Bank of New York Mellon Corp Trims Stock Holdings in Target Corporation $TGT

Bank of New York Mellon Corp lessened its position in shares of Target Corporation (NYSE:TGT) by 5.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,395,673 shares of the retailer’s stock after selling 189,271 shares during the quarter. Bank of New York Mellon Corp owned 0.75% of Target worth $304,592,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. WFA of San Diego LLC purchased a new stake in Target in the second quarter valued at approximately $25,000. Raleigh Capital Management Inc. lifted its stake in Target by 63.4% during the 2nd quarter. Raleigh Capital Management Inc. now owns 263 shares of the retailer’s stock valued at $26,000 after acquiring an additional 102 shares during the period. Heartwood Wealth Advisors LLC purchased a new stake in shares of Target in the 3rd quarter valued at $27,000. Global Assets Advisory LLC purchased a new stake in shares of Target in the 2nd quarter valued at $31,000. Finally, Tripletail Wealth Management LLC acquired a new stake in shares of Target in the third quarter worth $31,000. 79.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TGT. Sanford C. Bernstein decreased their target price on shares of Target from $87.00 to $80.00 and set an “underperform” rating for the company in a research report on Thursday, November 20th. Guggenheim reiterated a “buy” rating and set a $115.00 price objective on shares of Target in a research note on Monday, October 27th. Citigroup lowered their target price on Target from $100.00 to $89.00 and set a “neutral” rating on the stock in a research note on Thursday, November 20th. Zacks Research raised Target from a “strong sell” rating to a “hold” rating in a report on Wednesday, December 3rd. Finally, Piper Sandler reiterated a “neutral” rating and set a $85.00 price target (down from $94.00) on shares of Target in a research report on Thursday, November 20th. Ten analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Target currently has an average rating of “Hold” and an average price target of $103.03.

Target Stock Performance

Shares of TGT stock opened at $102.74 on Friday. The company has a market capitalization of $46.52 billion, a P/E ratio of 12.47, a P/E/G ratio of 11.07 and a beta of 1.12. The business’s 50 day moving average is $98.94 and its two-hundred day moving average is $96.36. The company has a current ratio of 0.97, a quick ratio of 0.27 and a debt-to-equity ratio of 0.99. Target Corporation has a 12-month low of $83.44 and a 12-month high of $142.10.

Target (NYSE:TGT) last posted its quarterly earnings data on Wednesday, November 19th. The retailer reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.07. Target had a return on equity of 22.74% and a net margin of 3.58%.The business had revenue of $25.27 billion during the quarter, compared to analysts’ expectations of $25.44 billion. During the same period in the previous year, the business earned $1.85 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. Target has set its FY 2025 guidance at 7.000-8.000 EPS. Analysts expect that Target Corporation will post 8.69 EPS for the current fiscal year.

Target Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Wednesday, February 11th will be given a $1.14 dividend. The ex-dividend date is Wednesday, February 11th. This represents a $4.56 annualized dividend and a dividend yield of 4.4%. Target’s dividend payout ratio (DPR) is 55.34%.

Target Company Profile

Target Corporation (NYSE: TGT) is a U.S.-based general merchandise retailer headquartered in Minneapolis, Minnesota. The company operates a network of full-line and small-format stores across the United States alongside a national e-commerce platform and mobile app. Target’s retail assortment spans apparel, home goods, electronics, groceries and household essentials, plus beauty, baby and pet categories. The firm complements national brands with a portfolio of owned and exclusive labels and partnerships that help differentiate its merchandise assortment.

Target traces its roots to the Dayton Company, founded by George Dayton in 1902; the Target discount chain was launched in 1962 and the parent company later adopted the Target Corporation name.