Mechanics Bank Trust Department Has $2.44 Million Stock Holdings in Target Co. (NYSE:TGT)

Mechanics Bank Trust Department lifted its holdings in shares of Target Co. (NYSE:TGT) by 4.5% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,482 shares of the retailer’s stock after buying an additional 710 shares during the period. Mechanics Bank Trust Department’s holdings in Target were worth $2,440,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of TGT. RFG Advisory LLC acquired a new stake in shares of Target in the 4th quarter valued at approximately $605,000. Little House Capital LLC bought a new stake in shares of Target during the first quarter worth $1,041,000. Nordea Investment Management AB increased its holdings in shares of Target by 23.6% during the first quarter. Nordea Investment Management AB now owns 642,340 shares of the retailer’s stock worth $112,686,000 after buying an additional 122,706 shares in the last quarter. QRG Capital Management Inc. increased its holdings in shares of Target by 11.4% during the first quarter. QRG Capital Management Inc. now owns 65,558 shares of the retailer’s stock worth $11,618,000 after buying an additional 6,690 shares in the last quarter. Finally, Janney Capital Management LLC bought a new position in shares of Target in the 1st quarter valued at $13,958,000. 79.73% of the stock is currently owned by institutional investors.

Target Stock Up 1.1 %

Shares of TGT traded up $1.53 during trading hours on Friday, reaching $135.50. The stock had a trading volume of 3,778,303 shares, compared to its average volume of 3,882,848. The firm has a 50-day simple moving average of $146.19 and a 200 day simple moving average of $154.49. Target Co. has a 12 month low of $102.93 and a 12 month high of $181.86. The company has a current ratio of 0.86, a quick ratio of 0.27 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $62.69 billion, a price-to-earnings ratio of 15.21, a P/E/G ratio of 1.38 and a beta of 1.19.

Target (NYSE:TGT) last released its quarterly earnings data on Wednesday, May 22nd. The retailer reported $2.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.02). The business had revenue of $24.14 billion during the quarter, compared to the consensus estimate of $24.52 billion. Target had a net margin of 3.87% and a return on equity of 31.91%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the business posted $2.05 earnings per share. Equities research analysts predict that Target Co. will post 9.31 earnings per share for the current fiscal year.

Target Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be given a $1.12 dividend. This is a positive change from Target’s previous quarterly dividend of $1.10. This represents a $4.48 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Wednesday, August 21st. Target’s dividend payout ratio is presently 50.28%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $195.00 target price on shares of Target in a report on Wednesday, May 22nd. Truist Financial raised their price objective on shares of Target from $153.00 to $156.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Roth Mkm reissued a “neutral” rating and set a $153.00 target price on shares of Target in a report on Thursday, May 23rd. BMO Capital Markets decreased their price target on shares of Target from $170.00 to $155.00 and set a “market perform” rating for the company in a research report on Thursday, May 23rd. Finally, Robert W. Baird reiterated an “outperform” rating and set a $190.00 price target on shares of Target in a report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Target currently has an average rating of “Moderate Buy” and an average price target of $175.46.

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.