A target for magnetron sputtering, comprising metal Co, metal Cr, and an oxide with an atomic ratio of the metal Cr to the total of the metal Co and the metal Cr being less than 25 at %, wherein the target comprises: a non-magnetic metal phase containing metal Co and metal Cr with an atomic ratio of the metal Cr to the total of the metal Co and the metal Cr being 25 at % or more and with an atomic ratio of the metal Co to the total of the metal Co and the other metals being more than 0 at % and 45 at % or less; and a magnetic metal phase containing metal Co, wherein a volume ratio of the oxide to the non-magnetic metal phase is more than 0 and 1.2 or less, and wherein the non-magnetic metal phase and the oxide are mutually dispersed.