TARGET CORP — Director's Dealing 2003

Sep 9, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2003-09-08

Reporting Person: HALE JAMES T (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-08	Common Stock, $.0833 per share	M	20640	$6.3021	Acquired	126182	Direct
2003-09-08	Common Stock, $.0833 per share	S	20640	$39.1	Disposed	105542	Direct
2003-09-08	Common Stock, $.0833 per share	M	43020	$5.8125	Acquired	148562	Direct
2003-09-08	Common Stock, $.0833 per share	S	43020	$39.1	Disposed	105542	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-08	Stock option	$6.3021	M	5160	Disposed	2004-04-13	Common stock (5160)	Direct
2003-09-08	Stock option	$6.3021	M	5160	Disposed	2004-04-13	Common stock (5160)	Direct
2003-09-08	Stock option	$6.3021	M	5160	Disposed	2004-04-13	Common stock (5160)	Direct
2003-09-08	Stock option	$6.3021	M	5160	Disposed	2004-04-13	Common stock (5160)	Direct
2003-09-08	Stock option	$5.8125	M	10755	Disposed	2005-03-08	Common stock (10755)	Direct
2003-09-08	Stock option	$5.8125	M	10755	Disposed	2005-03-08	Common stock (10755)	Direct
2003-09-08	Stock option	$5.8125	M	10755	Disposed	2005-03-08	Common stock (10755)	Direct
2003-09-08	Stock option	$5.8125	M	10755	Disposed	2005-03-08	Common stock (10755)	Direct

Footnotes

F1: Includes 59,804 shares of common stock held by Mr. Hale's wife. Mr. Hale disclaims beneficial ownership of these shares and this report should not be deemed an admission that Mr. Hale is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2: Mr. Hale also holds 9,784.143921 shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of February 1, 2003, subject to adjustments.

F3: Option granted under the Target Corporation Executive Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.