Citigroup Inc. downgraded shares of Target Co. (NYSE:TGT) from a buy rating to a neutral rating in a research note released on Wednesday, MarketBeat Ratings reports. The brokerage currently has $56.00 price target on the retailer’s stock, up from their prior price target of $51.00.
TGT has been the subject of several other research reports. TheStreet lowered shares of Target from a b- rating to a c+ rating in a report on Monday, March 27th. Jefferies Group LLC reaffirmed a hold rating and issued a $59.00 price objective on shares of Target in a research report on Tuesday, June 20th. BidaskClub downgraded shares of Target from a hold rating to a sell rating in a research report on Tuesday, June 20th. Vetr downgraded shares of Target from a buy rating to a hold rating and set a $59.66 price objective on the stock. in a research report on Monday, June 12th. Finally, Telsey Advisory Group downgraded shares of Target from an outperform rating to a market perform rating and cut their price objective for the stock from $78.00 to $58.00 in a research report on Wednesday, March 1st. Seven equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $63.76.
Target (TGT) traded up 1.54% during trading on Wednesday, reaching $51.54. 2,379,547 shares of the company were exchanged. Target has a 1-year low of $48.56 and a 1-year high of $79.33. The company’s 50-day moving average price is $55.56 and its 200-day moving average price is $61.25. The stock has a market capitalization of $28.44 billion, a P/E ratio of 10.56 and a beta of 0.58.
Target (NYSE:TGT) last announced its quarterly earnings data on Wednesday, May 17th. The retailer reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.30. Target had a net margin of 4.23% and a return on equity of 24.72%. The company had revenue of $16.02 billion during the quarter, compared to analyst estimates of $15.63 billion. During the same quarter last year, the business posted $1.29 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities analysts forecast that Target will post $4.23 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Sunday, September 10th. Investors of record on Wednesday, August 16th will be paid a $0.62 dividend. This is a boost from Target’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a dividend yield of 4.89%. The ex-dividend date of this dividend is Monday, August 14th. Target’s payout ratio is currently 48.98%.
Several institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its position in Target by 0.3% in the fourth quarter. State Street Corp now owns 51,198,488 shares of the retailer’s stock valued at $3,698,062,000 after buying an additional 145,625 shares in the last quarter. Cleararc Capital Inc. boosted its position in Target by 4.3% in the fourth quarter. Cleararc Capital Inc. now owns 26,456 shares of the retailer’s stock valued at $1,911,000 after buying an additional 1,083 shares in the last quarter. CLS Investments LLC boosted its position in Target by 15.5% in the fourth quarter. CLS Investments LLC now owns 3,739 shares of the retailer’s stock valued at $270,000 after buying an additional 502 shares in the last quarter. Cipher Capital LP purchased a new position in Target during the fourth quarter valued at about $3,894,000. Finally, Brown Capital Management LLC boosted its position in Target by 9.8% in the fourth quarter. Brown Capital Management LLC now owns 12,911 shares of the retailer’s stock valued at $933,000 after buying an additional 1,150 shares in the last quarter. Hedge funds and other institutional investors own 83.00% of the company’s stock.
Target 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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