Target (NYSE:TGT) Shares Gap Down to $157.49

Posted by ABMN Staff on Jul 28th, 2022

Target logo Target Co. (NYSE:TGT – Get Rating) shares gapped down prior to trading on Tuesday . The stock had previously closed at $157.49, but opened at $149.31. Target shares last traded at $150.93, with a volume of 50,389 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TGT. Piper Sandler began coverage on shares of Target in a research report on Friday, July 22nd. They issued a “neutral” rating and a $190.00 target price for the company. Gordon Haskett decreased their target price on shares of Target from $300.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 19th. Royal Bank of Canada decreased their target price on shares of Target from $239.00 to $231.00 and set an “outperform” rating for the company in a research report on Wednesday, June 8th. MKM Partners reduced their price objective on shares of Target from $253.00 to $180.00 and set a “neutral” rating for the company in a research report on Thursday, May 19th. Finally, Jefferies Financial Group reduced their price objective on shares of Target from $252.00 to $168.00 and set a “hold” rating for the company in a research report on Thursday, May 19th. Ten equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Target presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.44.

Target Price Performance

The company has a quick ratio of 0.14, a current ratio of 0.87 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $71.69 billion, a PE ratio of 12.82, a P/E/G ratio of 1.76 and a beta of 1.00. The stock’s 50-day moving average is $150.84 and its 200 day moving average is $195.70.

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

Target Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Wednesday, August 17th will be paid a $1.08 dividend. The ex-dividend date is Tuesday, August 16th. This is an increase from Target’s previous quarterly dividend of $0.90. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.79%. Target’s dividend payout ratio is 29.85%.

Insider Transactions at Target

In other news, insider John J. Mulligan sold 45,490 shares of the company’s stock in a transaction on Friday, June 17th. The shares were sold at an average price of $139.98, for a total value of $6,367,690.20. Following the transaction, the insider now directly owns 157,333 shares of the company’s stock, valued at $22,023,473.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Target

A number of large investors have recently bought and sold shares of the business. Measured Wealth Private Client Group LLC boosted its holdings in Target by 3.4% in the first quarter. Measured Wealth Private Client Group LLC now owns 1,322 shares of the retailer’s stock worth $281,000 after purchasing an additional 43 shares in the last quarter. J2 Capital Management Inc boosted its holdings in Target by 3.1% during the first quarter. J2 Capital Management Inc now owns 1,524 shares of the retailer’s stock valued at $323,000 after acquiring an additional 46 shares during the period. Tortoise Investment Management LLC boosted its holdings in Target by 18.5% during the fourth quarter. Tortoise Investment Management LLC now owns 301 shares of the retailer’s stock valued at $70,000 after acquiring an additional 47 shares during the period. Cypress Capital LLC boosted its holdings in Target by 0.8% during the fourth quarter. Cypress Capital LLC now owns 5,807 shares of the retailer’s stock valued at $1,344,000 after acquiring an additional 47 shares during the period. Finally, Carolinas Wealth Consulting LLC boosted its holdings in Target by 5.4% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 944 shares of the retailer’s stock valued at $218,000 after acquiring an additional 48 shares during the period. 81.83% of the stock is currently owned by institutional investors.

About Target

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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.