Corporate Webpages Target Corporation
Target Corporation (TGT) is associated with former Dayton-Hudson
department stores. The history of that company goes back over a
century. In 2000, Dayton-Hudson renamed itself Target
Corporation and in 2004 divested itself of its department
stores, selling them to May Co. May Co. itself was acquired
later by Federated Department Stores. Target is more in the
class of "discount" department stores along with the likes of
one of its main competitors, Wal-Mart. Target has been steadily
taking market share away from stores like Kohl's in the clothing
business.
For a while, Target also owned the Mervyns chain which but
divested itself of that. Mervyns may soon close its doors.
The on-going replacement of larger more expensive department
stores by discount stores slowly drove some larger chains out of
business, but now the discount stores face a new challenge from
the likes of Amazon, and have begun to shift to on-line sales.
The problem with on-line sales is that the customer cannot feel,
touch the items he buys, but our experience with Target is that
these items can be delivered to a local store for pickup free of
shipping charges, and easily returned if not as expected. So
Target continually is ramping up its on-line sales.
Target stock leads its competitors in advancing over the last
few years. It appears to be a "buy and hold" stock. It pays
slightly more than a 2% dividend. Dayton-Hudson bonds are rated
"A" investment grade and surprisingly are paying north of 4%
interest if one can obtain them.
Target has an acceptable Zenith Index and financial ratios,
indicating good management and shareholder concern. It has a
CEO Letter to shareholders. Institutions however are net
sellers because Target stock has reached great heights over the
years without many corrections and now looks a bit "toppy."
Risks include the shift to on-line shopping producing a
competitive landscape where margins are strained by increasing
selling, general, and administrative expenses. Macroeconomic
sentiment is another risk as customers consider things like fuel
costs, credit availability, employment levels and household debt
levels.
Most researchers are very positive on the stock which has been
rising steadily, but some of the big ones are showing surprising
reluctance or neutrality, such as Standard & Poor's, Jefferson,
or Value Engine.
Target is huge with $77 billion in annual sales. It has stores
in every state. A company this large is expected to have solid
financials and low risk. One risk is trade relations that could
impact suppliers and competitive prices, as well as availability
of certain merchandise originating from outside the U.S.
The way we view the Target stock chart is sort of like a series
of "Darvas boxes" where the stock occasionally makes quantum
jumps on high volume without much warning, then consolidates
before moving higher to the next box, currently around
$120-$130/share. These jumps seem to coincide with 3-month
patterns of earnings reports. The next one is not due until
March 3, 2020. Meanwhile, it might be wise to wait to see which
way the stock breaks from its current "box." Holiday sales were
reported in various ways by retailers, some grim, others optimistic.
01-12-2020: Target Corporation (TGT): Earnings Reports Impact
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
Company History
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Avg. P/E to Current P/E
Financial Ratios
Intrinsic Value (Disc. CashFlow)
Fair Value Estimator
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Standard & Poor's
Management's Discussion
Channel Potential
MACD Histogram
Intraday Chart
Val Idea
Stock Consultant
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation
Corporate Wepages
Company Profile |
Company History |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.
Target Corporation (TGT) Exchange: NYSE
1000 Nicollet Mall
Minneapolis, MN 55403 Sector: Consumer Defensive
United States Industry: Discount Stores
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 d+¬cor products, electronics, toys,
seasonal offerings, and other merchandise. The company also provides
in-store amenities, such as Target Caf+¬, Target Optical, Starbucks, and
other food service offerings. It sells its products through its stores;
and digital channels, including Target.com. As of September 19, 2019,
the company operated approximately 1,800 stores. Target Corporation was
founded in 1902 and is headquartered in Minneapolis, Minnesota.
Last Trade: 123.50 52-Week Range: 130.24 - 67.17
Employees: 360,000 Avg.Volume: 4,714,349 Shares
Corporate Governance:
Pillar scores are Audit: 1; Board: 3; Shareholder Rights: 1; Compensation: 3.
(A lower number means less governance risk.)
