Griffin Asset Management Inc. Increases Stake in Target Co. (NYSE:TGT)

Griffin Asset Management Inc. increased its holdings in Target Co. (NYSE:TGT) by 0.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 62,354 shares of the retailer’s stock after acquiring an additional 340 shares during the quarter. Target makes up about 1.3% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 21st largest position. Griffin Asset Management Inc.’s holdings in Target were worth $11,050,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. bought a new position in shares of Target during the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. purchased a new position in shares of Target in the 4th quarter valued at $29,000. Private Wealth Management Group LLC bought a new position in shares of Target in the 4th quarter worth $29,000. Scarborough Advisors LLC bought a new position in shares of Target in the 4th quarter worth $29,000. Finally, Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Target during the 4th quarter worth $33,000. 79.73% of the stock is currently owned by institutional investors.

Target Price Performance

TGT traded up $1.32 during trading on Friday, reaching $148.04. The company’s stock had a trading volume of 12,772,526 shares, compared to its average volume of 3,818,235. The company has a market cap of $68.49 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.38 and a beta of 1.20. The firm has a fifty day simple moving average of $152.97 and a two-hundred day simple moving average of $153.10. Target Co. has a 1 year low of $102.93 and a 1 year high of $181.86. The company has a quick ratio of 0.27, a current ratio of 0.86 and a debt-to-equity ratio of 0.97.

Target (NYSE:TGT) last posted its quarterly earnings results on Wednesday, May 22nd. The retailer reported $2.03 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.02). The company had revenue of $24.14 billion during the quarter, compared to analyst estimates of $24.52 billion. Target had a net margin of 3.87% and a return on equity of 31.91%. Target’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.05 EPS. As a group, analysts anticipate that Target Co. will post 9.32 EPS for the current year.

Target Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be given a dividend of $1.12 per share. This is a boost from Target’s previous quarterly dividend of $1.10. This represents a $4.48 annualized dividend and a yield of 3.03%. The ex-dividend date is Wednesday, August 21st. Target’s dividend payout ratio (DPR) is presently 49.38%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Royal Bank of Canada reduced their target price on shares of Target from $191.00 to $181.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. Morgan Stanley lowered their target price on shares of Target from $190.00 to $180.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Truist Financial reduced their price target on Target from $160.00 to $153.00 and set a “hold” rating on the stock in a research report on Thursday, May 23rd. Telsey Advisory Group restated an “outperform” rating and set a $195.00 target price on shares of Target in a research note on Wednesday, May 22nd. Finally, Roth Mkm reiterated a “neutral” rating and issued a $153.00 target price on shares of Target in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $177.61.

Target Profile

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.