Target (NYSE:TGT) Trading 1.1% Higher - Here's What Happened

Target Corporation (NYSE:TGT - Get Free Report)'s share price was up 1.1% during trading on Wednesday . The stock traded as high as $96.22 and last traded at $96.05. Approximately 1,086,988 shares traded hands during trading, a decline of 85% from the average daily volume of 7,366,115 shares. The stock had previously closed at $95.02.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TGT. Guggenheim lowered their price objective on Target from $155.00 to $115.00 and set a "buy" rating for the company in a research report on Tuesday, May 27th. Cfra Research lowered shares of Target from a "moderate buy" rating to a "hold" rating in a report on Thursday, April 17th. Bank of America downgraded shares of Target from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $145.00 to $105.00 in a research note on Thursday, May 22nd. Roth Capital set a $122.00 target price on Target in a research note on Wednesday, March 5th. Finally, Barclays initiated coverage on Target in a research report on Thursday, May 22nd. They set an "equal weight" rating for the company. One research analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $116.70.

Target Stock Up 0.6%

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.25 and a current ratio of 0.94. The company has a fifty day simple moving average of $95.61 and a two-hundred day simple moving average of $114.64. The firm has a market capitalization of $43.43 billion, a PE ratio of 10.52, a PEG ratio of 2.80 and a beta of 1.22.

Target (NYSE:TGT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The retailer reported $1.30 EPS for the quarter, missing analysts' consensus estimates of $1.65 by ($0.35). The business had revenue of $24.20 billion during the quarter, compared to the consensus estimate of $24.54 billion. Target had a return on equity of 25.59% and a net margin of 3.95%. The business's quarterly revenue was down 2.8% on a year-over-year basis. During the same period last year, the firm earned $2.03 EPS. Analysts forecast that Target Corporation will post 8.69 EPS for the current fiscal year.

Target Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Wednesday, August 13th will be given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend is Wednesday, August 13th. Target's dividend payout ratio is currently 49.23%.

Insider Activity at Target

In related news, insider Brian C. Cornell sold 45,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total transaction of $4,328,100.00. Following the completion of the transaction, the insider now directly owns 246,453 shares in the company, valued at $23,703,849.54. The trade was a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Target

Several hedge funds have recently modified their holdings of TGT. Brighton Jones LLC boosted its stake in Target by 101.3% during the 4th quarter. Brighton Jones LLC now owns 6,080 shares of the retailer's stock worth $822,000 after purchasing an additional 3,059 shares during the last quarter. Principal Securities Inc. boosted its holdings in shares of Target by 1.7% during the 4th quarter. Principal Securities Inc. now owns 5,553 shares of the retailer's stock worth $751,000 after purchasing an additional 95 shares during the last quarter. Allworth Financial LP grew its position in shares of Target by 1.7% in the fourth quarter. Allworth Financial LP now owns 33,133 shares of the retailer's stock valued at $4,498,000 after purchasing an additional 562 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Target by 2.1% in the fourth quarter. CIBC Asset Management Inc now owns 80,888 shares of the retailer's stock valued at $10,934,000 after purchasing an additional 1,643 shares in the last quarter. Finally, D.A. Davidson & CO. increased its holdings in shares of Target by 7.4% in the fourth quarter. D.A. Davidson & CO. now owns 128,273 shares of the retailer's stock valued at $17,340,000 after purchasing an additional 8,815 shares during the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.

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.

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