EPS: 6.25 Dividend Amount: $ 2.64 Yield: 2.14%
Ex-Dividend Date: Nov 19, 2019 Payout Ratio: 41.41
Key Statistics:
Trailing P/E: 19.94 Forward P/E (est.): 17.99
Target Price: 136.33
Qrtly Stock Price Growth (yoy): 80.85% Beta: 0.56
Qrtly S&P Index Growth (yoy): 4.70% Short Ratio: 2.06%
Qrtly Revenue Growth (yoy): 52.00% Shares Out: 506740000
Qrtly Earnings Growth (yoy): 14.80%
Book Value: 22.79 Debt/Equity: 121.80%
Price/Book Value: 5.47 Operating Profit Margin: 5.98%
Price/Sales: 0.81 Profit Margin: 4.18%
Market Cap: 63,000,000,000 Return on Equity: 28.59%
Enterprise Value: 75,680,000,000 Return on Assets: 6.65%
Operating Cash Flow: 5,973,000
Free Cash Flow: -1,087,000
Annual Income Statement: (All numbers in thousands)
Period Ending 1/30/2019 1/30/2018 1/30/2017
Total Revenue 75,356,000 72,714,000 69,495,000
Cost of Revenue 53,299,000 51,125,000 48,872,000
Gross Profit 22,057,000 21,589,000 20,623,000
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 15,723,000 15,140,000 13,356,000
Total Operating Expenses 17,947,000 17,365,000 15,654,000
Operating Income or Loss 4,110,000 4,224,000 4,969,000
Income from Continuing Operations:
Total Other Income/Expenses Net 27,000 59,000 0
Interest Expense 461,000 666,000 1,004,000
Income Before Taxes 3,676,000 3,630,000 3,965,000
Income Tax Expense 746,000 722,000 1,296,000
Net Income from Continuing Op.s 2,930,000 2,908,000 2,669,000
Non-recurring Events:
Extraordinary Items -7,000 -6,000 -68,000
Net Income 2,937,000 2,914,000 2,737,000
Net Income Avail to Common Shares 2,937,000 2,914,000 2,737,000
Annual Cash Flow Statement: (All numbers in thousands)
Period Ending 1/30/2019 1/30/2018 1/30/2017
Net Income 2,930,000 2,908,000 2,669,000
Operating Activities:
Depreciation 2,474,000 2,445,000 2,298,000
Changes in Accounts Recv'bls 0 0 0
Changes in Liabilities 2,457,000 4,390,000 3,889,000
Changes in Inventories -900,000 -348,000 293,000
Changes in other Oper'g Acts 17,000 1,241,000 -214,000
Total Cash Flow f Operations 5,973,000 6,923,000 5,436,000
Investing Activities:
Capital Exenditures -3,516,000 -2,533,000 -1,547,000
Investments 0 -518,000 0
Other Cash Flows fr Investing 0 -55,000 28,000
Total Cash Flows from Investing -3,416,000 -3,075,000 -1,473,000
Financing Activities:
Dividends Paid -1,335,000 -1,338,000 -1,348,000
Sale of Purchase of Stock -2,124,000 -2,124,000 -2,124,000
Other Cash Flows fr Financing 0 0 28,000
Total Cash Flows from Financing -3,644,000 -3,717,000 -5,497,000
Change in Cash & Cash Equiv. -1,087,000 131,000 -1,534,000
Annual Balance Sheets: (All Numbers in Thousands)
Period Ending 1/30/2019 1/30/2018 1/30/2017
Current Assets:
Cash & Cash Equivalents 2,643,000 2,512,000 4,046,000
Short Term Investments 0 1,110,000 0
Net Receivables 416,000 0 0
Inventory 8,597,000 8,309,000 8,601,000
Other Current Assets 1,300,000 1,100,000 1,161,000
Total Current Assets 12,540,000 11,990,000 14,130,000
Long-Term Investments 44,818,000 42,071,000 41,463,000
Property, Plant & Equipt 26,420,000 24,658,000 25,217,000
Goodwill 630,000 133,000 133,000
Intangible Assets 152,000 126,000 144,000
Other Assets 1,343,000 783,000 915,000
Total Assets 40,303,000 37,431,000 40,262,000
Current Liabilities:
Accounts Payable 8,677,000 7,252,000 7,418,000
Current Portion LT Debt 4,094,000 3,737,000 4,236,000
Other Current Liabilities 787,000 1,000 153,000
Total Current Liabilities 13,052,000 12,708,000 12,622,000
Long Term Debt 11,117,000 11,031,000 11,945,000
Other Liabilities 1,866,000 1,860,000 1,897,000
Total Liabilities 28,652,000 26,478,000 27,305,000
Stockholder Equity:
Common Stock 45,000 46,000 50,000
Retained Earnings 6,495,000 5,884,000 8,188,000
Capital Surplus -747,000 -638,000 -629,000
Total Stockholder Equity 11,651,000 10,953,000 12,957,000
