Pinnacle Financial Partners Inc Reduces Holdings in Target Co. (NYSE:TGT)

Pinnacle Financial Partners Inc lowered its position in Target Co. (NYSE:TGTFree Report) by 5.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 9,815 shares of the retailer’s stock after selling 550 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Target were worth $1,398,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Plancorp LLC raised its position in shares of Target by 2.1% in the first quarter. Plancorp LLC now owns 2,520 shares of the retailer’s stock valued at $535,000 after purchasing an additional 53 shares during the period. VisionPoint Advisory Group LLC lifted its position in shares of Target by 4.4% during the third quarter. VisionPoint Advisory Group LLC now owns 1,887 shares of the retailer’s stock worth $209,000 after acquiring an additional 80 shares in the last quarter. iA Global Asset Management Inc. boosted its holdings in shares of Target by 0.4% in the third quarter. iA Global Asset Management Inc. now owns 22,760 shares of the retailer’s stock worth $2,517,000 after acquiring an additional 83 shares during the period. Ballast Inc. grew its position in shares of Target by 0.8% in the fourth quarter. Ballast Inc. now owns 10,988 shares of the retailer’s stock valued at $1,565,000 after purchasing an additional 85 shares in the last quarter. Finally, MidWestOne Financial Group Inc. raised its stake in shares of Target by 0.9% during the 1st quarter. MidWestOne Financial Group Inc. now owns 10,200 shares of the retailer’s stock valued at $2,164,000 after purchasing an additional 86 shares during the period. 79.73% of the stock is currently owned by institutional investors.

Target Stock Performance

NYSE TGT opened at $176.24 on Wednesday. The company has a 50-day simple moving average of $156.27 and a two-hundred day simple moving average of $135.87. Target Co. has a 12-month low of $102.93 and a 12-month high of $181.86. The firm has a market cap of $81.37 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 1.66 and a beta of 1.14. The company has a quick ratio of 0.29, a current ratio of 0.91 and a debt-to-equity ratio of 1.11.

Target (NYSE:TGTGet Free Report) last released its earnings results on Tuesday, March 5th. The retailer reported $2.98 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.57. Target had a return on equity of 33.41% and a net margin of 3.85%. The company had revenue of $31.47 billion during the quarter, compared to analyst estimates of $31.83 billion. During the same quarter in the previous year, the company posted $1.89 EPS. Target’s revenue for the quarter was up 1.6% on a year-over-year basis. On average, equities analysts forecast that Target Co. will post 9.39 EPS for the current year.

Target Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Wednesday, May 15th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, May 14th. This represents a $4.40 annualized dividend and a yield of 2.50%. Target’s payout ratio is currently 49.27%.

Analyst Ratings Changes

Several research analysts have commented on TGT shares. Morgan Stanley raised their target price on Target from $165.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. UBS Group reaffirmed a “buy” rating and set a $174.00 target price on shares of Target in a report on Tuesday, March 5th. Evercore ISI raised their price target on shares of Target from $180.00 to $185.00 and gave the company an “in-line” rating in a report on Tuesday, March 26th. Guggenheim upped their price target on shares of Target from $160.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Finally, Royal Bank of Canada lifted their price objective on Target from $157.00 to $191.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. Eleven investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Target presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.12.

Read Our Latest Stock Report on Target

Insiders Place Their Bets

In other news, insider Brian C. Cornell sold 45,000 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $167.52, for a total transaction of $7,538,400.00. Following the completion of the transaction, the insider now directly owns 346,919 shares of the company’s stock, valued at $58,115,870.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Christina Hennington sold 4,600 shares of Target stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $170.88, for a total value of $786,048.00. Following the sale, the insider now directly owns 38,487 shares in the company, valued at approximately $6,576,658.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Brian C. Cornell sold 45,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $167.52, for a total value of $7,538,400.00. Following the transaction, the insider now owns 346,919 shares of the company’s stock, valued at approximately $58,115,870.88. The disclosure for this sale can be found here. Insiders have sold a total of 52,600 shares of company stock valued at $8,819,598 in the last quarter. Insiders own 0.23% of the company’s stock.

Target Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Target (NYSE:TGT)

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