Investors Buy Shares of Target Corp. (TGT) on Weakness
Investors bought shares of Target Corp. (NYSE:TGT) on weakness during trading hours on Wednesday. $291.19 million flowed into the stock on the tick-up and $267.91 million flowed out of the stock on the tick-down, for a money net flow of $23.28 million into the stock. Of all equities tracked, Target Corp. had the 14th highest net in-flow for the day. Target Corp. traded down ($4.85) for the day and closed at $70.63
A number of equities research analysts recently issued reports on the stock. Vetr cut shares of Target Corp. from a “strong-buy” rating to a “buy” rating and set a $87.25 target price for the company. in a research report on Wednesday, April 27th. Citigroup Inc. reiterated a “buy” rating and set a $80.00 target price (down previously from $92.00) on shares of Target Corp. in a research report on Thursday, May 19th. Piper Jaffray Cos. reiterated a “buy” rating and set a $86.00 target price (down previously from $87.00) on shares of Target Corp. in a research report on Thursday, May 19th. Miller Tabak assumed coverage on shares of Target Corp. in a research report on Friday, July 29th. They set a “buy” rating and a $87.00 target price for the company. Finally, Jefferies Group reiterated a “hold” rating and set a $78.00 target price on shares of Target Corp. in a research report on Monday, May 16th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $78.84.
The stock’s 50 day moving average price is $73.47 and its 200-day moving average price is $75.24. The firm has a market cap of $41.62 billion and a P/E ratio of 13.07.
Target Corp. (NYSE:TGT) last released its quarterly earnings results on Wednesday, August 17th. The retailer reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.11. The firm had revenue of $16.20 billion for the quarter, compared to the consensus estimate of $16.17 billion. During the same quarter last year, the firm posted $1.22 earnings per share. The business’s revenue for the quarter was down 7.2% on a year-over-year basis. Analysts predict that Target Corp. will post $5.13 EPS for the current fiscal year.
The company 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 dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Monday, August 15th. This is a boost from Target Corp.’s previous quarterly dividend of $0.56.
In other news, insider Catherine R. Smith purchased 5,000 shares of Target Corp. stock in a transaction dated Friday, May 20th. The shares were bought 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 filing with the SEC, which is available through the SEC website.
A number of hedge funds recently made changes to their positions in the stock. Ashfield Capital Partners LLC boosted its stake in shares of Target Corp. by 12.3% in the fourth quarter. Ashfield Capital Partners LLC now owns 16,136 shares of the retailer’s stock valued at $1,172,000 after buying an additional 1,764 shares during the last quarter. Cambria Investment Management L.P. bought a new stake in shares of Target Corp. during the fourth quarter valued at approximately $1,216,000. Private Capital Management Inc. bought a new stake in shares of Target Corp. during the fourth quarter valued at approximately $1,481,000. Navellier & Associates Inc boosted its stake in shares of Target Corp. by 11.3% in the fourth quarter. Navellier & Associates Inc now owns 22,531 shares of the retailer’s stock valued at $1,636,000 after buying an additional 2,283 shares during the last quarter. Finally, TrimTabs Asset Management LLC boosted its stake in shares of Target Corp. by 1.9% in the fourth quarter. TrimTabs Asset Management LLC now owns 28,326 shares of the retailer’s stock valued at $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.
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