TARGET CORP — Director's Dealing 2004

Jun 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2004-06-14

Reporting Person: TUZCU ERTUGRUL (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-14	Common Stock, $.0833 per share	M	47928	$6.2605	Acquired	47928	Direct
2004-06-14	Common Stock, $.0833 per share	S	47928	$45.4171	Disposed	0	Direct
2004-06-14	Common Stock, $.0833 per share	M	40268	$9.3438	Acquired	40268	Direct
2004-06-14	Common Stock, $.0833 per share	S	40268	$45.4171	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-06-14	Stock Option	$6.2605	M	11982	Disposed	2006-02-26	Common Stock (11982)	Direct
2004-06-14	Stock Option	$6.2605	M	11982	Disposed	2006-02-26	Common Stock (11982)	Direct
2004-06-14	Stock Option	$6.2605	M	11982	Disposed	2006-02-26	Common Stock (11982)	Direct
2004-06-14	Stock Option	$6.2605	M	11982	Disposed	2006-02-26	Common Stock (11982)	Direct
2004-06-14	Stock Option	$9.3438	M	20067	Disposed	2007-01-08	Common Stock (20067)	Direct
2004-06-14	Stock Option	$9.3438	M	20067	Disposed	2007-01-08	Common Stock (20067)	Direct
2004-06-14	Stock Option	$9.3438	M	134	Disposed	2007-01-08	Common Stock (134)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	8308.673	Indirect

Footnotes

F1: Option granted under the Target Corporation Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.

F2: Shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of January 31, 2004, subject to adjustments.