Target (NYSE:TGT) Stock Price Up 2.9% - Here's Why

Target Co. (NYSE:TGT - Get Free Report)'s stock price rose 2.9% during mid-day trading on Friday . The stock traded as high as $96.46 and last traded at $96.19. Approximately 1,722,836 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 6,020,670 shares. The stock had previously closed at $93.52.

Analyst Ratings Changes

Several research firms have recently commented on TGT. Telsey Advisory Group set a $110.00 price objective on Target and gave the company a "market perform" rating in a report on Thursday, May 22nd. Guggenheim reduced their price target on shares of Target from $155.00 to $115.00 and set a "buy" rating for the company in a research report on Tuesday, May 27th. Roth Capital set a $122.00 price target on shares of Target in a research note on Wednesday, March 5th. Jefferies Financial Group lowered their price objective on shares of Target from $165.00 to $150.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Finally, Piper Sandler set a $94.00 price objective on shares of Target and gave the company a "neutral" rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $116.70.

Target Trading Up 0.0%

The stock has a market capitalization of $44.24 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The company has a current ratio of 0.94, a quick ratio of 0.25 and a debt-to-equity ratio of 0.99. The firm has a 50-day moving average price of $95.24 and a 200-day moving average price of $116.08.

Target (NYSE:TGT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The retailer reported $1.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.65 by ($0.35). The company had revenue of $24.20 billion for the quarter, compared to analysts' expectations of $24.54 billion. Target had a return on equity of 31.11% and a net margin of 4.06%. The business's quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted $2.03 EPS. As a group, equities analysts forecast that Target Co. will post 8.69 EPS for the current fiscal year.

Target Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Wednesday, May 14th were paid a dividend of $1.12 per share. The ex-dividend date was Wednesday, May 14th. This represents a $4.48 annualized dividend and a dividend yield of 4.60%. Target's payout ratio is currently 49.23%.

Insider Buying and Selling

In related news, insider Brian C. Cornell sold 45,000 shares of Target stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $96.18, for a total value of $4,328,100.00. Following the completion of the sale, the insider now owns 246,453 shares of the company's stock, valued at approximately $23,703,849.54. This trade represents a 15.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Target

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TGT. Hopwood Financial Services Inc. purchased a new stake in shares of Target during the 4th quarter valued at approximately $29,000. Bernard Wealth Management Corp. bought a new stake in Target during the 4th quarter valued at $29,000. WPG Advisers LLC bought a new stake in Target during the 1st quarter valued at $32,000. Legacy Investment Solutions LLC lifted its position in shares of Target by 47.5% during the fourth quarter. Legacy Investment Solutions LLC now owns 264 shares of the retailer's stock worth $35,000 after acquiring an additional 85 shares in the last quarter. Finally, OFI Invest Asset Management bought a new position in shares of Target in the fourth quarter worth $36,000. Institutional investors own 79.73% of the company's stock.

Target Company Profile

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.