Frank Rimerman Advisors LLC Lowers Position in Target Corporation (NYSE:TGT)

Frank Rimerman Advisors LLC cut its holdings in shares of Target Corporation (NYSE:TGT) by 6.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,018 shares of the retailer’s stock after selling 392 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Target were worth $628,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of TGT. Capital World Investors boosted its holdings in Target by 6.3% during the 4th quarter. Capital World Investors now owns 21,930,569 shares of the retailer’s stock valued at $2,964,565,000 after acquiring an additional 1,306,552 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Target by 407.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 15,970,414 shares of the retailer’s stock valued at $1,666,672,000 after acquiring an additional 12,825,586 shares during the period. Northern Trust Corp boosted its holdings in Target by 16.3% during the 4th quarter. Northern Trust Corp now owns 5,376,640 shares of the retailer’s stock valued at $726,814,000 after acquiring an additional 754,883 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Target by 35.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,370,062 shares of the retailer’s stock valued at $560,420,000 after acquiring an additional 1,406,653 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Target by 21.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,823,264 shares of the retailer’s stock valued at $652,014,000 after acquiring an additional 840,484 shares during the period. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Target Trading Down 0.2%

Shares of TGT stock opened at $105.45 on Monday. The business’s 50 day moving average is $100.79 and its two-hundred day moving average is $105.88. Target Corporation has a twelve month low of $87.35 and a twelve month high of $167.40. The company has a market capitalization of $47.91 billion, a P/E ratio of 11.59, a price-to-earnings-growth ratio of 3.01 and a beta of 1.22. The company has a current ratio of 0.94, a quick ratio of 0.25 and a debt-to-equity ratio of 0.96.

Target (NYSE:TGT) last posted its quarterly earnings results on Wednesday, May 21st. The retailer reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.35). The business had revenue of $24.20 billion during the quarter, compared to analysts’ expectations of $24.54 billion. Target had a net margin of 3.95% and a return on equity of 25.59%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.03 earnings per share. Equities analysts forecast that Target Corporation will post 8.69 EPS for the current year.

Target Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Wednesday, August 13th will be issued a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $4.48 dividend on an annualized basis and a yield of 4.2%. Target’s dividend payout ratio (DPR) is 50.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TGT shares. Piper Sandler restated a “neutral” rating on shares of Target in a report on Tuesday, July 29th. Robert W. Baird set a $100.00 price objective on Target in a research note on Thursday, May 22nd. Bank of America cut Target from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $145.00 to $105.00 in a research note on Thursday, May 22nd. Sanford C. Bernstein cut Target from a “market perform” rating to an “underperform” rating and decreased their price objective for the company from $97.00 to $82.00 in a research note on Monday, May 12th. Finally, Barclays reiterated an “underweight” rating and issued a $91.00 price objective on shares of Target in a research note on Monday, July 21st. Three investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Target has an average rating of “Hold” and an average price target of $115.65.

Insider Buying and Selling

In other Target news, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the sale, the insider directly owned 246,453 shares in the company, valued at approximately $23,703,849.54. The trade was a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.16% of the company’s stock.

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.