Target (NYSE:TGT) Rating Lowered to “Hold” at HSBC

HSBC cut shares of Target (NYSE:TGT) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has $138.00 price target on the retailer’s stock.

Several other research firms also recently commented on TGT. Melius Research assumed coverage on Target in a research note on Monday, September 23rd. They issued a “buy” rating and a $180.00 price objective on the stock. Royal Bank of Canada increased their price target on Target from $174.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Daiwa Capital Markets upgraded Target from a “neutral” rating to an “outperform” rating and set a $170.00 price objective on the stock in a research note on Monday, August 26th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $195.00 price objective on shares of Target in a report on Wednesday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $180.00 target price on shares of Target in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $171.90.

Target Stock Down 21.2 %

TGT stock opened at $121.73 on Wednesday. Target has a 1-year low of $120.21 and a 1-year high of $181.86. The stock has a market cap of $56.08 billion, a P/E ratio of 12.58, a P/E/G ratio of 1.98 and a beta of 1.24. The stock’s fifty day simple moving average is $152.33 and its two-hundred day simple moving average is $150.12. The company has a current ratio of 0.90, a quick ratio of 0.27 and a debt-to-equity ratio of 0.95.

Target (NYSE:TGT) last posted its quarterly earnings results on Wednesday, November 20th. The retailer reported $1.85 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.45). The company had revenue of $25.23 billion for the quarter, compared to the consensus estimate of $25.87 billion. Target had a net margin of 4.18% and a return on equity of 33.10%. Target’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.10 EPS. Analysts expect that Target will post 9.55 EPS for the current year.

Target Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be paid a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 3.68%. The ex-dividend date is Wednesday, November 20th. Target’s dividend payout ratio is currently 46.28%.

Insiders Place Their Bets

In other news, insider Brian C. Cornell sold 45,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. This trade represents a 12.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Richard H. Gomez sold 6,348 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $157.17, for a total value of $997,715.16. Following the completion of the sale, the insider now directly owns 123,551 shares of the company’s stock, valued at approximately $19,418,510.67. This trade represents a 4.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,348 shares of company stock valued at $8,290,995. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Target

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Triad Wealth Partners LLC purchased a new position in shares of Target in the second quarter worth $25,000. Slocum Gordon & Co LLP purchased a new position in shares of Target in the second quarter valued at about $28,000. Legacy Investment Solutions LLC bought a new position in shares of Target during the third quarter valued at about $28,000. Hobbs Group Advisors LLC purchased a new stake in shares of Target during the second quarter worth about $31,000. Finally, Wolff Wiese Magana LLC grew its stake in shares of Target by 156.5% in the third quarter. Wolff Wiese Magana LLC now owns 218 shares of the retailer’s stock worth $34,000 after purchasing an additional 133 shares during the last quarter. Institutional investors own 79.73% of the company’s stock.

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.