The divergence between active asset managers (buying) and quant funds (selling) creates an interesting tension. Monitor upcoming earnings for a catalyst that could resolve this disagreement — if the bulls are right, the quant selling may have created a buying opportunity; if the quants are right, the asset manager accumulation may be premature.
Executive Summary
A mixed institutional cluster for TGT in Q2 2026 shows 64 buyers accumulating $1.02B in new positions, led by Bank of New York Mellon ($467.8M), Bank of Montreal ($166.2M), and Eurizon Capital ($116.3M), while 42 sellers reduced holdings by $1.13B, with D.E. Shaw (-$556.1M), Jane Street (-$212.9M), and Millennium (-$161.8M) leading exits. The net direction is nearly balanced, with active asset managers on both sides and quant funds predominantly selling, suggesting disagreement on the stock's near-term outlook.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$110.0M
▲ Buyers (64)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Bank Of New York Mellon | DOUBLED | +112.2% | $831.5M | $467.8M |
| Bank Of Montreal /Can | DOUBLED | +196% | $242.1M | $166.2M |
| Eurizon Capital Sgr S.p.a. | DOUBLED | +402.6% | $142.0M | $116.3M |
| American Century Companies | ADD | +30% | $415.4M | $118.9M |
| Citigroup | ADD | +34.6% | $221.5M | $68.8M |
▼ Sellers (42)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| D.E. Shaw | TRIM | -61.1% | $957.6M | -$556.1M |
| Jane Street Group | NEAR_EXIT | -95.3% | $224.4M | -$212.9M |
| Millennium | NEAR_EXIT | -78.8% | $209.8M | -$161.8M |
| Point72 | EXIT | -100% | $71.1M | -$71.1M |
| Fort Washington Investment Advisors | EXIT | -100% | $42.3M | -$42.3M |
Key Facts
- 64 institutional buyers added $1.02B in new TGT positions during Q2 2026
- 42 institutional sellers reduced holdings by $1.13B during the same period
- Top buyer: Bank of New York Mellon doubled its stake to $831.5M (+$467.8M)
- Top seller: D.E. Shaw trimmed 61.1% of its position, exiting $556.1M in value
- Three major quant funds (D.E. Shaw, Point72, Millennium) all reduced or exited TGT
- Net aggregate change across all tracked institutions is approximately -$110M (slight selling bias)
Financial Impact
Institutional buyers accumulated $1.02B in new TGT positions while sellers reduced by $1.13B, resulting in a net -$110M aggregate change across 106 tracked funds
Risk Factors
- 13F data is 45+ days stale — these positions may have already been unwound
- Quant fund selling (D.E. Shaw, Point72, Millennium) suggests systematic risk models flagged TGT
- Net aggregate is nearly flat, indicating no strong consensus direction among institutions
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-TGT-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | Institutional Cluster | $153.29 | awaiting T+20 | — | — |
Oct 12, 2026 15d ago | Institutional Cluster | $153.62 | awaiting T+20 | — | — |
Sep 30, 2026 27d ago | ANALYST-UPGRADE | — | awaiting T+20 | — | — |
Sep 23, 2026 4w ago | Press Release | $156.26 $152.38 | ▼ −2.48% | ▼ −3.17% | — |
Aug 27, 2026 8w ago | Insider Cluster | $163.18 $158.43 | ▼ −2.91% | ▼ −3.17% | — |
Aug 26, 2026 8w ago | Insider Cluster | $165.93 $157.45 | ▼ −5.11% | ▼ −5.14% | — |
Aug 19, 2026 9w ago | 8-K | $159.00 $159.83 | ▲ +0.52% | ▲ +2.47% | — |
Jul 20, 2026 14w ago | Press Release | $139.59 $151.01 | ▲ +8.18% | ▲ +4.06% | — |
Jun 12, 2026 19w ago | 8-K | $133.17 $134.77 | ▲ +1.20% | ▲ +1.95% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $132.64 $132.27 | ▼ −0.28% | ▼ −2.17% | — |
US Market Status
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