State of Michigan Retirement System Has $22.42 Million Stock Holdings in Target Co. (NYSE:TGT)

State of Michigan Retirement System boosted its holdings in shares of Target Co. (NYSE:TGT) by 0.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 126,522 shares of the retailer’s stock after purchasing an additional 100 shares during the period. State of Michigan Retirement System’s holdings in Target were worth $22,421,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Target during the fourth quarter worth $28,000. Private Wealth Management Group LLC acquired a new stake in shares of Target in the 4th quarter valued at about $29,000. Rakuten Securities Inc. bought a new stake in shares of Target in the fourth quarter valued at about $29,000. Scarborough Advisors LLC bought a new stake in shares of Target in the fourth quarter valued at about $29,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Target during the first quarter worth about $38,000. 79.73% of the stock is owned by institutional investors and hedge funds.

Target Price Performance

Target stock opened at $145.39 on Wednesday. The stock’s fifty day moving average price is $152.54 and its two-hundred day moving average price is $153.36. The firm has a market cap of $67.26 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.39 and a beta of 1.19. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.86 and a quick ratio of 0.27. Target Co. has a one year low of $102.93 and a one year high of $181.86.

Target (NYSE:TGT) last issued its quarterly earnings results 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 firm had revenue of $24.14 billion for 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%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period last year, the company posted $2.05 EPS. As a group, research analysts expect that Target Co. will post 9.32 EPS for the current fiscal year.

Target Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be issued a $1.12 dividend. The ex-dividend date is Wednesday, August 21st. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.08%. This is a boost from Target’s previous quarterly dividend of $1.10. Target’s dividend payout ratio is 49.38%.

Analyst Ratings Changes

TGT has been the topic of a number of recent research reports. Tigress Financial lifted their target price on Target from $180.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, March 27th. Guggenheim boosted their price objective on shares of Target from $160.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Bank of America raised their target price on shares of Target from $160.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Truist Financial cut their price target on shares of Target from $160.00 to $153.00 and set a “hold” rating on the stock in a research report on Thursday, May 23rd. Finally, Robert W. Baird restated an “outperform” rating and issued a $190.00 price objective on shares of Target in a report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus 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.