Zacks Investment Research Lowers Target Corporation (TGT) to Hold
Target Corporation (NYSE:TGT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Target’s initiatives such as the development of omni-channel capacities, diversification and localization of assortments along with emphasis on flexible format stores bode well for the stock that outpaced the industry in the past six months. Management plans to expand its merchandise assortments with special emphasis on Style, Baby, Kids, and Wellness categories that are performing well. Moreover, Target is also concentrating on rationalization of supply chain, technology and process improvements. These initiatives helped it to continue with its upbeat performance in fiscal 2017 as reflected from impressive second-quarter results and an encouraging earnings outlook. These endeavours are also important due to changing retail landscape that encompasses increasing online penetration and aggressive pricing that may hurt sales and margins. The company expects fiscal 2017 comparable sales growth to be in a range around flat, plus or minus 1%.”
Other equities analysts also recently issued research reports about the company. TheStreet upgraded Target Corporation from a “c+” rating to a “b” rating in a research report on Thursday, September 28th. Vetr downgraded Target Corporation from a “strong-buy” rating to a “buy” rating and set a $60.28 price objective for the company. in a research report on Thursday, July 20th. BidaskClub upgraded Target Corporation from a “hold” rating to a “buy” rating in a research report on Sunday, August 6th. MKM Partners lifted their price objective on Target Corporation from $58.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, August 17th. Finally, Gordon Haskett upgraded Target Corporation from a “sell” rating to a “hold” rating and lifted their price objective for the company from $47.00 to $58.00 in a research report on Wednesday, August 16th. Five analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $63.75.
Target Corporation (TGT) traded up 2.12% on Monday, hitting $63.07. The stock had a trading volume of 6,206,137 shares. The firm’s 50-day moving average price is $58.82 and its 200-day moving average price is $55.75. Target Corporation has a 1-year low of $48.56 and a 1-year high of $79.33. The firm has a market cap of $34.45 billion, a P/E ratio of 12.74 and a beta of 0.62.
Target Corporation (NYSE:TGT) last issued its quarterly earnings data on Wednesday, August 16th. The retailer reported $1.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Target Corporation had a return on equity of 25.06% and a net margin of 3.99%. The firm had revenue of $16.43 billion during the quarter, compared to the consensus estimate of $16.30 billion. During the same quarter in the previous year, the company posted $1.23 EPS. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, equities research analysts predict that Target Corporation will post $4.51 earnings per share for the current year.
In other Target Corporation news, insider Hourigan Rice Jacqueline sold 4,679 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $59.37, for a total value of $277,792.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the business. Sitrin Capital Management LLC acquired a new position in shares of Target Corporation during the first quarter worth about $3,624,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Target Corporation by 9.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,892 shares of the retailer’s stock worth $2,368,000 after buying an additional 3,724 shares during the period. Rational Advisors LLC boosted its position in shares of Target Corporation by 67.5% during the first quarter. Rational Advisors LLC now owns 28,194 shares of the retailer’s stock worth $1,556,000 after buying an additional 11,361 shares during the period. Nicholas Hoffman & Company LLC. boosted its position in shares of Target Corporation by 5.8% during the first quarter. Nicholas Hoffman & Company LLC. now owns 18,199 shares of the retailer’s stock worth $1,004,000 after buying an additional 1,000 shares during the period. Finally, Compton Capital Management Inc. RI boosted its position in shares of Target Corporation by 0.4% during the first quarter. Compton Capital Management Inc. RI now owns 8,824 shares of the retailer’s stock worth $487,000 after buying an additional 32 shares during the period. 83.23% of the stock is owned by hedge funds and other institutional investors.
About Target Corporation
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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