Sumitomo Life Insurance Co. Acquires 226 Shares of Target Co. (NYSE:TGT)

Sumitomo Life Insurance Co. lifted its holdings in shares of Target Co. (NYSE:TGT) by 2.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 8,417 shares of the retailer’s stock after purchasing an additional 226 shares during the period. Sumitomo Life Insurance Co.’s holdings in Target were worth $1,312,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TGT. Triad Wealth Partners LLC acquired a new stake in Target in the 2nd quarter valued at about $25,000. Washington Trust Advisors Inc. grew its stake in shares of Target by 56.1% during the first quarter. Washington Trust Advisors Inc. now owns 178 shares of the retailer’s stock valued at $32,000 after purchasing an additional 64 shares during the last quarter. Slocum Gordon & Co LLP acquired a new stake in shares of Target in the second quarter valued at approximately $28,000. Retirement Group LLC raised its position in Target by 85.0% in the 1st quarter. Retirement Group LLC now owns 198 shares of the retailer’s stock worth $35,000 after purchasing an additional 91 shares during the last quarter. Finally, Scarborough Advisors LLC acquired a new position in Target during the 4th quarter worth $29,000. 79.73% of the stock is currently owned by institutional investors and hedge funds.

Target Stock Performance

Shares of TGT opened at $158.88 on Thursday. The firm’s fifty day simple moving average is $151.39 and its two-hundred day simple moving average is $153.02. Target Co. has a 12 month low of $105.23 and a 12 month high of $181.86. The company has a current ratio of 0.90, a quick ratio of 0.27 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $73.50 billion, a P/E ratio of 17.83, a price-to-earnings-growth ratio of 1.99 and a beta of 1.24.

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

Target Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors 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 yield of 2.82%. The ex-dividend date is Wednesday, November 20th. Target’s dividend payout ratio is presently 50.28%.

Insiders Place Their Bets

In other news, insider Richard H. Gomez sold 6,348 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $157.17, for a total transaction of $997,715.16. Following the transaction, the insider now owns 123,551 shares of the company’s stock, valued at $19,418,510.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Richard H. Gomez sold 6,348 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $157.17, for a total transaction of $997,715.16. Following the completion of the sale, the insider now owns 123,551 shares in the company, valued at $19,418,510.67. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $158.67, for a total value of $7,140,150.00. Following the completion of the transaction, the insider now owns 303,843 shares in the company, valued at approximately $48,210,768.81. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,348 shares of company stock worth $8,290,995. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Piper Sandler initiated coverage on Target in a research note on Wednesday, July 10th. They issued a “neutral” rating and a $156.00 target price for the company. Roth Mkm upped their target price on shares of Target from $153.00 to $157.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $195.00 target price on shares of Target in a research note on Thursday, September 19th. Morgan Stanley reissued an “overweight” rating and set a $180.00 price target on shares of Target in a research note on Wednesday, August 21st. Finally, Wells Fargo & Company raised their price objective on shares of Target from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $179.69.

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.