Short Interest in Target Co. (TGT) Drops By 9.0%
Target Co. (NYSE:TGT) saw a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 31,341,278 shares, a decrease of 9.0% from the May 31st total of 34,459,878 shares. Approximately 5.9% of the shares of the company are short sold. Based on an average daily volume of 5,310,323 shares, the days-to-cover ratio is currently 5.9 days.
In other news, insider Laysha Ward sold 43,926 shares of the stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $79.33, for a total transaction of $3,484,649.58. Following the sale, the insider now directly owns 90,460 shares of the company’s stock, valued at approximately $7,176,191.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John J. Mulligan sold 118,373 shares of the stock in a transaction dated Tuesday, April 3rd. The stock was sold at an average price of $69.37, for a total transaction of $8,211,535.01. Following the sale, the insider now directly owns 195,906 shares in the company, valued at $13,589,999.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 170,186 shares of company stock worth $12,287,710. 0.19% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Lee Financial Co increased its holdings in shares of Target by 168.7% during the 1st quarter. Lee Financial Co now owns 1,435 shares of the retailer’s stock worth $100,000 after buying an additional 901 shares during the last quarter. Westside Investment Management Inc. increased its holdings in shares of Target by 128.6% during the 4th quarter. Westside Investment Management Inc. now owns 1,600 shares of the retailer’s stock worth $107,000 after buying an additional 900 shares during the last quarter. Signaturefd LLC acquired a new stake in shares of Target during the 1st quarter worth approximately $112,000. Stelac Advisory Services LLC acquired a new stake in shares of Target during the 1st quarter worth approximately $128,000. Finally, Gables Capital Management Inc. acquired a new stake in shares of Target during the 1st quarter worth approximately $134,000. Institutional investors and hedge funds own 85.42% of the company’s stock.
Target (NYSE:TGT) last released its quarterly earnings data on Wednesday, May 23rd. The retailer reported $1.32 EPS for the quarter, missing the Zacks’ consensus estimate of $1.38 by ($0.06). The business had revenue of $16.78 billion during the quarter, compared to analyst estimates of $16.58 billion. Target had a net margin of 4.09% and a return on equity of 23.34%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.21 EPS. sell-side analysts expect that Target will post 5.28 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Wednesday, August 15th will be issued a dividend of $0.64 per share. The ex-dividend date of this dividend is Tuesday, August 14th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.36%. This is an increase from Target’s previous quarterly dividend of $0.62. Target’s dividend payout ratio (DPR) is currently 52.65%.
TGT has been the topic of several recent analyst reports. MKM Partners set a $93.00 target price on shares of Target and gave the stock a “buy” rating in a research note on Wednesday, May 16th. Credit Suisse Group set a $86.00 target price on shares of Target and gave the stock a “buy” rating in a research note on Monday, May 14th. ValuEngine raised shares of Target from a “hold” rating to a “buy” rating in a research note on Monday, May 14th. Vetr raised shares of Target from a “hold” rating to a “buy” rating and set a $75.42 target price on the stock in a research note on Tuesday, March 6th. Finally, Susquehanna Bancshares set a $95.00 target price on shares of Target and gave the stock a “buy” rating in a research note on Monday, March 5th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $75.47.
Target Company Profile
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials, including beauty products, personal and baby care products, cleaning products, paper products, and pet supplies; food and beverage products, such as dry grocery, dairy, frozen food, beverage, candy, snacks, deli, bakery, meat, and produce products; and apparel for women, men, boys, girls, toddlers, infants, and newborns, as well as intimate apparel, jewelry, accessories, and shoes.
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