Jefferies Group LLC Reaffirms Hold Rating for Target Co. (TGT)
Target Co. (NYSE:TGT)‘s stock had its “hold” rating reiterated by equities researchers at Jefferies Group LLC in a report released on Friday. They currently have a $59.00 price objective on the retailer’s stock, up from their prior price objective of $56.00. Jefferies Group LLC’s price objective suggests a potential upside of 5.68% from the company’s previous close.
A number of other equities research analysts have also issued reports on the stock. Vetr lowered shares of Target from a “strong-buy” rating to a “buy” rating and set a $60.11 price objective for the company. in a report on Monday, April 10th. Zacks Investment Research lowered shares of Target from a “hold” rating to a “strong sell” rating in a report on Monday, March 20th. Buckingham Research reissued a “buy” rating and issued a $71.00 price objective on shares of Target in a report on Wednesday, April 19th. Morgan Stanley dropped their price objective on shares of Target from $65.00 to $52.00 and set an “underweight” rating for the company in a report on Wednesday, March 1st. Finally, Barclays PLC dropped their price objective on shares of Target from $60.00 to $50.00 and set an “underweight” rating for the company in a report on Wednesday, March 1st. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the stock. Target currently has a consensus rating of “Hold” and an average price target of $65.49.
Shares of Target (NYSE:TGT) opened at 55.99 on Friday. The stock has a 50 day moving average of $55.18 and a 200 day moving average of $64.23. Target has a 12-month low of $52.72 and a 12-month high of $79.33. The company has a market cap of $30.89 billion, a price-to-earnings ratio of 11.47 and a beta of 0.63.
Target (NYSE:TGT) last announced its quarterly earnings data on Wednesday, May 17th. The retailer reported $1.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.30. Target had a net margin of 4.75% and a return on equity of 25.18%. The firm had revenue of $16.02 billion during the quarter, compared to analyst estimates of $15.63 billion. During the same quarter in the prior year, the firm posted $1.29 earnings per share. Target’s quarterly revenue was down 1.1% on a year-over-year basis. Equities research analysts predict that Target will post $4.22 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, June 10th. Investors of record on Wednesday, May 17th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, May 15th. This represents a $2.40 annualized dividend and a yield of 4.30%. Target’s dividend payout ratio (DPR) is 42.93%.
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In other news, Director Donald R. Knauss bought 10,000 shares of Target stock in a transaction that occurred on Thursday, March 9th. The shares were purchased at an average price of $54.86 per share, with a total value of $548,600.00. Following the completion of the acquisition, the director now directly owns 16,431 shares in the company, valued at $901,404.66. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Don H. Liu bought 2,000 shares of Target stock in a transaction that occurred on Thursday, March 2nd. The stock was purchased at an average cost of $58.20 per share, for a total transaction of $116,400.00. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 19,000 shares of company stock worth $1,073,750. 0.25% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. First Trust Advisors LP boosted its stake in shares of Target by 13.1% in the third quarter. First Trust Advisors LP now owns 703,208 shares of the retailer’s stock valued at $48,296,000 after buying an additional 81,604 shares during the period. San Francisco Sentry Investment Group CA boosted its stake in shares of Target by 0.9% in the third quarter. San Francisco Sentry Investment Group CA now owns 9,073 shares of the retailer’s stock valued at $623,000 after buying an additional 83 shares during the period. Boys Arnold & Co. Inc. boosted its stake in shares of Target by 8.8% in the third quarter. Boys Arnold & Co. Inc. now owns 6,173 shares of the retailer’s stock valued at $424,000 after buying an additional 500 shares during the period. Selway Asset Management boosted its stake in shares of Target by 5.2% in the third quarter. Selway Asset Management now owns 6,100 shares of the retailer’s stock valued at $419,000 after buying an additional 300 shares during the period. Finally, NEXT Financial Group Inc boosted its stake in shares of Target by 47.9% in the third quarter. NEXT Financial Group Inc now owns 4,164 shares of the retailer’s stock valued at $286,000 after buying an additional 1,348 shares during the period. 88.53% of the stock is currently owned by hedge funds and other institutional investors.
Target Company Profile
Target Corporation (Target) is a general merchandise retailer selling products through its stores and digital channels. Its general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items. Its digital channels include a range of general merchandise, including a range of items found in its stores, along with an assortment, such as additional sizes and colors sold only online.
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