Main Street Financial Solutions LLC Raises Stock Position in Target Co. (NYSE:TGT)

Main Street Financial Solutions LLC boosted its holdings in shares of Target Co. (NYSE:TGT) by 20.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,620 shares of the retailer’s stock after buying an additional 1,287 shares during the period. Main Street Financial Solutions LLC’s holdings in Target were worth $1,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. BerganKDV Wealth Management LLC increased its holdings in Target by 2.0% in the 2nd quarter. BerganKDV Wealth Management LLC now owns 29,284 shares of the retailer’s stock worth $7,079,000 after buying an additional 583 shares during the period. abrdn plc boosted its holdings in Target by 35.3% in the second quarter. abrdn plc now owns 537,273 shares of the retailer’s stock valued at $129,880,000 after purchasing an additional 140,041 shares during the last quarter. Dohj LLC grew its position in Target by 2.8% during the 2nd quarter. Dohj LLC now owns 4,621 shares of the retailer’s stock worth $1,117,000 after purchasing an additional 128 shares during the period. Dynamic Advisor Solutions LLC raised its stake in shares of Target by 18.4% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 11,169 shares of the retailer’s stock valued at $2,700,000 after buying an additional 1,736 shares during the last quarter. Finally, Wintrust Investments LLC lifted its holdings in shares of Target by 23.1% in the 2nd quarter. Wintrust Investments LLC now owns 5,161 shares of the retailer’s stock valued at $1,248,000 after buying an additional 970 shares during the period. 76.73% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:TGT traded up $1.80 during midday trading on Wednesday, hitting $244.04. The company’s stock had a trading volume of 70,320 shares, compared to its average volume of 3,429,924. The company has a market cap of $119.10 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. Target Co. has a 12-month low of $146.45 and a 12-month high of $267.06. The business’s 50 day simple moving average is $253.16 and its 200 day simple moving average is $225.98. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.46 and a current ratio of 1.04.

Target (NYSE:TGT) last posted 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 net margin of 6.29% and a return on equity of 44.68%. The business had revenue of $24.83 billion during the quarter, compared to analysts’ expectations of $25.03 billion. During the same quarter in the prior year, the company posted $3.38 EPS. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, sell-side analysts predict that Target Co. will post 12.86 earnings per share for the current fiscal year.

Target announced that its board has authorized a stock repurchase program on Wednesday, August 18th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the retailer to reacquire up to 12.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Several research analysts recently weighed in on TGT shares. Citigroup lifted their price target on Target from $258.00 to $287.00 and gave the company a “buy” rating in a research report on Thursday, August 19th. Barclays lifted their target price on shares of Target from $225.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, May 20th. Argus increased their price target on shares of Target from $250.00 to $265.00 and gave the stock a “buy” rating in a report on Wednesday, June 23rd. UBS Group raised shares of Target from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $210.00 to $265.00 in a report on Tuesday, June 8th. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Target from $258.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, August 11th. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $252.30.

In related news, insider Don H. Liu sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $261.93, for a total transaction of $785,790.00. Following the completion of the transaction, the insider now directly owns 62,017 shares in the company, valued at approximately $16,244,112.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Don H. Liu sold 13,985 shares of the stock in a transaction that occurred on Friday, July 16th. The stock was sold at an average price of $253.90, for a total transaction of $3,550,791.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 136,744 shares of company stock worth $34,106,184. 0.29% of the stock is owned by insiders.

Target Company 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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