Bank of America Reiterates Underperform Rating for Target (NYSE:TGT)

Target (NYSE:TGT)‘s stock had its “underperform” rating reaffirmed by stock analysts at Bank of America in a research note issued on Friday, Marketbeat Ratings reports. They currently have a $93.00 target price on the retailer’s stock, down from their previous target price of $105.00. Bank of America‘s price target suggests a potential downside of 9.70% from the company’s current price.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company lowered their price objective on shares of Target from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, May 22nd. Piper Sandler reiterated a “neutral” rating on shares of Target in a research report on Tuesday, July 29th. BMO Capital Markets lowered their price objective on shares of Target from $100.00 to $95.00 and set a “market perform” rating on the stock in a research report on Thursday, May 22nd. DA Davidson lowered their price objective on shares of Target from $140.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, May 22nd. Finally, Telsey Advisory Group reiterated a “market perform” rating and issued a $110.00 price objective on shares of Target in a research report on Thursday. Three analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $115.42.

Target Stock Performance

Shares of TGT opened at $102.99 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.25 and a debt-to-equity ratio of 0.96. The firm has a market cap of $46.79 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 2.95 and a beta of 1.22. The company’s 50 day simple moving average is $101.77 and its 200-day simple moving average is $104.87. Target has a 12-month low of $87.35 and a 12-month high of $167.40.

Target (NYSE:TGT) last announced its earnings results 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 business had revenue of $24.20 billion for the quarter, compared to analysts’ expectations of $24.54 billion. Target had a return on equity of 25.59% and a net margin of 3.95%. The business’s revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted $2.03 earnings per share. As a group, equities analysts predict that Target will post 8.69 EPS for the current year.

Insiders Place Their Bets

In related news, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $96.18, for a total value of $4,328,100.00. Following the completion of the transaction, the insider owned 246,453 shares of the company’s stock, valued at approximately $23,703,849.54. The trade was a 15.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TGT. DSG Capital Advisors LLC increased its stake in shares of Target by 16.1% during the 1st quarter. DSG Capital Advisors LLC now owns 156,644 shares of the retailer’s stock valued at $16,347,000 after acquiring an additional 21,726 shares during the last quarter. Viking Fund Management LLC increased its stake in shares of Target by 20.0% during the 1st quarter. Viking Fund Management LLC now owns 60,000 shares of the retailer’s stock valued at $6,262,000 after acquiring an additional 10,000 shares during the last quarter. Correct Capital Wealth Management increased its stake in shares of Target by 44.7% during the 1st quarter. Correct Capital Wealth Management now owns 13,556 shares of the retailer’s stock valued at $1,415,000 after acquiring an additional 4,189 shares during the last quarter. Chapin Davis Inc. increased its stake in shares of Target by 64.7% during the 1st quarter. Chapin Davis Inc. now owns 8,507 shares of the retailer’s stock valued at $888,000 after acquiring an additional 3,342 shares during the last quarter. Finally, CMH Wealth Management LLC increased its stake in shares of Target by 31.5% during the 1st quarter. CMH Wealth Management LLC now owns 61,420 shares of the retailer’s stock valued at $6,410,000 after acquiring an additional 14,719 shares during the last quarter. Institutional investors and hedge funds 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.