TARGET CORP — Director's Dealing 2005

Jul 19, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-07-18

Reporting Person: BUTZER BART (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-07-18	Common Stock, $.0833 per share	M	99646	$26.3438	Acquired	164166.0000	Direct
2005-07-18	Common Stock, $.0833 per share	S	99646	$59.0231	Disposed	64520.0000	Direct
2005-07-18	Common Stock, $.0833 per share	M	42961	$30.2600	Acquired	107481.0000	Direct
2005-07-18	Common Stock, $.0833 per share	S	42961	$59.0231	Disposed	64520.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-07-18	Stock Option	$26.3438	M	99646	Disposed	2009-01-13	Common Stock (99646.0000)	Direct
2005-07-18	Stock Option	$30.2600	M	42961	Disposed	2013-01-08	Common Stock (42961.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	9725.2532	Indirect
Common Stock, $.0833 per share	28.0000	Indirect

Footnotes

F1: Price is the weighted average selling price of all sales by the reporting person on the transaction date.

F2: Shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of the quarter ended April 30, 2005, subject to adjustments.

F3: The reporting person disclaims beneficial ownership of all securities held by his wife and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F4: Option granted under the Target Corporation Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.

F5: Option granted on January 13, 1999. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F6: Option granted under the Target Corporation Long-Term Incentive Plan in a transaction exempt under Rule 16b-3.

F7: Option granted on January 8, 2003. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.