Target (NYSE:TGT) Shares Gap Down to $117.00

Target Co. (NYSE:TGT) shares gapped down before the market opened on Thursday . The stock had previously closed at $116.51, but opened at $117.00. Target shares last traded at $116.27, with a volume of 5,796,738 shares changing hands.

TGT has been the subject of several research reports. Buckingham Research restated a “buy” rating and set a $145.00 price target (up previously from $131.00) on shares of Target in a research report on Thursday, November 21st. Nomura assumed coverage on shares of Target in a research note on Friday, November 8th. They issued a “buy” rating and a $123.00 target price on the stock. Goldman Sachs Group cut shares of Target from a “conviction-buy” rating to a “buy” rating and set a $110.00 price target on the stock. in a research report on Friday, October 25th. Bank of America increased their price target on shares of Target from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, Credit Suisse Group set a $112.00 target price on shares of Target and gave the stock a “buy” rating in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $117.19.

The stock has a 50 day moving average of $126.16 and a 200-day moving average of $107.55. The company has a market capitalization of $63.47 billion, a P/E ratio of 21.60, a P/E/G ratio of 2.60 and a beta of 0.56. The company has a current ratio of 0.83, a quick ratio of 0.15 and a debt-to-equity ratio of 1.10.

Target (NYSE:TGT) last posted its quarterly earnings results on Wednesday, November 20th. The retailer reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.17. Target had a return on equity of 28.22% and a net margin of 4.18%. The company had revenue of $18.41 billion for the quarter, compared to analysts’ expectations of $18.45 billion. During the same period in the previous year, the firm earned $1.09 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts expect that Target Co. will post 6.38 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Wednesday, February 19th will be issued a $0.66 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $2.64 dividend on an annualized basis and a yield of 2.27%. Target’s dividend payout ratio is presently 48.98%.

Target declared that its board has approved a share buyback program on Thursday, September 19th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the retailer to repurchase up to 9.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

In other news, insider Stephanie A. Lundquist sold 6,630 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $127.00, for a total transaction of $842,010.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Don H. Liu sold 2,274 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $122.20, for a total value of $277,882.80. Following the sale, the insider now directly owns 37,616 shares in the company, valued at $4,596,675.20. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of TGT. Nuveen Asset Management LLC raised its holdings in shares of Target by 889.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 4,284,065 shares of the retailer’s stock worth $371,043,000 after acquiring an additional 3,850,951 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Target by 58.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,190,753 shares of the retailer’s stock worth $341,124,000 after acquiring an additional 1,179,072 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Target by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 2,362,331 shares of the retailer’s stock worth $204,601,000 after acquiring an additional 842,348 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Target by 21.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,555,720 shares of the retailer’s stock worth $307,961,000 after acquiring an additional 630,907 shares in the last quarter. Finally, Man Group plc raised its holdings in shares of Target by 113.2% during the 3rd quarter. Man Group plc now owns 1,040,719 shares of the retailer’s stock worth $111,263,000 after acquiring an additional 552,639 shares in the last quarter. 76.89% of the stock is currently owned by institutional investors and hedge funds.

About Target (NYSE:TGT)

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

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