Target (NYSE:TGT) Downgraded by Citigroup to “Neutral”

Target (NYSE:TGT) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Wednesday, MarketBeat Ratings reports. They presently have a $130.00 price target on the retailer’s stock, down from their prior price target of $188.00. Citigroup’s price target indicates a potential upside of 6.86% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Daiwa Capital Markets raised Target from a “neutral” rating to an “outperform” rating and set a $170.00 price target for the company in a report on Monday, August 26th. Truist Financial increased their price objective on Target from $156.00 to $162.00 and gave the stock a “hold” rating in a research report on Thursday, August 22nd. UBS Group increased their price objective on Target from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Oppenheimer cut their price objective on Target from $200.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company increased their price objective on Target from $160.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.13.

Target Price Performance

Shares of NYSE TGT opened at $121.66 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.90 and a quick ratio of 0.27. The stock has a fifty day moving average price of $151.79 and a 200 day moving average price of $149.92. Target has a 1-year low of $120.21 and a 1-year high of $181.86. The company has a market cap of $56.05 billion, a PE ratio of 12.57, a P/E/G ratio of 2.03 and a beta of 1.24.

Target (NYSE:TGT) last issued 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). Target had a return on equity of 33.10% and a net margin of 4.18%. The company had revenue of $25.23 billion for the quarter, compared to analyst estimates of $25.87 billion. During the same period in the prior year, the business earned $2.10 earnings per share. Target’s revenue for the quarter was up .9% compared to the same quarter last year. Sell-side analysts forecast that Target will post 9.55 EPS for the current year.

Insider Activity

In related news, insider Brian C. Cornell sold 45,000 shares of the business’s 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 transaction, the insider now directly owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. The trade was a 12.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Matthew A. Liegel sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $153.13, for a total value of $153,130.00. Following 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 disclosure for this sale can be found here. Insiders have sold 52,348 shares of company stock valued at $8,290,995 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Target

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Triad Wealth Partners LLC purchased a new stake in Target during the 2nd quarter worth approximately $25,000. Slocum Gordon & Co LLP acquired a new stake in Target in the second quarter valued at $28,000. Legacy Investment Solutions LLC bought a new position in Target during the 3rd quarter valued at $28,000. Hobbs Group Advisors LLC acquired a new position in Target during the 2nd quarter worth $31,000. Finally, Wolff Wiese Magana LLC increased its position in shares of Target by 156.5% in the 3rd 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. 79.73% of the stock is owned by institutional investors and hedge funds.

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.