Equities research analysts at Nomura initiated coverage on shares of Target (NYSE:TGT) in a note issued to investors on Friday, Benzinga’s Daily Ratings Newsletter reports. The firm set a “buy” rating and a $123.00 price target on the retailer’s stock. Nomura’s price target would suggest a potential upside of 11.77% from the stock’s previous close.
TGT has been the topic of several other research reports. Goldman Sachs Group cut Target from a “conviction-buy” rating to a “buy” rating and set a $110.00 target price on the stock. in a report on Friday, October 25th. Wells Fargo & Co upgraded Target from a “market perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a report on Wednesday, August 21st. Cowen increased their target price on Target from $120.00 to $130.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. set a $115.00 target price on Target and gave the stock a “buy” rating in a report on Wednesday, August 21st. Finally, Credit Suisse Group set a $112.00 target price on Target and gave the stock a “buy” rating in a report on Monday, September 23rd. Six analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $107.02.
Shares of TGT traded down $0.54 on Friday, reaching $110.05. 60,089 shares of the stock traded hands, compared to its average volume of 3,913,173. The firm has a market cap of $56.23 billion, a price-to-earnings ratio of 20.43, a P/E/G ratio of 2.53 and a beta of 0.54. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.84 and a quick ratio of 0.21. Target has a 12 month low of $60.15 and a 12 month high of $114.83. The stock’s 50-day moving average price is $109.24 and its 200-day moving average price is $92.93.
Target (NYSE:TGT) last released its quarterly earnings data on Wednesday, August 21st. The retailer reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.21. Target had a return on equity of 27.43% and a net margin of 4.10%. The business had revenue of $18.42 billion for the quarter, compared to analysts’ expectations of $18.32 billion. During the same period in the previous year, the business posted $1.47 earnings per share. Target’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts forecast that Target will post 6.16 earnings per share for the current fiscal year.
Target declared that its board has authorized a stock repurchase plan on Thursday, September 19th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the retailer to buy up to 9.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In other Target news, CAO Robert M. Harrison sold 13,540 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $104.66, for a total value of $1,417,096.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Laysha Ward sold 20,000 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $110.23, for a total value of $2,204,600.00. Following the completion of the transaction, the insider now directly owns 88,171 shares in the company, valued at approximately $9,719,089.33. The disclosure for this sale can be found here. Insiders sold 83,478 shares of company stock worth $8,915,363 in the last three months. Insiders own 0.24% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Smith Shellnut Wilson LLC ADV lifted its position in shares of Target by 4.9% in the third quarter. Smith Shellnut Wilson LLC ADV now owns 4,745 shares of the retailer’s stock valued at $507,000 after buying an additional 223 shares during the last quarter. Insight Wealth Strategies LLC lifted its position in shares of Target by 6.0% in the third quarter. Insight Wealth Strategies LLC now owns 7,577 shares of the retailer’s stock valued at $810,000 after buying an additional 432 shares during the last quarter. Harvest Investment Services LLC acquired a new stake in shares of Target in the third quarter valued at approximately $283,000. Corient Capital Partners LLC lifted its position in shares of Target by 42.2% in the third quarter. Corient Capital Partners LLC now owns 7,794 shares of the retailer’s stock valued at $833,000 after buying an additional 2,312 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Target by 2.9% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 195,641 shares of the retailer’s stock valued at $20,916,000 after buying an additional 5,528 shares during the last quarter. 81.92% of the stock is currently owned by hedge funds and other institutional investors.
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials; food assortments, including perishables, dry grocery, dairy, and frozen items; and apparel, accessories, home décor products, electronics, toys, seasonal offerings, and other merchandise.
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