Wells Fargo & Co upgraded shares of Target (NYSE:TGT) from a market perform rating to an outperform rating in a research note published on Wednesday, Briefing.com Automated Import reports. The firm currently has $115.00 target price on the retailer’s stock.
Several other brokerages have also recently issued reports on TGT. Goldman Sachs Group began coverage on Target in a research note on Thursday, July 11th. They set a buy rating and a $102.00 price objective on the stock. Morgan Stanley upgraded Target from an underweight rating to an equal weight rating and set a $67.00 price objective on the stock in a research note on Monday, May 20th. Robert W. Baird set a $90.00 price objective on Target and gave the company a buy rating in a research note on Monday, August 12th. Deutsche Bank upgraded Target from a hold rating to a buy rating and upped their price objective for the company from $85.00 to $99.00 in a research note on Monday, August 5th. Finally, Bank of America set a $105.00 price objective on Target and gave the company a buy rating in a research note on Thursday, May 23rd. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Target currently has an average rating of Buy and an average target price of $102.37.
Shares of NYSE TGT opened at $103.49 on Wednesday. The stock’s 50 day moving average price is $86.87 and its two-hundred day moving average price is $80.90. Target has a 52-week low of $60.15 and a 52-week high of $106.52. The stock has a market capitalization of $52.77 billion, a P/E ratio of 19.20, a PEG ratio of 2.45 and a beta of 0.61. The company has a quick ratio of 0.19, a current ratio of 0.84 and a debt-to-equity ratio of 1.05.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.55%. This is a boost from Target’s previous quarterly dividend of $0.64. The ex-dividend date is Tuesday, August 20th. Target’s dividend payout ratio is presently 48.98%.
In related news, insider Michael Edward Mcnamara sold 11,891 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $88.79, for a total value of $1,055,801.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Don H. Liu sold 4,140 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $99.92, for a total value of $413,668.80. The disclosure for this sale can be found here. Insiders have sold a total of 28,561 shares of company stock worth $2,576,357 over the last quarter. Insiders own 0.24% of the company’s stock.
A number of hedge funds have recently modified their holdings of TGT. First Citizens Bank & Trust Co. increased its position in Target by 0.3% during the second quarter. First Citizens Bank & Trust Co. now owns 38,132 shares of the retailer’s stock worth $3,302,000 after buying an additional 115 shares during the last quarter. Weiss Asset Management LP raised its stake in shares of Target by 4.6% in the second quarter. Weiss Asset Management LP now owns 2,788 shares of the retailer’s stock valued at $241,000 after acquiring an additional 123 shares during the last quarter. Smith Shellnut Wilson LLC ADV raised its stake in shares of Target by 2.8% in the second quarter. Smith Shellnut Wilson LLC ADV now owns 4,522 shares of the retailer’s stock valued at $392,000 after acquiring an additional 125 shares during the last quarter. Copperwynd Financial LLC raised its stake in shares of Target by 2.0% in the second quarter. Copperwynd Financial LLC now owns 6,563 shares of the retailer’s stock valued at $568,000 after acquiring an additional 126 shares during the last quarter. Finally, Motco raised its stake in shares of Target by 24.0% in the second quarter. Motco now owns 688 shares of the retailer’s stock valued at $60,000 after acquiring an additional 133 shares during the last quarter. 82.12% of the stock is owned by institutional investors and hedge funds.
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 décor products, electronics, toys, seasonal offerings, and other merchandise.
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