Target Corp. (TGT) Stock Price Down 3.1%
Target Corp. (NYSE:TGT)’s share price dropped 3.1% during trading on Tuesday . The company traded as low as $71.74 and last traded at $72.66, with a volume of 5,107,569 shares. The stock had previously closed at $75.00.
TGT has been the topic of a number of recent analyst reports. Vetr lowered Target Corp. from a “strong-buy” rating to a “buy” rating and set a $91.40 price objective on the stock. in a research note on Thursday, April 14th. Bank of America Corp. restated a “buy” rating and set a $95.00 price target on shares of Target Corp. in a research note on Friday, April 15th. Wolfe Research lowered Target Corp. from an “outperform” rating to a “market perform” rating in a research note on Friday, April 29th. Zacks Investment Research lowered Target Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Finally, Cleveland Research lowered Target Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 11th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $79.05.
The stock has a market capitalization of $43.58 billion and a price-to-earnings ratio of 13.69. The company’s 50 day moving average price is $72.78 and its 200-day moving average price is $75.11.
Target Corp. (NYSE:TGT) last released its quarterly earnings results on Wednesday, May 18th. The retailer reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. The firm had revenue of $16.20 billion for the quarter, compared to analysts’ expectations of $16.31 billion. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.10 earnings per share. On average, equities analysts expect that Target Corp. will post $5.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Investors of record on Wednesday, August 17th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Monday, August 15th. This is an increase from Target Corp.’s previous quarterly dividend of $0.56.
In related news, Director Calvin Darden sold 37,105 shares of the business’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $67.02, for a total transaction of $2,486,777.10. Following the transaction, the director now directly owns 29,549 shares in the company, valued at $1,980,373.98. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Catherine R. Smith purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 20th. The shares were purchased at an average price of $67.82 per share, for a total transaction of $339,100.00. Following the completion of the acquisition, the insider now owns 16,868 shares of the company’s stock, valued at approximately $1,143,987.76. The disclosure for this purchase can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in TGT. Private Capital Management Inc. bought a new position in Target Corp. during the fourth quarter worth $1,481,000. American International Group Inc. boosted its position in Target Corp. by 2.3% in the fourth quarter. American International Group Inc. now owns 307,603 shares of the retailer’s stock worth $22,335,000 after buying an additional 6,913 shares during the last quarter. Cambria Investment Management L.P. bought a new position in Target Corp. during the fourth quarter worth $1,216,000. BlackRock Advisors LLC boosted its position in Target Corp. by 43.8% in the fourth quarter. BlackRock Advisors LLC now owns 1,405,574 shares of the retailer’s stock worth $102,058,000 after buying an additional 428,317 shares during the last quarter. Finally, TrimTabs Asset Management LLC boosted its position in Target Corp. by 1.9% in the fourth quarter. TrimTabs Asset Management LLC now owns 28,326 shares of the retailer’s stock worth $2,057,000 after buying an additional 528 shares during the last quarter.
Target Corporation offers everyday essentials and merchandise to its customers. The Company sells a range of general merchandise and food through its store and digital channels. The Company’s general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items.