Target Corporation (TGT) [Indices near +3.0, near zero,
or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28? 1.4042 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 3.0000 Forward P/E Ratio < 28? 1.5564
Price/Sales Ratio < 2.3? 2.8395 Inventory/Sales < 5%? 0.4383
Sales < $1 Billion? 0.0133 Operating Margin < 7.5%? 1.2542
Balance Sheet Tests:
Debt/Equity < 0.40? 0.3284 Long-Term Debt Service: 1.0480
LTD Being Reduced? 0.0000 Short-Term Debt Service: 0.0000
Current Ratio > 2? 0.4804 Working Capital >= 1.5? 1.5821
Leverage Ratio < 20%? 0.2256 Debt/Assets < 1? 3.0000
Quick Ratio > 1? 3.0000 Inventory Turnover > 1? 0.4790
Share Equity Increase: 1.9091 Market Cap.< 1.5 Billion? 0.0238
Intangibles < 3% Assets? 1.5462
Income Tests:
Profit Margin < 7.5%? 0.5573 EPS Annual Growth > 10%? 0.0992
Dividend Yield > 2.0%? 0.9346 EPS 3-yr Growth > 15? 0.1398
Enterprise Value/Revenue 0.8361 EPS Growth Consistent? 2.0000
Enterprise Value/EBITDA: 3.0000 Collection < 45 days? 3.0000
EPS Qrtly Growth > 10%? 0.0068 Gross Pft/Cur. LTD > 1? 3.0000
Borrowing Int. Rate < 6%? 1.4469
Stock Performance Tests:
Volatility > 25%? 1.9370 % Held by Insiders < 5%? 3.0000
Beta > 1.25? 0.4480 % Held by Institut. < 50? 0.5907
50 Da MA > 200 Da MA? 0.4878 % Held by Institut. > 30? 2.8217
52-Wk Change vs. S&P 500: 1.5548 Short Ratio > 5? 0.4120
Price/Book Value < 3? 3.0000 Short % of Float > 20? 0.1255
Return on Assets > 17%? 0.3912 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: -3.0000 Positive Free Cash Flow? -1.0000
Positive Oper. Cash Flow? 3.0000 Price to C.F.Ratio < 14?: 2.8962
Cash Flow / Assets > 10%? 3.0000
TGT Target Corporation Overall Zenith Index: 1.2826
Financial Statements |
TARGET CORP (TGT) INCOME STATEMENT Fiscal year ends in January. USD in thousands 2015-01 2016-01 2017-01 2018-01 2019-01 TTM Revenue 72,618,000 73,785,000 69,495,000 71,879,000 75,356,000 77,690,000 Cost of revenue 51,278,000 51,997,000 48,872,000 51,125,000 53,299,000 54,707,000 Gross profit 21,340,000 21,788,000 20,623,000 20,754,000 22,057,000 22,983,000 Operating expenses Sales, General and administrative 14,676,000 14,665,000 13,356,000 14,248,000 15,723,000 16,104,000 Other operating expenses 2,129,000 2,213,000 2,298,000 2,194,000 2,224,000 2,302,000 Total operating expenses 16,805,000 16,878,000 15,654,000 16,442,000 17,947,000 18,406,000 Operating income 4,535,000 4,910,000 4,969,000 4,312,000 4,110,000 4,577,000 Other income (expense) -882,000 13,000 -1,004,000 -666,000 -434,000 -424,000 Income before taxes 3,653,000 4,923,000 3,965,000 3,646,000 3,676,000 4,153,000 Provision for income taxes 1,204,000 1,602,000 1,296,000 718,000 746,000 919,000 Net income from continuing operations 2,449,000 3,321,000 2,669,000 2,928,000 2,930,000 3,234,000 Net income from discontinuing ops -4,085,000 42,000 68,000 6,000 7,000 11,000 Net income -1,636,000 3,363,000 2,737,000 2,934,000 2,937,000 3,245,000 Net income available to common shareholders -1,636,000 3,363,000 2,737,000 2,934,000 2,937,000 3,245,000 Earnings per share Basic -2.58 5.35 4.74 5.36 5.55 6.30 Diluted -2.58 5.31 4.70 5.33 5.51 6.26 Weighted average shares outstanding Basic 634,700 627,700 577,600 546,800 528,600 514,350 Diluted 640,100 632,900 582,500 550,300 533,200 518,650 ____________________________________________________________________________________________________________________________________________ TARGET CORP (TGT) BALANCE SHEET Fiscal year ends in January. USD in thousands 2015-01 2016-01 2017-01 2018-01 2019-01 Assets Current assets Cash Short-term investments 0 0 1,110,000 0 769,000 Total cash 2,210,000 4,046,000 2,512,000 2,643,000 1,556,000 Receivables 1,122,000 779,000 749,000 929,000 1,100,000 Inventories 8,790,000 8,601,000 8,309,000 8,657,000 9,497,000 Deferred income