout ratio is currently 53.15%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Target in a report on Wednesday, October 8th. Piper Sandler reissued a “neutral” rating on shares of Target in a research report on Tuesday, July 29th. DA Davidson dropped their price target on shares of Target from $115.00 to $108.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Wolfe Research initiated coverage on shares of Target in a research note on Thursday, September 18th. They set an “underperform” rating and a $80.00 price objective on the stock. Finally, UBS Group decreased their price objective on shares of Target from $135.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, August 21st. Nine equities research analysts have rated the stock with a Buy rating, twenty-five have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $108.55.

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.