Target Co. (NYSE:TGT - Get Rating) - Analysts at DA Davidson reduced their FY2023 EPS estimates for Target in a research report issued to clients and investors on Thursday, November 17th. DA Davidson analyst M. Baker now anticipates that the retailer will post earnings per share of $5.51 for the year, down from their prior forecast of $8.35. The consensus estimate for Target's current full-year earnings is $6.16 per share. DA Davidson also issued estimates for Target's FY2024 earnings at $8.19 EPS.
Target (NYSE:TGT - Get Rating) last issued its quarterly earnings results on Wednesday, November 16th. The retailer reported $1.54 EPS for the quarter, missing analysts' consensus estimates of $2.12 by ($0.58). Target had a net margin of 3.17% and a return on equity of 30.51%. The business had revenue of $26.12 billion for the quarter, compared to the consensus estimate of $26.40 billion. During the same quarter in the previous year, the business earned $3.03 earnings per share. The firm's revenue was up 3.3% on a year-over-year basis.
Other research analysts have also recently issued reports about the stock. StockNews.com began coverage on shares of Target in a research report on Wednesday, October 12th. They set a "hold" rating on the stock. Citigroup cut their target price on shares of Target from $184.00 to $177.00 and set a "buy" rating on the stock in a report on Thursday. KeyCorp cut their target price on shares of Target from $200.00 to $180.00 and set an "overweight" rating on the stock in a report on Thursday. Jefferies Financial Group upgraded shares of Target from a "hold" rating to a "buy" rating and raised their target price for the stock from $170.00 to $185.00 in a report on Tuesday, October 18th. Finally, Tigress Financial cut their target price on shares of Target from $320.00 to $215.00 and set a "buy" rating on the stock in a report on Friday, July 29th. Nine research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $185.07.
Target Stock Up 0.5 %
Shares of NYSE TGT opened at $162.88 on Monday. Target has a one year low of $137.16 and a one year high of $254.87. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.86 and a quick ratio of 0.14. The firm's 50 day simple moving average is $159.39 and its two-hundred day simple moving average is $161.91. The stock has a market capitalization of $74.97 billion, a P/E ratio of 22.31, a PEG ratio of 2.10 and a beta of 1.02.
Target Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Shareholders of record on Wednesday, November 16th will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.65%. The ex-dividend date is Tuesday, November 15th. Target's dividend payout ratio is currently 59.18%.
Insider Buying and Selling at Target
In other Target news, insider John J. Mulligan sold 39,101 shares of the firm's stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $166.02, for a total transaction of $6,491,548.02. Following the completion of the transaction, the insider now owns 118,425 shares of the company's stock, valued at $19,660,918.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company's stock.
Hedge Funds Weigh In On Target
Institutional investors and hedge funds have recently modified their holdings of the stock. West Family Investments Inc. increased its holdings in shares of Target by 18.9% during the first quarter. West Family Investments Inc. now owns 2,988 shares of the retailer's stock valued at $634,000 after acquiring an additional 476 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Target by 17.0% during the first quarter. NewEdge Advisors LLC now owns 184,821 shares of the retailer's stock valued at $39,222,000 after acquiring an additional 26,849 shares in the last quarter. Diversified Trust Co increased its holdings in shares of Target by 6.7% during the second quarter. Diversified Trust Co now owns 10,356 shares of the retailer's stock valued at $1,463,000 after acquiring an additional 652 shares in the last quarter. Venture Visionary Partners LLC increased its holdings in shares of Target by 71.8% during the first quarter. Venture Visionary Partners LLC now owns 14,555 shares of the retailer's stock valued at $3,088,000 after acquiring an additional 6,084 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of Target by 14.7% during the first quarter. CIBC Asset Management Inc now owns 66,565 shares of the retailer's stock valued at $14,126,000 after acquiring an additional 8,516 shares in the last quarter. 77.42% of the stock is currently owned by institutional investors.
Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food, and other merchandise; and beauty and household essentials.
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