taxes 188,000 0 0 0 0 Prepaid expenses 231,000 214,000 207,000 181,000 157,000 Other current assets 1,546,000 490,000 213,000 154,000 209,000 Total current assets 14,087,000 14,130,000 11,990,000 12,564,000 12,519,000 Non-current assets Property, plant and equipment Gross property, plant and equipment 41,064,000 41,463,000 42,071,000 43,199,000 46,185,000 Accumulated Depreciation -15,106,000 -16,246,000 -17,413,000 -18,181,000 -18,687,000 Net property, plant and equipment 25,958,000 25,217,000 24,658,000 25,018,000 27,498,000 Equity and other investments 322,000 308,000 345,000 383,000 380,000 Goodwill 147,000 133,000 133,000 630,000 633,000 Intangible assets 155,000 144,000 126,000 152,000 66,000 Prepaid pension benefit 0 66,000 43,000 46,000 11,000 Other long-term assets 735,000 264,000 136,000 206,000 183,000 Total non-current assets 27,317,000 26,132,000 25,441,000 26,435,000 28,771,000 Total assets 41,404,000 40,262,000 37,431,000 38,999,000 41,290,000 Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt 91,000 815,000 1,718,000 270,000 1,052,000 Capital leases 0 0 0 0 166,000 Accounts payable 7,759,000 7,418,000 7,252,000 8,677,000 9,761,000 Taxes payable 576,000 1,076,000 729,000 696,000 601,000 Accrued liabilities 1,009,000 1,055,000 1,035,000 1,085,000 902,000 Other current liabilities 2,301,000 2,258,000 1,974,000 2,473,000 2,532,000 Total current liabilities 11,736,000 12,622,000 12,708,000 13,201,000 15,014,000 Non-current liabilities Long-term debt 12,705,000 11,945,000 11,031,000 11,317,000 10,223,000 Capital leases 0 0 0 0 2,004,000 Deferred taxes liabilities 1,321,000 823,000 861,000 713,000 972,000 Pensions and other benefits 151,000 54,000 46,000 41,000 40,000 Other long-term liabilities 1,494,000 1,861,000 1,832,000 2,018,000 1,740,000 Total non-current liabilities 15,671,000 14,683,000 13,770,000 14,089,000 14,979,000 Total liabilities 27,407,000 27,305,000 26,478,000 27,290,000 29,993,000 Stockholders' equity Common stock 53,000 50,000 46,000 45,000 43,000 Additional paid-in capital 4,899,000 5,348,000 5,661,000 5,858,000 6,042,000 Retained earnings 9,644,000 8,188,000 5,884,000 6,553,000 6,017,000 Accumulated other comprehensive income -599,000 -629,000 -638,000 -747,000 -805,000 Total stockholders' equity 13,997,000 12,957,000 10,953,000 11,709,000 11,297,000 Total liabilities and stockholders' equity 41,404,000 40,262,000 37,431,000 38,999,000 41,290,000 ____________________________________________________________________________________________________________________________________________ TARGET CORP (TGT) Statement of CASH FLOW Fiscal year ends in January. USD in thousands 2015-01 2016-01 2017-01 2018-01 2019-01 TTM Cash Flows From Operating Activities Net income 2,449,000 3,321,000 2,669,000 2,928,000 2,930,000 3,234,000 Depreciation & amortization 2,129,000 2,213,000 2,298,000 2,445,000 2,474,000 2,553,000 Deferred income taxes 7,000 -322,000 41,000 -192,000 322,000 296,000 Stock based compensation 71,000 115,000 113,000 112,000 132,000 142,000 Change in working capital 150,000 445,000 -214,000 1,241,000 17,000 256,000 Inventory -512,000 -316,000 293,000 -348,000 -900,000 997,000 Accounts payable 0 0 0 1,307,000 1,127,000 -698,000 Accrued liabilities 777,000 534,000 -543,000 450,000 89,000 126,000 Other working capital -115,000 227,000 36,000 -168,000 -299,000 -169,000 Other non-cash items -367,000 72,000 529,000 389,000 98,000 27,000 Net cash provided by operating activities 4,439,000 5,844,000 5,436,000 6,923,000 5,973,000 6,508,000 Cash Flows From Investing Activities Investments in property, plant, and equipmen -1,786,000 -1,438,000 -1,547,000 -2,533,000 -3,516,000 -3,046,000 Property, plant, and equipment reductions 95,000 28,000 46,000 31,000 85,000 75,000 