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

First Hawaiian Bank has significantly cut its stake in Target Co. (NYSE:TGT – Free Report), decreasing its position by 54.1% during the fourth quarter, as reported in a recent 13F filing with the Securities and Exchange Commission. The institutional investor now holds 2,822 shares of the retailer's stock after selling 3,330 shares in the quarter. As per the latest SEC filing, First Hawaiian Bank's investment in Target is valued at approximately $381,000.

Other institutional investors have also adjusted their holdings in Target recently. For instance, State Street Corp increased its stake by 8.3% in the previous quarter, acquiring an additional 2,732,801 shares, which brings its total to 35,484,252 shares valued at around $5.53 billion. Meanwhile, International Assets Investment Management LLC made a notable move by raising its stake in Target by a staggering 9,940.6% during the same quarter, owning 2,001,391 shares after buying 1,981,458 additional shares, valued at approximately $311.94 million.

Additionally, Two Sigma Advisers LP boosted its holdings by 173.2%, now owning 2,369,400 shares valued at about $369.30 million after acquiring 1,502,200 shares. FMR LLC also increased its position in Target by 11.7% in the third quarter, now possessing 9,980,381 shares worth roughly $1.56 billion after a purchase of 1,046,044 shares. AQR Capital Management LLC raised its stake by 711.2% during the second quarter, currently holding 876,531 shares valued at approximately $129.76 million. It is noteworthy that institutional investors and hedge funds now own about 79.73% of Target's stock.

Changes in Analyst Ratings

Several analysts have recently provided updates regarding Target's stock. Deutsche Bank Aktiengesellschaft downgraded the shares from a 'buy' to a 'hold' rating, lowering the price target from $184.00 to $108.00 on November 20th. Following this, BMO Capital Markets reduced its target price from $160.00 to $120.00 while maintaining a 'market perform' rating. Similarly, JPMorgan Chase & Co. cut their price target from $167.00 to $139.00 and assigned a 'neutral' rating.

Evercore ISI also revised their price objective, adjusting it from $165.00 to $130.00 with a rating of 'in-line'. Lastly, Guggenheim decreased their target from $180.00 to $145.00, while still holding a 'buy' rating on the stock. Currently, analysts' sentiments are mixed, with one analyzing giving a sell rating, seventeen suggesting a hold rating, and fifteen issuing a buy rating on Target. According to MarketBeat, the stock has a consensus rating of 'Hold' with an average target price of $160.57.

Target’s Price Performance

As of recently, TGT shares opened at $141.78, with a 50-day moving average price of $137.58 and a 200-day moving average price of $145.54. The retailer's shares reached a 12-month low of $120.21 and a high of $181.86. The company has a market capitalization of $64.97 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 2.21, and a beta of 1.17. Target's financial ratios display 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 20th, where it reported earnings per share of $1.85, falling short of analysts' consensus of $2.30 by $0.45. Revenue for the quarter was reported at $25.23 billion, which also did not meet analyst expectations of $25.87 billion. Target achieved a net margin of 4.06% and a return on equity of 31.11%, while showing a year-over-year revenue growth of 0.9%. The same quarter last year saw the company posting an EPS of $2.10. Analysts forecast that Target will achieve earnings per share of 8.6 for the current year.

About Target Corporation

Target Corporation operates as a general merchandise retailer across the United States. They provide a wide variety of products, including apparel for all ages, jewelry, beauty and personal care items, baby products, cleaning supplies, paper products, and pet supplies.

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