Neo Ivy Capital Management Purchases New Stake in Target Co. (NYSE:TGT)

Neo Ivy Capital Management purchased a new position in Target Co. (NYSE:TGT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 14,760 shares of the retailer’s stock, valued at approximately $2,185,000.

A number of other hedge funds have also recently modified their holdings of TGT. International Assets Investment Management LLC increased its position in Target by 15,009.5% during the 4th quarter. International Assets Investment Management LLC now owns 1,757,088 shares of the retailer’s stock valued at $250,244,000 after purchasing an additional 1,745,459 shares during the period. Federated Hermes Inc. increased its position in shares of Target by 38.1% during the fourth quarter. Federated Hermes Inc. now owns 138,793 shares of the retailer’s stock valued at $19,767,000 after buying an additional 38,318 shares during the period. HTLF Bank bought a new position in Target in the fourth quarter worth about $509,000. Beaumont Financial Advisors LLC bought a new position in Target in the fourth quarter worth about $264,000. Finally, Resonant Capital Advisors LLC purchased a new stake in Target in the fourth quarter worth about $242,000. Hedge funds and other institutional investors own 79.73% of the company’s stock.

Target Stock Performance

TGT traded down $1.09 during trading on Tuesday, hitting $143.54. The company’s stock had a trading volume of 1,404,357 shares, compared to its average volume of 3,875,618. The business’s 50 day simple moving average is $145.13 and its 200-day simple moving average is $154.41. The firm has a market cap of $66.41 billion, a PE ratio of 16.23, a P/E/G ratio of 1.38 and a beta of 1.19. Target Co. has a one year low of $102.93 and a one 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 announced its earnings results on Wednesday, May 22nd. The retailer reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.02). The company had revenue of $24.14 billion during the quarter, compared to the consensus estimate of $24.52 billion. Target had a return on equity of 31.91% and a net margin of 3.87%. 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 earnings per share. As a group, sell-side analysts predict that Target Co. will post 9.31 EPS for the current fiscal year.

Target Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be issued a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 3.12%. This is a positive change from Target’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Wednesday, August 21st. Target’s dividend payout ratio is currently 50.28%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Telsey Advisory Group reiterated an “outperform” rating and set a $190.00 target price on shares of Target in a report on Friday. Wells Fargo & Company decreased their price objective on Target from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Morgan Stanley dropped their target price on shares of Target from $190.00 to $180.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Roth Mkm reiterated a “neutral” rating and issued a $153.00 price target on shares of Target in a research note on Thursday, May 23rd. Finally, Piper Sandler initiated coverage on shares of Target in a research note on Wednesday, July 10th. They set a “neutral” rating and a $156.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.57.

About Target

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.