Jennison Associates LLC Raises Stake in Target Co. (TGT)

Jennison Associates LLC increased its position in Target Co. (NYSE:TGT) by 1.7% during the first quarter, Holdings Channel reports. The firm owned 522,890 shares of the retailer’s stock after buying an additional 8,786 shares during the period. Jennison Associates LLC’s holdings in Target were worth $28,858,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Dodge & Cox acquired a new position in shares of Target during the fourth quarter worth $788,237,000. Norges Bank purchased a new position in shares of Target during the fourth quarter worth approximately $460,220,000. Renaissance Technologies LLC purchased a new position in shares of Target during the fourth quarter worth approximately $129,277,000. Equity Investment Corp Acquisition Inc purchased a new position in shares of Target during the fourth quarter worth approximately $128,071,000. Finally, Two Sigma Advisers LP increased its position in shares of Target by 652.1% in the third quarter. Two Sigma Advisers LP now owns 2,012,067 shares of the retailer’s stock worth $138,189,000 after buying an additional 1,744,553 shares during the period. 88.53% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Target (NYSE:TGT)

Shares of Target Co. (NYSE:TGT) traded up 0.13% during trading on Thursday, hitting $54.20. 7,360,357 shares of the company were exchanged. The firm has a market capitalization of $29.90 billion, a PE ratio of 11.11 and a beta of 0.63. Target Co. has a 12 month low of $52.72 and a 12 month high of $79.33. The firm’s 50-day moving average price is $55.26 and its 200 day moving average price is $63.86.

Target (NYSE:TGT) last released its quarterly earnings results on Wednesday, May 17th. The retailer reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.30. Target had a net margin of 4.75% and a return on equity of 25.18%. The firm had revenue of $16.02 billion for the quarter, compared to analysts’ expectations of $15.63 billion. During the same quarter last year, the company earned $1.29 EPS. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities research analysts expect that Target Co. will post $4.22 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 10th. Investors of record on Wednesday, May 17th will be paid a $0.60 dividend. The ex-dividend date is Monday, May 15th. This represents a $2.40 dividend on an annualized basis and a yield of 4.43%. Target’s dividend payout ratio is currently 42.93%.

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Several equities analysts recently weighed in on TGT shares. Jefferies Group LLC reissued a “hold” rating and set a $59.00 price objective (up previously from $56.00) on shares of Target in a research report on Friday, May 19th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $59.00 price target (up previously from $55.00) on shares of Target in a report on Friday, May 19th. Telsey Advisory Group upped their price objective on Target from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Thursday, May 18th. Zacks Investment Research upgraded Target from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Finally, Vetr upgraded Target from a “hold” rating to a “buy” rating and set a $61.86 price objective on the stock in a research note on Wednesday, May 10th. Six analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $65.49.

In other Target news, insider Don H. Liu bought 2,000 shares of the stock in a transaction on Monday, March 6th. The shares were bought at an average price of $57.00 per share, with a total value of $114,000.00. Following the purchase, the insider now directly owns 56,983 shares in the company, valued at approximately $3,248,031. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Donald R. Knauss bought 10,000 shares of the stock in a transaction on Thursday, March 9th. The shares were acquired at an average cost of $54.86 per share, for a total transaction of $548,600.00. Following the purchase, the director now owns 16,431 shares in the company, valued at $901,404.66. The disclosure for this purchase can be found here. Insiders purchased a total of 19,000 shares of company stock worth $1,073,750 in the last three months. 0.25% of the stock is owned by corporate insiders.

Target Company Profile

Target Corporation (Target) is a general merchandise retailer selling products through its stores and digital channels. Its general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items. Its digital channels include a range of general merchandise, including a range of items found in its stores, along with an assortment, such as additional sizes and colors sold only online.

12 Month Chart for NYSE:TGT

Want to see what other hedge funds are holding TGT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Target Co. (NYSE:TGT).

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