JPMorgan Chase & Co. Cuts Target (NYSE:TGT) Price Target to $153.00

Target (NYSE:TGT) had its price objective lowered by JPMorgan Chase & Co. from $165.00 to $153.00 in a research report report published on Monday, Benzinga reports. The firm currently has a neutral rating on the retailer’s stock.

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada reduced their price target on shares of Target from $191.00 to $181.00 and set an outperform rating on the stock in a research note on Thursday, May 23rd. BNP Paribas assumed coverage on shares of Target in a research report on Monday, June 3rd. They issued an underperform rating and a $116.00 price target on the stock. Robert W. Baird reiterated an outperform rating and issued a $190.00 price objective on shares of Target in a research note on Thursday, May 23rd. Telsey Advisory Group reiterated an outperform rating and issued a $195.00 price objective on shares of Target in a research note on Wednesday, May 22nd. Finally, Piper Sandler began coverage on shares of Target in a research note on Wednesday, July 10th. They issued a neutral rating and a $156.00 price objective for the company. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Target presently has an average rating of Moderate Buy and an average target price of $175.46.

Target Stock Performance

Shares of TGT opened at $133.53 on Monday. The stock has a market capitalization of $61.78 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 1.38 and a beta of 1.19. The company has a current ratio of 0.86, a quick ratio of 0.27 and a debt-to-equity ratio of 0.97. The firm has a fifty day simple moving average of $146.92 and a 200 day simple moving average of $154.47. Target has a 12 month low of $102.93 and a 12 month high of $181.86.

Target (NYSE:TGT) last announced its quarterly earnings results on Wednesday, May 22nd. The retailer reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.02). The firm had revenue of $24.14 billion during the quarter, compared to analyst estimates of $24.52 billion. Target had a net margin of 3.87% and a return on equity of 31.91%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.05 EPS. Research analysts forecast that Target will post 9.31 EPS for the current fiscal year.

Target Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 21st will be given a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This is a boost from Target’s previous quarterly dividend of $1.10. This represents a $4.48 annualized dividend and a dividend yield of 3.36%. Target’s dividend payout ratio is currently 50.28%.

Institutional Investors Weigh In On Target

Hedge funds and other institutional investors have recently modified their holdings of the stock. Washington Trust Advisors Inc. increased its position in shares of Target by 56.1% in the first quarter. Washington Trust Advisors Inc. now owns 178 shares of the retailer’s stock worth $32,000 after purchasing an additional 64 shares during the last quarter. Williams Jones Wealth Management LLC. grew its position in Target by 0.6% during the first quarter. Williams Jones Wealth Management LLC. now owns 10,773 shares of the retailer’s stock valued at $1,909,000 after acquiring an additional 68 shares during the last quarter. Beacon Capital Management LLC grew its position in Target by 20.8% during the second quarter. Beacon Capital Management LLC now owns 400 shares of the retailer’s stock valued at $59,000 after acquiring an additional 69 shares during the last quarter. Integral Investment Advisors Inc. boosted its stake in shares of Target by 5.3% during the second quarter. Integral Investment Advisors Inc. now owns 1,382 shares of the retailer’s stock valued at $203,000 after purchasing an additional 69 shares during the period. Finally, Larson Financial Group LLC boosted its stake in shares of Target by 1.3% during the fourth quarter. Larson Financial Group LLC now owns 5,339 shares of the retailer’s stock valued at $760,000 after purchasing an additional 70 shares during the period. 79.73% of the stock is currently owned by 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.