Does Target’s Credit Card Deal Please These Top Institutional Shareholders?
Target Corporation (NYSE:TGT) has completed the sale of its entire consumer credit card portfolio to TD Bank Group (NYSE:TD) for a total of $5.7 billion, which was the gross value of the outstanding receivables at the time of closing. As it was previously announced, the two companies entered into a seven-year program agreement beneath which TD is also to underwrite, fund, and own future Target Credit Card and Target Visa receivables in the United States. Beneath the program’s agreement, TD is to control risk management policies and oversee regulatory compliance and Target will keep performing account servicing functions. “We’re pleased that we’ve completed the sale of our credit card portfolio,” stated Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “We look forward to working with TD Bank Group, a premier financial institution, to provide innovative financial products to our guests and profitably grow the portfolio over time”
These institutional firms indicated owning shares of Target in Q4 2012. They reported owning a total of 562.52 million shares on 12/31/2012. The shares closed at $58.83 on 12/31/2012.
Here are the ten largest positions in Target at the end of December 31, 2012.
State Street Corp held 60,783,464 shares on 12/31/2012 worth $3,596,557,454. This brought the portfolio total to 0.52 percent.
Vanguard Group Inc held 33,233,402 shares on 12/31/2012 worth $1,966,420,335. This brought the portfolio total to 0.25 percent.
Massachusetts Financial Services Co /MA/ held 24,653,157 shares on 12/31/2012 worth $1,458,727,255. This brought the portfolio total to 1.15 percent.
Wellington Management Co LLP held 20,612,264 shares on 12/31/2012 worth $1,219,627,623. This brought the portfolio total to 0.08 percent.
FMR LLC held 19,402,063 shares on 12/31/2012 worth $1,148,020,032. This brought the portfolio total to 0.21 percent.
Blackrock Institutional Trust Company N.A. held 17,383,931 shares on 12/31/2012 worth $1,028,607,165. This brought the portfolio total to 0.24 percent.
Jpmorgan Chase & Co held 15,715,663 shares on 12/31/2012 worth $929,895,751. This brought the portfolio total to 0.32 percent.
Barrow Hanley Mewhinney & Strauss LLC held 12,781,660 shares on 12/31/2012 worth $756,290,799. This brought the portfolio total to 1.52 percent.
Bank of New York Mellon Corp held 11,234,301 shares on 12/31/2012 worth $664,733,570. This brought the portfolio total to 0.24 percent.
Grantham, Mayo, Van Otterloo & Co. LLC held 10,761,402 shares on 12/31/2012 worth $636,752,137. This brought the portfolio total to 1.89 percent.
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