Target Corp. (TGT) Trading Down 5.5%
Shares of Target Corp. (NYSE:TGT) dropped 5.5% during mid-day trading on Wednesday . The company traded as low as $69.90 and last traded at $71.35, with a volume of 13,934,896 shares changing hands. The stock had previously closed at $75.48.
TGT has been the subject of a number of research analyst reports. Vetr upgraded Target Corp. from a “buy” rating to a “strong-buy” rating and set a $93.71 price target for the company in a research report on Monday, April 25th. Telsey Advisory Group dropped their price target on Target Corp. from $91.00 to $88.00 and set an “outperform” rating for the company in a research report on Thursday, May 19th. Credit Suisse Group AG reiterated a “hold” rating on shares of Target Corp. in a research report on Wednesday, May 18th. Wolfe Research downgraded Target Corp. from an “outperform” rating to a “market perform” rating in a research report on Friday, April 29th. Finally, Cleveland Research downgraded Target Corp. from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 11th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have assigned a buy rating to the company’s stock. Target Corp. currently has an average rating of “Hold” and a consensus price target of $78.75.
The stock’s 50-day moving average price is $73.45 and its 200 day moving average price is $75.27. The firm has a market cap of $41.62 billion and a PE ratio of 13.07.
Target Corp. (NYSE:TGT) last issued its quarterly earnings results on Wednesday, August 17th. The retailer reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.11. The business earned $16.20 billion during the quarter, compared to analysts’ expectations of $16.17 billion. During the same quarter in the previous year, the company posted $1.22 earnings per share. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. On average, analysts predict that Target Corp. will post $5.13 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Wednesday, August 17th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, August 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.40%. This is a positive change from Target Corp.’s previous quarterly dividend of $0.56.
In other Target Corp. news, insider Catherine R. Smith purchased 5,000 shares of Target Corp. stock in a transaction dated Friday, May 20th. The shares were purchased at an average cost 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 in the company, valued at approximately $1,143,987.76. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Calvin Darden sold 37,105 shares of the stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $67.02, for a total value of $2,486,777.10. Following the completion of the sale, the director now owns 29,549 shares in the company, valued at $1,980,373.98. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its position in Target Corp. by 5.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,578,447 shares of the retailer’s stock valued at $187,222,000 after buying an additional 126,334 shares during the last quarter. Calvert Investment Management Inc. increased its position in Target Corp. by 539.8% in the fourth quarter. Calvert Investment Management Inc. now owns 436,087 shares of the retailer’s stock valued at $31,664,000 after buying an additional 367,926 shares during the last quarter. Bridgewater Associates LP increased its position in Target Corp. by 23.9% in the fourth quarter. Bridgewater Associates LP now owns 132,717 shares of the retailer’s stock valued at $9,637,000 after buying an additional 25,602 shares during the last quarter. Private Capital Management Inc. purchased a new position in Target Corp. during the fourth quarter valued at approximately $1,481,000. Finally, American International Group Inc. increased 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 valued at $22,335,000 after buying an additional 6,913 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.
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