Zacks Investment Research upgraded shares of Target Corporation (NYSE:TGT) from a hold rating to a buy rating in a research note released on Tuesday morning. They currently have $63.00 target price on the retailer’s stock.
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%.”
Several other brokerages have also issued reports on TGT. BMO Capital Markets restated a market weight rating on shares of Target Corporation in a research note on Thursday, September 14th. TheStreet upgraded shares of Target Corporation from a c+ rating to a b rating in a research note on Thursday, September 28th. Vetr lowered shares of Target Corporation from a buy rating to a hold rating and set a $59.67 price target for the company. in a research note on Monday, August 7th. BidaskClub upgraded shares of Target Corporation from a hold rating to a buy rating in a research note on Sunday, August 6th. Finally, MKM Partners raised their price target on shares of Target Corporation from $58.00 to $69.00 and gave the stock a buy rating in a research note on Thursday, August 17th. Five analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $63.08.
Target Corporation (NYSE TGT) opened at 57.60 on Tuesday. The firm has a market cap of $31.46 billion, a P/E ratio of 11.64 and a beta of 0.62. The firm’s 50-day moving average price is $57.60 and its 200-day moving average price is $55.42. Target Corporation has a 12 month low of $48.56 and a 12 month high of $79.33.
Target Corporation (NYSE:TGT) last posted its quarterly earnings data on Wednesday, August 16th. The retailer reported $1.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. The firm had revenue of $16.43 billion during the quarter, compared to analyst estimates of $16.30 billion. Target Corporation had a net margin of 3.99% and a return on equity of 25.06%. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter last year, the business posted $1.23 EPS. On average, equities research analysts expect that Target Corporation will post $4.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Wednesday, November 15th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date is Tuesday, November 14th. Target Corporation’s payout ratio is presently 50.00%.
In related news, insider Hourigan Rice Jacqueline sold 4,679 shares of Target Corporation stock in a transaction on Friday, September 15th. The shares were sold at an average price of $59.37, for a total value of $277,792.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in TGT. BlackRock Inc. increased its position in shares of Target Corporation by 2,069.0% in the first quarter. BlackRock Inc. now owns 47,046,403 shares of the retailer’s stock valued at $2,596,495,000 after acquiring an additional 44,877,391 shares during the period. Dodge & Cox increased its position in shares of Target Corporation by 83.3% in the second quarter. Dodge & Cox now owns 20,025,223 shares of the retailer’s stock valued at $1,047,119,000 after acquiring an additional 9,102,526 shares during the period. Capital Research Global Investors purchased a new position in shares of Target Corporation in the second quarter valued at about $235,305,000. Franklin Resources Inc. increased its position in shares of Target Corporation by 8.7% in the second quarter. Franklin Resources Inc. now owns 21,112,915 shares of the retailer’s stock valued at $1,103,994,000 after acquiring an additional 1,686,774 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Target Corporation by 14.2% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 10,307,951 shares of the retailer’s stock valued at $568,896,000 after acquiring an additional 1,279,077 shares during the period. Hedge funds and other institutional investors own 83.23% of the company’s stock.
Target Corporation 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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