First Hawaiian Bank Reduces Stake in Target Co. (NYSE:TGT)

First Hawaiian Bank significantly cut its investment in shares of Target Co. (NYSE:TGT) by 54.1% during the fourth quarter, as indicated in the latest 13F filing with the Securities and Exchange Commission. Following the sale of 3,330 shares, the institutional investor now holds 2,822 shares of the retailer. According to the most recent SEC filing, First Hawaiian Bank's stake in Target is valued at approximately $381,000.

Several other institutional investors have also adjusted their positions in Target. State Street Corp increased its ownership by 8.3% in the third quarter, amassing 35,484,252 shares worth around $5.53 billion after acquiring an additional 2,732,801 shares. Another significant move was made by International Assets Investment Management LLC, which escalated its stake by an astonishing 9,940.6%, resulting in ownership of 2,001,391 shares valued at $311.94 million through the acquisition of 1,981,458 additional shares. Similarly, Two Sigma Advisers LP grew its holdings by 173.2%, owning 2,369,400 shares worth approximately $369.30 million after acquiring 1,502,200 shares. FMR LLC also raised its position in Target by 11.7%, now owning nearly 10 million shares valued at $1.56 billion following an increase of 1,046,044 shares. Furthermore, AQR Capital Management LLC significantly lifted its holdings by 711.2% in the second quarter, owning 876,531 shares worth around $129.76 million after buying an additional 768,479 shares. Current statistics indicates that institutional investors and hedge funds control 79.73% of Target's shares.

Changes in Analyst Ratings

Recent evaluations from several research analysts shed light on the stock. Deutsche Bank Aktiengesellschaft downgraded Target shares from a “buy” rating to a “hold” rating, adjusting the price target from $184.00 to $108.00 in a report dated November 20. BMO Capital Markets lowered its target price on Target from $160.00 to $120.00 while assigning a “market perform” rating. On the same day, JPMorgan Chase & Co. revised their price target from $167.00 to $139.00 and maintained a “neutral” rating. Additionally, Evercore ISI reduced the price objective from $165.00 to $130.00, issuing an “in-line” rating. Finally, Guggenheim lowered its target price for Target from $180.00 to $145.00, maintaining a “buy” rating. The stock has been rated with a sell by one analyst, while seventeen have given a hold rating and fifteen a buy rating, resulting in a consensus rating of “Hold” and an average target price of $160.57 according to MarketBeat.

Target’s Stock Performance

The stock opened at $141.78 on the last trading day. Target’s 50-day moving average price stands at $137.58, while the 200-day moving average price is $145.54. Over the past year, Target has recorded a low of $120.21 and a high of $181.86. The market capitalization of the company is approximately $64.97 billion, with a price-to-earnings ratio of 15.03. Its PEG ratio is 2.21, and the beta is at 1.17. The company’s financial ratios include a current ratio of 0.94, a quick ratio of 0.25, and a debt-to-equity ratio of 0.99.

Target recently announced its quarterly earnings on November 20. The retailer reported earnings per share of $1.85 for the quarter, falling short of analysts’ consensus estimate of $2.30 by $0.45. The company's revenue for the quarter was $25.23 billion, compared to the expected $25.87 billion, with a net margin of 4.06% and a return on equity of 31.11%. Although year-over-year revenue grew by 0.9%, this performance was lower than the same quarter last year, where it reported $2.10 EPS. Analysts predict that Target Co. will report earnings of 8.6 per share for the current year.

Overview of Target Co.

(Free Report)

Target Corporation operates as a general merchandise retailer in the United States. It offers a wide range of products, including apparel for women, men, boys, girls, toddlers, and infants, as well as jewelry, accessories, shoes, beauty and personal care items, baby gear, cleaning products, paper goods, and pet supplies.

Target, FirstHawaiianBank, Investors