Neuberger Berman Group LLC Raises Stake in Target Co. (NYSE:TGT)

Neuberger Berman Group LLC boosted its position in Target Co. (NYSE:TGT) by 3.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 578,631 shares of the retailer’s stock after buying an additional 18,898 shares during the quarter. Neuberger Berman Group LLC owned approximately 0.12% of Target worth $138,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Target by 4.5% during the second quarter. BlackRock Inc. now owns 40,515,802 shares of the retailer’s stock valued at $9,794,290,000 after purchasing an additional 1,747,686 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Target by 5.8% during the first quarter. Ameriprise Financial Inc. now owns 9,289,773 shares of the retailer’s stock valued at $1,840,046,000 after purchasing an additional 509,194 shares during the period. Jennison Associates LLC boosted its stake in shares of Target by 3.8% during the second quarter. Jennison Associates LLC now owns 4,687,215 shares of the retailer’s stock valued at $1,133,087,000 after purchasing an additional 172,890 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Target by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 4,311,362 shares of the retailer’s stock valued at $1,042,229,000 after purchasing an additional 66,981 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Target by 5.5% during the second quarter. Legal & General Group Plc now owns 3,982,448 shares of the retailer’s stock valued at $962,716,000 after purchasing an additional 206,130 shares during the period. 76.73% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently commented on TGT. Argus raised their price target on Target from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Wednesday, June 23rd. DA Davidson reaffirmed a “buy” rating on shares of Target in a research note on Thursday, August 19th. Morgan Stanley raised their price target on Target from $250.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 25th. Telsey Advisory Group raised their price target on Target from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Friday, August 13th. Finally, KeyCorp raised their price target on Target from $235.00 to $280.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 27th. Five analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $252.30.

Shares of NYSE:TGT opened at $236.75 on Thursday. Target Co. has a 1-year low of $150.80 and a 1-year high of $267.06. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.04 and a quick ratio of 0.46. The business has a fifty day moving average price of $244.78 and a 200-day moving average price of $233.57. The company has a market capitalization of $115.54 billion, a PE ratio of 18.85, a PEG ratio of 1.36 and a beta of 0.98.

Target (NYSE:TGT) last issued its quarterly earnings results on Tuesday, August 17th. The retailer reported $3.64 earnings per share for the quarter, beating the consensus estimate of $3.49 by $0.15. Target had a return on equity of 44.68% and a net margin of 6.29%. The firm had revenue of $24.83 billion during the quarter, compared to the consensus estimate of $25.03 billion. During the same period last year, the company earned $3.38 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. On average, sell-side analysts anticipate that Target Co. will post 12.86 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Stockholders of record on Wednesday, November 17th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Tuesday, November 16th. This represents a $3.60 annualized dividend and a dividend yield of 1.52%. Target’s payout ratio is presently 38.22%.

Target declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 18th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the retailer to repurchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

In related news, insider Don H. Liu sold 3,000 shares of Target stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $261.93, for a total value of $785,790.00. Following the completion of the sale, the insider now directly owns 62,017 shares in the company, valued at approximately $16,244,112.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Don H. Liu sold 13,985 shares of Target stock in a transaction dated Friday, July 16th. The stock was sold at an average price of $253.90, for a total value of $3,550,791.50. The disclosure for this sale can be found here. Insiders have sold 136,744 shares of company stock valued at $34,106,184 over the last 90 days. Corporate insiders own 0.29% of the company’s stock.

Target Profile

Target Corp. engages in the operation and ownership of general merchandise stores. It offers food assortments including perishables, dry grocery, dairy, and frozen items. The company was founded by George Draper Dayton in 1902 and is headquartered in Minneapolis, MN.

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Institutional Ownership by Quarter for Target (NYSE:TGT)

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