Target (NYSE:TGT) Sees Large Volume Increase After Earnings Beat

Target Co. (NYSE:TGT) shares saw an uptick in trading volume on Thursday following a better than expected earnings announcement. 1,714,901 shares traded hands during trading, a decline of 62% from the previous session’s volume of 4,549,299 shares.The stock last traded at $128.72 and had previously closed at $130.46.

The retailer reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.62. Target had a return on equity of 29.43% and a net margin of 3.12%. The firm had revenue of $25 billion for the quarter, compared to analysts’ expectations of $25.28 billion. During the same quarter last year, the business posted $1.54 EPS. Target’s revenue was down 4.3% on a year-over-year basis.

Target Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Wednesday, November 15th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend is Tuesday, November 14th. Target’s dividend payout ratio is 60.44%.

Analyst Ratings Changes

TGT has been the subject of a number of research analyst reports. Stifel Nicolaus reduced their target price on Target from $145.00 to $130.00 and set a “hold” rating for the company in a report on Tuesday, September 26th. HSBC initiated coverage on Target in a research report on Friday, September 22nd. They set a “hold” rating and a $140.00 price objective for the company. The Goldman Sachs Group reduced their price target on shares of Target from $185.00 to $168.00 and set a “buy” rating for the company in a research report on Thursday, August 17th. Jefferies Financial Group decreased their price target on shares of Target from $165.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Barclays dropped their price objective on shares of Target from $163.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Friday, August 11th. Seventeen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Target currently has a consensus rating of “Hold” and a consensus price target of $155.90.

Insider Transactions at Target

In other news, insider Brian C. Cornell sold 30,000 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $130.70, for a total transaction of $3,921,000.00. Following the transaction, the insider now owns 399,669 shares in the company, valued at approximately $52,236,738.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Target

Institutional investors have recently added to or reduced their stakes in the company. Impact Partnership Wealth LLC acquired a new position in Target in the second quarter worth about $26,000. Tower View Wealth Management LLC raised its holdings in shares of Target by 82.8% in the 3rd quarter. Tower View Wealth Management LLC now owns 234 shares of the retailer’s stock worth $26,000 after buying an additional 106 shares in the last quarter. Sittner & Nelson LLC lifted its position in shares of Target by 150.6% during the 2nd quarter. Sittner & Nelson LLC now owns 213 shares of the retailer’s stock worth $28,000 after buying an additional 128 shares during the period. First Capital Advisors Group LLC. acquired a new stake in Target in the 2nd quarter valued at $31,000. Finally, WFA of San Diego LLC bought a new stake in Target in the second quarter valued at $33,000. 78.33% of the stock is owned by institutional investors and hedge funds.

Target Stock Down 0.5 %

The stock has a market capitalization of $59.92 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 1.19 and a beta of 1.04. The firm has a 50 day simple moving average of $112.56 and a 200-day simple moving average of $127.71. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.83 and a quick ratio of 0.18.

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.