Morgan Stanley Cuts Target Price for TJX Companies (NYSE:TJX) to $75.00

TJX Companies (NYSE: TJX – Get a rating) had its target price lowered by Morgan Stanley investment analysts from $80.00 to $75.00 in a research report released Monday to clients and investors, Target Stock Advisor reports. The company currently has an “overweight” rating on shares of the clothing and home fashion retailer. Morgan Stanley’s price target indicates a potential upside of 21.77% from the company’s previous close.

Several other equity research analysts have also released reports on the stock. Robert W. Baird cut his price target on TJX Companies stock from $78.00 to $74.00 and set an “outperform” rating on the stock in a Thursday, May 19 report. Credit Suisse Group raised its price target on TJX Companies shares from $73.00 to $75.00 and gave the company an “outperform” rating in a Thursday, May 19 report. JPMorgan Chase & Co. cut its price target on shares of TJX Companies from $81.00 to $76.00 in a Monday, May 16 report. TheStreet downgraded shares of TJX Companies from a “b” rating to a “c+” rating in a Wednesday, May 18 report. Finally, Wells Fargo & Company downgraded shares of TJX Companies from an “overweight” rating to an “equal weight” rating and reduced its target price for the stock from $75.00 to $60.00 in a report Tuesday, April 5. Three equity research analysts gave the stock a hold rating and sixteen gave the company a buy rating. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $77.79.

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Shares of NYSE:TJX traded at $1.03 during midday trading on Monday, hitting $61.59. The stock recorded a trading volume of 176,296 shares, compared to an average volume of 7,244,449 shares. The company has a market capitalization of $72.16 billion, a P/E ratio of 22.40, a price-to-earnings growth ratio of 1.81 and a beta of 0.91. The company has a quick ratio of 0.55, a current ratio of 1.25 and a debt ratio of 0.60. The company’s 50-day moving average price is $59.04 and its 200-day moving average price is $63.42. TJX Companies has a fifty-two week low of $53.69 and a fifty-two week high of $77.35.

TJX Companies (NYSE: TJX – Get a rating) last announced its quarterly results on Wednesday, May 18. The home apparel and fashion retailer reported earnings per share (EPS) of $0.68 for the quarter, beating the consensus estimate of $0.60 by $0.08. The company posted revenue of $11.41 billion for the quarter, versus analyst estimates of $11.58 billion. TJX Companies had a net margin of 6.69% and a return on equity of 61.28%. The company’s revenue increased 13.1% year over year. During the same period a year earlier, the company posted EPS of $0.44. As a group, equity research analysts expect TJX companies to post EPS of 3.18 for the current fiscal year.

Insider activity

In other news, EVP Richard Sherr sold 46,997 shares of the company in a trade on Friday, June 3. The shares were sold at an average price of $62.25, for a total value of $2,925,563.25. Following the sale, the executive vice president now directly owns 104,127 shares of the company, valued at approximately $6,481,905.75. The transaction was disclosed in a legal filing with the SEC, available at the SEC website. In related news, EVP Kenneth Canestrari sold 35,827 shares of the company in a trade on Thursday, May 19. The shares were sold at an average price of $61.04, for a total transaction of $2,186,880.08. Following the transaction, the executive vice president now owns 160,899 shares of the company, valued at approximately $9,821,274.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Also, VPE Richard Sherr sold 46,997 shares of the company in a trade on Friday, June 3. The shares were sold at an average price of $62.25, for a total transaction of $2,925,563.25. Following the transaction, the executive vice president now owns 104,127 shares of the company, valued at approximately $6,481,905.75. Disclosure of this sale can be found here. In the past three months, insiders have sold 112,824 shares of the company valued at $6,973,343. 0.19% of the shares are currently held by insiders.

Institutional entries and exits

Institutional investors have recently changed their stock portfolios. Gateway Investment Advisers LLC increased its holdings in TJX Companies by 11.9% in the first quarter. Gateway Investment Advisers LLC now owns 15,512 shares of the apparel and home fashion retailer worth $940,000 after buying an additional 1,650 shares in the last quarter. Capital Investment Advisors LLC acquired a new position in TJX Companies during the first quarter worth $120,000. Oppenheimer & Co. Inc. increased its stake in TJX Companies by 11.5% during the fourth quarter. Oppenheimer & Co. Inc. now owns 86,290 shares of the apparel and home fashion retailer worth $6,551,000 after purchasing an additional 8,890 shares in the last quarter. Banque Pictet & Cie SA increased its stake in TJX Companies by 13.8% during the fourth quarter. Banque Pictet & Cie SA now owns 144,573 shares of the clothing and home fashion retailer worth $10,976,000 after buying an additional 17,580 shares in the last quarter. Finally, Wealthfront Advisers LLC increased its holdings in TJX Companies by 110.8% during the fourth quarter. Wealthfront Advisers LLC now owns 43,909 shares of the apparel and home fashion retailer worth $3,334,000 after buying an additional 23,084 shares in the last quarter. Institutional investors and hedge funds own 91.45% of the company’s shares.

Company Profile TJX Companies

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The TJX Companies, Inc., together with its subsidiaries, operates as a low-cost home fashion and apparel retailer. It operates through four segments: Marmaxx, HomeGoods, TJX Canada and TJX International. The company sells family clothing, including shoes and accessories; home fashion items, such as home staples, furniture, rugs, lighting products, giftware, home products, decorative accessories, table tops and kitchen utensils, as well as expanded departments for pets, children and gourmet foods; jewelry and accessories; and other goods.

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