Target (NYSE:TGT) Price Target Cut to $160.00 by Analysts at Bank of America

Target (NYSE:TGT) had its target price reduced by Bank of America from $195.00 to $160.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the retailer’s stock.

Other equities research analysts also recently issued reports about the company. Piper Sandler reduced their price target on Target from $156.00 to $130.00 and set a “neutral” rating on the stock in a report on Thursday. Morgan Stanley reissued an “overweight” rating and set a $180.00 target price on shares of Target in a research note on Wednesday, August 21st. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $195.00 price target on shares of Target in a research note on Wednesday. BMO Capital Markets lowered their price objective on shares of Target from $160.00 to $120.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. reduced their target price on shares of Target from $167.00 to $139.00 and set a “neutral” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Target presently has an average rating of “Moderate Buy” and an average price target of $162.13.

Target Stock Performance

NYSE:TGT opened at $125.01 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.27 and a current ratio of 0.94. The stock’s fifty day moving average is $151.27 and its 200 day moving average is $149.61. The firm has a market capitalization of $57.59 billion, a PE ratio of 13.26, a PEG ratio of 1.57 and a beta of 1.24. Target has a fifty-two week low of $120.21 and a fifty-two week high of $181.86.

Target (NYSE:TGT) last released its earnings results on Wednesday, November 20th. The retailer reported $1.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.45). The firm had revenue of $25.23 billion during the quarter, compared to the consensus estimate of $25.87 billion. Target had a return on equity of 31.11% and a net margin of 4.06%. Target’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $2.10 EPS. On average, sell-side analysts anticipate that Target will post 9.58 earnings per share for the current year.

Target Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be paid a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $4.48 annualized dividend and a dividend yield of 3.58%. Target’s payout ratio is currently 47.51%.

Insider Activity

In other news, CAO Matthew A. Liegel sold 1,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $153.13, for a total value of $153,130.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,276 shares in the company, valued at $1,114,173.88. This trade represents a 12.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brian C. Cornell sold 45,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $158.67, for a total transaction of $7,140,150.00. Following the completion of the transaction, the insider now owns 303,843 shares in the company, valued at approximately $48,210,768.81. This trade represents a 12.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,348 shares of company stock valued at $8,290,995 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Target

Several hedge funds have recently added to or reduced their stakes in the business. Westside Investment Management Inc. lifted its holdings in shares of Target by 5.6% in the 3rd quarter. Westside Investment Management Inc. now owns 1,684 shares of the retailer’s stock valued at $257,000 after buying an additional 90 shares during the period. Invst LLC raised its position in Target by 2.4% during the third quarter. Invst LLC now owns 11,760 shares of the retailer’s stock valued at $1,833,000 after acquiring an additional 276 shares in the last quarter. Soltis Investment Advisors LLC acquired a new position in Target in the third quarter valued at approximately $326,000. Rehmann Capital Advisory Group boosted its position in Target by 234.3% in the 3rd quarter. Rehmann Capital Advisory Group now owns 7,237 shares of the retailer’s stock worth $1,159,000 after purchasing an additional 5,072 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its stake in shares of Target by 4.8% during the 3rd quarter. TD Private Client Wealth LLC now owns 8,140 shares of the retailer’s stock worth $1,269,000 after purchasing an additional 375 shares during the period. 79.73% of the stock is owned by hedge funds and other institutional investors.

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.