Acquisitions, net -20,000 1,875,000 0 -518,000 0 0 Other investing activities -215,000 43,000 28,000 -55,000 15,000 14,000 Net cash used for investing activities -1,926,000 508,000 -1,473,000 -3,075,000 -3,416,000 -2,957,000 Cash Flows From Financing Activities Debt issued 1,993,000 0 1,977,000 739,000 0 504,000 Debt repayment -2,159,000 -85,000 -2,641,000 -2,180,000 -281,000 -1,054,000 Common stock repurchased 0 -3,438,000 -3,706,000 -1,046,000 -2,124,000 -1,598,000 Dividend paid -1,205,000 -1,362,000 -1,348,000 -1,338,000 -1,335,000 -1,329,000 Other financing activities 373,000 369,000 221,000 108,000 96,000 70,000 Net cash provided by (used for) financing -998,000 -4,516,000 -5,497,000 -3,717,000 -3,644,000 -3,407,000 Net change in cash 1,515,000 1,836,000 -1,534,000 131,000 -1,087,000 144,000 Cash at beginning of period 695,000 2,210,000 4,046,000 2,512,000 2,643,000 825,000 Cash at end of period 2,210,000 4,046,000 2,512,000 2,643,000 1,556,000 969,000 Free Cash Flow Operating cash flow 4,439,000 5,844,000 5,436,000 6,923,000 5,973,000 6,508,000 Capital expenditure -1,786,000 -1,438,000 -1,547,000 -2,533,000 -3,516,000 -3,046,000 Free cash flow 2,653,000 4,406,000 3,889,000 4,390,000 2,457,000 3,462,000 ____________________________________________________________________________________________________________________________________________
Average to Current P/E Ratios |
(TGT) Target Corp.
2015 2016 2017 2018 2019
Annual Earnings: -2.56 5.31 4.70 5.30 5.51
Average Price During Year: 78.35 73.58 58.15 77.08 88.22
P/E Ratio: 30.60 13.86 12.37 14.54 16.01
Average 5-Year P/E Ratio = 17.48
Current Price = 124.73
Previous 5 Quarter Earnings: 1.17 1.52 1.53 1.82 1.39
Current Annualized (Last Four Quarters) Earnings = 4.74
________
Average PE / Current PE = 0.66
--------
...a number above 1.00 is good
1.00 or below is bad
Financial Ratios |
. . . . . . . . . . . . Lowest to Highest, Compared to Industry
Intrinsic Value (DCF) |
Intrinsic Value by Discounted Cash Flow Method:
Fair Value Estimator |
Fair Value Estimate:
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Ownership:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Standard & Poor's |
Management's Discussion of Results of Operations Excerpts |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for TARGET CORPORATION:
Symbol? TGT
Total Months Available: 25
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
83.65 66.53 110.94 70.03 130.24 104.01
RANGE = 130.24 TO 66.53 Close = 123.76
CHANNEL = 104.01 TO 83.65 Degree = 3
Volatility = 16.45% Index = 4
MACD Histogram Divergence |
The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.
Intraday Chart |
2 Days:
Val Idea |
6 out of 10 favorable, (positive opinion.)
Stock Consultant |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
2 out of 3 of the ultimate systems favor a downmove.
System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | - 1 |
| Industry | - 1 |
| Bond Issue | + 1 |
| Zenith Index | + 1 |
| Non-GAAP vs. GAAP Earnings | - 1 |
| Cash Flow | + 1 |
| Average to Current P/E | - 1 |
| Ratios | + 1 |
| Intrinsic Value DCF | + 1 |
| Fair Value Estimator | + 1 |
| Projected Earnings | + 1 |
| Research Reports | + 1 |
| Analysts | + 1 |
| Executive Perquisites | - 1 |
| Insider Activity | - 1 |
| Institutional Activity | - 1 |
| Management Reporting | + 1 |
| Short Interest | + 1 |
| Sentiment | + 1 |
| Standard & Poor's | - 1 |
| MACD Histogram Divergence | - 1 |
| Val Idea | + 1 |
| Stock Consultant | + 1 |
| Point & Figure | + 1 |
| Wall Street Analyzer | - 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | + 1 |
| Neural Network | - 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | - 1 |
| Total | + 7 |
Place 245 shares of Target Corporation (TGT) on the Active List.
