CIBC Asset Management Inc Grows Stake in Target Co. (NYSE:TGT)

CIBC Asset Management Inc raised its position in Target Co. (NYSE:TGT) by 7.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 79,245 shares of the retailer’s stock after purchasing an additional 5,192 shares during the period. CIBC Asset Management Inc’s holdings in Target were worth $12,351,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. TAP Consulting LLC acquired a new position in Target during the third quarter worth about $2,403,000. Olstein Capital Management L.P. lifted its stake in Target by 8.7% in the 3rd quarter. Olstein Capital Management L.P. now owns 50,000 shares of the retailer’s stock valued at $7,793,000 after buying an additional 4,000 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Target by 20.5% during the 1st quarter. Janus Henderson Group PLC now owns 217,214 shares of the retailer’s stock valued at $38,484,000 after buying an additional 36,941 shares during the last quarter. Eagle Rock Investment Company LLC increased its position in Target by 166.3% during the third quarter. Eagle Rock Investment Company LLC now owns 16,179 shares of the retailer’s stock worth $2,522,000 after buying an additional 10,103 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of Target in the first quarter worth $107,367,000. Hedge funds and other institutional investors own 79.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TGT. Royal Bank of Canada lifted their price objective on Target from $174.00 to $177.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. StockNews.com downgraded shares of Target from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Melius Research began coverage on shares of Target in a research report on Monday, September 23rd. They set a “buy” rating and a $180.00 target price on the stock. Telsey Advisory Group reiterated an “outperform” rating and issued a $195.00 target price on shares of Target in a research note on Wednesday. Finally, Oppenheimer cut their price objective on shares of Target from $200.00 to $180.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.47.

Target Stock Down 0.9 %

NYSE:TGT opened at $152.13 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.27 and a current ratio of 0.90. The company has a market capitalization of $70.08 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 2.00 and a beta of 1.24. Target Co. has a one year low of $127.19 and a one year high of $181.86. The stock has a 50-day simple moving average of $152.56 and a 200 day simple moving average of $150.39.

Target (NYSE:TGT) last issued its quarterly earnings results on Wednesday, August 21st. The retailer reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.18 by $0.39. Target had a return on equity of 33.10% and a net margin of 4.18%. The business had revenue of $25.02 billion during the quarter, compared to the consensus estimate of $25.19 billion. During the same period in the previous year, the business earned $1.80 EPS. The business’s quarterly revenue was up 1.0% on a year-over-year basis. Sell-side analysts predict that Target Co. will post 9.54 EPS for the current fiscal year.

Target Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be issued a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Wednesday, November 20th. Target’s dividend payout ratio (DPR) is 46.28%.

Insider Activity at Target

In other Target news, CAO Matthew A. Liegel sold 1,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $153.13, for a total transaction of $153,130.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. This trade represents a 12.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Richard H. Gomez sold 6,348 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $157.17, for a total value of $997,715.16. Following the completion of the sale, the insider now directly owns 123,551 shares in the company, valued at $19,418,510.67. This represents a 4.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,348 shares of company stock worth $8,290,995 in the last ninety days. 0.15% of the stock is owned by insiders.

About Target

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.