Target (NYSE:TGT) Trading 1.3% Higher Following Dividend Announcement

Shares of Target Co. (NYSE:TGT) were up 1.3% during trading on Thursday following a dividend announcement from the company. The company traded as high as $156.89 and last traded at $155.64. Approximately 1,058,681 shares traded hands during trading, a decline of 74% from the average daily volume of 4,001,758 shares. The stock had previously closed at $153.60.

The newly announced dividend which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Wednesday, November 20th. Target’s payout ratio is currently 50.28%.

Wall Street Analysts Forecast Growth

TGT has been the topic of several analyst reports. Royal Bank of Canada boosted their price objective on shares of Target from $174.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Target from $209.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. Wells Fargo & Company boosted their target price on shares of Target from $160.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Telsey Advisory Group lifted their price objective on Target from $190.00 to $195.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $190.00 target price on shares of Target in a research note on Thursday, May 23rd. One analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Target currently has an average rating of “Moderate Buy” and an average price target of $179.68.

Target Price Performance

The firm has a 50 day moving average price of $148.34 and a two-hundred day moving average price of $155.03. The company has a market cap of $72.33 billion, a P/E ratio of 17.47, a P/E/G ratio of 1.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.27 and a current ratio of 0.90.

Target (NYSE:TGT) last posted its earnings results on Wednesday, August 21st. The retailer reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.39. The firm had revenue of $25.02 billion during the quarter, compared to the consensus estimate of $25.19 billion. Target had a net margin of 4.18% and a return on equity of 33.10%. The company’s revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the company earned $1.80 earnings per share. On average, analysts predict that Target Co. will post 9.53 EPS for the current fiscal year.

Insider Activity

In related news, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $158.67, for a total transaction of $7,140,150.00. Following the sale, the insider now owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Brian C. Cornell sold 45,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total value of $7,140,150.00. Following the transaction, the insider now owns 303,843 shares of the company’s stock, valued at $48,210,768.81. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Matthew A. Liegel sold 1,000 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $153.13, for a total value of $153,130.00. Following the transaction, the chief accounting officer now directly owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Institutional Trading of Target

A number of hedge funds have recently made changes to their positions in TGT. Triad Wealth Partners LLC purchased a new stake in Target during the second quarter valued at about $25,000. Washington Trust Advisors Inc. lifted its position in Target by 56.1% in the 1st quarter. Washington Trust Advisors Inc. now owns 178 shares of the retailer’s stock worth $32,000 after buying an additional 64 shares during the last quarter. Slocum Gordon & Co LLP purchased a new stake in Target in the second quarter worth approximately $28,000. Retirement Group LLC grew its position in Target by 85.0% during the first quarter. Retirement Group LLC now owns 198 shares of the retailer’s stock valued at $35,000 after acquiring an additional 91 shares during the last quarter. Finally, Ables Iannone Moore & Associates Inc. purchased a new position in shares of Target during the fourth quarter worth approximately $28,000. 79.73% of the stock is owned by institutional investors.

Target Company 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.