Target Corp. (TGT) Shares Gap Up to $73.05
Target Corp. (NYSE:TGT)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $72.90, but opened at $73.05. Target Corp. shares last traded at $73.99, with a volume of 4,150,298 shares traded.
TGT has been the subject of several recent research reports. Zacks Investment Research cut shares of Target Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Goldman Sachs Group Inc. reaffirmed a “hold” rating on shares of Target Corp. in a research note on Sunday, May 22nd. Vetr cut shares of Target Corp. from a “strong-buy” rating to a “buy” rating and set a $75.66 price objective for the company. in a research note on Tuesday, May 31st. JPMorgan Chase & Co. reduced their price objective on shares of Target Corp. from $87.00 to $78.00 and set a “neutral” rating for the company in a research note on Tuesday, May 17th. Finally, Nomura set a $75.00 price objective on shares of Target Corp. and gave the company a “hold” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $79.05.
The firm has a market cap of $43.61 billion and a PE ratio of 13.70. The firm has a 50 day moving average price of $72.93 and a 200-day moving average price of $75.10.
Target Corp. (NYSE:TGT) last issued its quarterly earnings results on Wednesday, May 18th. The retailer reported $1.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.10. During the same quarter in the previous year, the firm posted $1.10 EPS. The business had revenue of $16.20 billion for the quarter, compared to analysts’ expectations of $16.31 billion. Target Corp.’s revenue was down 5.4% on a year-over-year basis. On average, analysts anticipate that Target Corp. will post $5.13 earnings per share for the current fiscal year.
The company also recently announced 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 is a positive change from Target Corp.’s previous quarterly dividend of $0.56. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Monday, August 15th.
In related news, Director Calvin Darden sold 37,105 shares of Target Corp. stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $67.02, for a total transaction of $2,486,777.10. Following the completion of the sale, the director now owns 29,549 shares of the company’s stock, valued at $1,980,373.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Catherine R. Smith bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The shares were purchased at an average cost of $67.82 per share, with a total value of $339,100.00. Following the acquisition, the insider now directly owns 16,868 shares of the company’s stock, valued at $1,143,987.76. The disclosure for this purchase can be found here.
Other large investors have recently added to or reduced their stakes in the company. Levin Capital Strategies L.P. increased its stake in Target Corp. by 40.7% in the fourth quarter. Levin Capital Strategies L.P. now owns 1,594,795 shares of the retailer’s stock worth $115,798,000 after buying an additional 461,191 shares during the period. BlackRock Advisors LLC increased its stake 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 period. Calvert Investment Management Inc. increased its stake in Target Corp. by 539.8% in the fourth quarter. Calvert Investment Management Inc. now owns 436,087 shares of the retailer’s stock worth $31,664,000 after buying an additional 367,926 shares during the period. Wells Fargo & Company MN increased its stake in Target Corp. by 2.2% in the fourth quarter. Wells Fargo & Company MN now owns 11,843,075 shares of the retailer’s stock worth $859,925,000 after buying an additional 258,052 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Target Corp. by 8.2% in the fourth quarter. Principal Financial Group Inc. now owns 2,368,327 shares of the retailer’s stock worth $171,963,000 after buying an additional 179,791 shares during the period.
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.