Target (TGT) Upgraded to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Target (NYSE:TGT) from a neutral rating to an overweight rating in a research note issued to investors on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has $100.00 target price on the retailer’s stock, up from their prior target price of $81.00. The analysts noted that the move was a valuation call.

Other analysts have also issued reports about the company. Gordon Haskett raised Target from an accumulate rating to a buy rating in a report on Thursday, March 21st. Zacks Investment Research raised Target from a hold rating to a buy rating and set a $86.00 target price on the stock in a report on Friday, March 8th. Morgan Stanley raised Target from an underweight rating to an equal weight rating and set a $67.00 target price on the stock in a report on Monday. Deutsche Bank raised their target price on Target from $80.00 to $84.00 and gave the stock a hold rating in a report on Wednesday, March 6th. Finally, Evercore ISI started coverage on Target in a report on Wednesday, March 20th. They set an in-line rating and a $80.00 target price on the stock. Twelve investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Target has an average rating of Buy and an average price target of $89.97.

Target stock opened at $79.40 on Thursday. The stock has a market cap of $37.10 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.97 and a beta of 0.65. Target has a 52 week low of $60.15 and a 52 week high of $90.39. The company has a current ratio of 0.83, a quick ratio of 0.20 and a debt-to-equity ratio of 1.08.

Target (NYSE:TGT) last posted its earnings results on Wednesday, May 22nd. The retailer reported $1.53 EPS for the quarter, topping the consensus estimate of $1.43 by $0.10. The firm had revenue of $17.63 billion for the quarter, compared to analyst estimates of $17.49 billion. Target had a return on equity of 25.74% and a net margin of 3.90%. Target’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period last year, the company earned $1.32 earnings per share. Research analysts anticipate that Target will post 5.82 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Wednesday, May 15th will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend is Tuesday, May 14th. Target’s payout ratio is currently 47.50%.

In other news, insider Cathy R. Smith sold 30,000 shares of Target stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $74.00, for a total value of $2,220,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Robert M. Harrison sold 1,791 shares of Target stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $80.28, for a total value of $143,781.48. Following the completion of the sale, the insider now directly owns 12,836 shares in the company, valued at $1,030,474.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,977 shares of company stock worth $2,774,409. 0.19% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA boosted its stake in shares of Target by 62.2% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 365 shares of the retailer’s stock worth $29,000 after acquiring an additional 140 shares during the last quarter. Phocas Financial Corp. acquired a new stake in shares of Target in the fourth quarter worth approximately $25,000. Ameritas Investment Corp acquired a new stake in shares of Target in the first quarter worth approximately $31,000. Icon Wealth Partners LLC acquired a new stake in shares of Target in the first quarter worth approximately $31,000. Finally, Advisory Alpha LLC acquired a new stake in shares of Target in the first quarter worth approximately $30,000. 82.48% of the stock is currently 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 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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Analyst Recommendations for Target (NYSE:TGT)

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