Bank of America Cuts Target (NYSE:TGT) Price Target to $160.00

Target (NYSE:TGT) had its target price cut by Bank of America from $195.00 to $160.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the retailer’s stock.

A number of other equities research analysts have also recently commented on TGT. Piper Sandler cut their target price on Target from $156.00 to $130.00 and set a “neutral” rating on the stock in a research note on Thursday. HSBC downgraded shares of Target from a “buy” rating to a “hold” rating and set a $138.00 price objective on the stock. in a research report on Wednesday. Jefferies Financial Group lifted their target price on shares of Target from $190.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. TD Cowen upped their price objective on Target from $165.00 to $180.00 and gave the company a “hold” rating in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company dropped their price target on shares of Target from $180.00 to $150.00 and set an “overweight” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $162.13.

Target Trading Up 2.8 %

Shares of NYSE TGT opened at $125.01 on Thursday. Target has a 1 year low of $120.21 and a 1 year high of $181.86. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.94 and a quick ratio of 0.27. The firm has a 50-day moving average of $151.27 and a 200 day moving average of $149.61. The stock has a market cap of $57.59 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24.

Target (NYSE:TGT) last released its earnings results on Wednesday, November 20th. The retailer reported $1.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.45). The business had revenue of $25.23 billion for the quarter, compared to analysts’ expectations of $25.87 billion. Target had a net margin of 4.06% and a return on equity of 31.11%. Target’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.10 earnings per share. As a group, sell-side analysts expect that Target will post 9.58 EPS for the current fiscal year.

Target Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $4.48 dividend on an annualized basis and a yield of 3.58%. Target’s dividend payout ratio is presently 47.51%.

Insider Buying and Selling

In other news, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total value of $7,140,150.00. Following the transaction, the insider now owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. The trade was a 12.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Richard H. Gomez sold 6,348 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $157.17, for a total transaction of $997,715.16. Following the transaction, the insider now directly owns 123,551 shares of the company’s stock, valued at $19,418,510.67. The trade was a 4.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,348 shares of company stock worth $8,290,995. 0.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Triad Wealth Partners LLC bought a new position in Target during the second quarter valued at approximately $25,000. Slocum Gordon & Co LLP bought a new position in shares of Target during the 2nd quarter valued at approximately $28,000. Legacy Investment Solutions LLC bought a new position in shares of Target during the 3rd quarter valued at approximately $28,000. Hobbs Group Advisors LLC bought a new stake in Target in the second quarter worth $31,000. Finally, Wolff Wiese Magana LLC raised its stake in Target by 156.5% during the third quarter. Wolff Wiese Magana LLC now owns 218 shares of the retailer’s stock valued at $34,000 after purchasing an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 79.73% of the company’s stock.

About Target

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.