Target (NYSE:TGT) Now Covered by Piper Sandler

Piper Sandler assumed coverage on shares of Target (NYSE:TGTGet Rating) in a research note released on Friday, Marketbeat Ratings reports. The firm issued a neutral rating and a $190.00 price objective on the retailer’s stock.

Several other equities research analysts have also recently weighed in on TGT. Bank of America cut Target from a buy rating to a neutral rating and dropped their price objective for the stock from $235.00 to $165.00 in a report on Wednesday, June 8th. Credit Suisse Group dropped their price objective on Target from $286.00 to $180.00 and set an outperform rating for the company in a report on Monday, May 23rd. MKM Partners lowered their target price on Target from $253.00 to $180.00 and set a neutral rating for the company in a research note on Thursday, May 19th. UBS Group lowered their target price on Target from $225.00 to $205.00 and set a buy rating for the company in a research note on Wednesday, June 8th. Finally, Jefferies Financial Group lowered their target price on Target from $252.00 to $168.00 and set a hold rating for the company in a research note on Thursday, May 19th. Ten research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Target presently has an average rating of Moderate Buy and an average target price of $192.92.

Target Price Performance

TGT opened at $157.49 on Friday. The stock’s 50 day simple moving average is $152.25 and its 200 day simple moving average is $196.54. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.87 and a quick ratio of 0.14. Target has a 1 year low of $137.16 and a 1 year high of $268.98. The firm has a market cap of $73.03 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 1.77 and a beta of 1.00.

Target (NYSE:TGTGet Rating) last posted its quarterly earnings results on Wednesday, May 18th. The retailer reported $2.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($0.81). Target had a return on equity of 44.75% and a net margin of 5.48%. The company had revenue of $24.83 billion for the quarter, compared to the consensus estimate of $24.48 billion. During the same quarter in the previous year, the business earned $3.69 earnings per share. Target’s revenue was up 4.0% compared to the same quarter last year. As a group, analysts predict that Target will post 8.7 earnings per share for the current year.

Target Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 10th. Shareholders of record on Wednesday, August 17th will be issued a $1.08 dividend. This is a positive change from Target’s previous quarterly dividend of $0.90. The ex-dividend date is Tuesday, August 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.74%. Target’s dividend payout ratio (DPR) is presently 29.85%.

Insiders Place Their Bets

In other Target news, insider John J. Mulligan sold 45,490 shares of Target stock in a transaction on Friday, June 17th. The stock was sold at an average price of $139.98, for a total value of $6,367,690.20. Following the completion of the sale, the insider now owns 157,333 shares of the company’s stock, valued at approximately $22,023,473.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Target

A number of large investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Target in the 4th quarter worth approximately $1,094,330,000. Capital World Investors lifted its stake in shares of Target by 22.9% in the 4th quarter. Capital World Investors now owns 8,941,995 shares of the retailer’s stock worth $2,069,535,000 after purchasing an additional 1,666,948 shares during the period. Nordea Investment Management AB lifted its stake in shares of Target by 73.9% in the 1st quarter. Nordea Investment Management AB now owns 1,902,355 shares of the retailer’s stock worth $414,599,000 after purchasing an additional 808,485 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Target in the 4th quarter worth approximately $162,042,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Target by 1,140.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 701,790 shares of the retailer’s stock worth $148,934,000 after purchasing an additional 645,209 shares during the period. 81.83% of the stock is currently owned by institutional investors.

About Target

(Get Rating)

Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food, and other merchandise; and beauty and household essentials.

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Analyst Recommendations for Target (NYSE:TGT)

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