Target (NYSE:TGT) Shares Down 1.6% - Here's What Happened

Shares of Target Co. (NYSE:TGT - Get Free Report) dropped 1.6% during mid-day trading on Tuesday . The stock traded as low as $93.31 and last traded at $93.16. Approximately 1,490,510 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 5,552,260 shares. The stock had previously closed at $94.65.

Analyst Ratings Changes

Several analysts have recently issued reports on TGT shares. Telsey Advisory Group decreased their price objective on Target from $150.00 to $145.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Bank of America cut their price target on shares of Target from $160.00 to $145.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. KGI Securities set a $132.00 price target on Target in a research report on Wednesday, March 5th. Evercore ISI reduced their price objective on shares of Target from $130.00 to $120.00 and set an "in-line" rating for the company in a research note on Tuesday, April 1st. Finally, Oppenheimer cut their price objective on shares of Target from $165.00 to $150.00 and set an "outperform" rating on the stock in a research report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $132.37.

Target Stock Up 2.9 %

The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.25 and a current ratio of 0.94. The firm has a market cap of $42.43 billion, a PE ratio of 9.88, a PEG ratio of 1.94 and a beta of 1.28. The stock has a fifty day moving average price of $108.98 and a 200-day moving average price of $129.87.

Target (NYSE:TGT - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The retailer reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.17. The firm had revenue of $30.92 billion for the quarter, compared to the consensus estimate of $30.83 billion. Target had a net margin of 4.06% and a return on equity of 31.11%. Research analysts expect that Target Co. will post 8.69 EPS for the current year.

Target Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Wednesday, May 14th will be given a $1.12 dividend. The ex-dividend date is Wednesday, May 14th. This represents a $4.48 annualized dividend and a yield of 4.81%. Target's dividend payout ratio (DPR) is 50.56%.

Hedge Funds Weigh In On Target

A number of hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in Target during the fourth quarter valued at about $757,892,000. Raymond James Financial Inc. purchased a new stake in shares of Target in the 4th quarter valued at approximately $297,122,000. Ameriprise Financial Inc. boosted its stake in Target by 61.2% in the 4th quarter. Ameriprise Financial Inc. now owns 3,968,037 shares of the retailer's stock worth $536,407,000 after purchasing an additional 1,506,275 shares during the period. FMR LLC grew its position in Target by 13.6% during the 4th quarter. FMR LLC now owns 11,338,729 shares of the retailer's stock worth $1,532,769,000 after purchasing an additional 1,358,348 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC purchased a new stake in shares of Target in the fourth quarter valued at $182,882,000. 79.73% of the stock is currently owned by institutional investors and hedge funds.

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.