The institutional investor held 1.86 million shares of the department and specialty retail stores company at the end of 2016Q1, valued at $152.69 million, up from 1.73M at the end of the previous reported quarter.
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Target shares fell more than 7% in pre-market trading on the report.
Target, the sixth-largest USA retailer, said that given the slowdown in consumer demand, second-quarter comparable sales would be flat to down 2 percent even though it was confident that it would meet its earnings outlook of $1.00 to $1.20 per share before special items.
Analysts, on average, were anticipating adjusted earnings of only $1.20 per share, but on higher revenue of $16.3 billion. Earnings, adjusted for one-time gains and costs, were $1.29 per share.
The retailer took a fresh step earlier this week toward boosting up its e-commerce experience by appointing Jason Goldberger to the newly created role of chief digital officer and president of Target.com. They forecasts that the company will earn EPS of $1.21 per share, more than $1.10 it earned in the same quarter a year ago.
(CRM) reported quarterly earnings results on Wednesday, May-18-2016.
MCX Chief Executive Officer Brian Mooney said in a statement the consortium of retailers, counting Wal-Mart Stores Inc and Target Corp, would focus on partnering with banks and other businesses after scrapping the planned retail launch. Following the release of the earnings report, the stock was down about 8% at $67.35 in early trading indications Wednesday. Earnings per share were $1.29, well above analysts’ forecasts and the guidance the retailer had given for the quarter.
An investment bank, Jefferies predicts that Target will earn the same-store sales of 1.5%. Sales growth in its “signature categories”, the ones Cornell has made a centerpiece of his turnaround plan, were triple the company average. However, revenue is projected to fall on YoY basis to $16.32 billion. The mean price target is calculated keeping in view the consensus of 23 brokerage firms. These are short term projections for the 12 months. The Street is now looking for full-year earnings of $5.26 per share.
The biggest institutional shareholders in Target Corporation include State Street Corp which owns 53 million shares in the company valued at $3.87 B million.
Target earned $632 million, or $1.05 per share, for the three months ended April 30.
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“The overall retail climate remains generally underwhelming”, said Scott Mushkin, an analyst for Wolfe Research who downgraded the stock to hold from buy. At Tuesday’s close, the stock had risen just 1.3 percent since the start of the year.
