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Target Co. (NYSE:TGT) Plans Dividend Increase - $1.08 Per Share

Thursday, June 9, 2022 | MarketBeat

Target Co. (NYSE:TGT - Get Rating) declared a quarterly dividend on Thursday, June 9th, RTT News reports. Investors of record on Wednesday, August 17th will be given a dividend of 1.08 per share by the retailer on Saturday, September 10th. This represents a $4.32 annualized dividend and a yield of 2.76%. This is a positive change from Target's previous quarterly dividend of $0.90.

Target has increased its dividend by an average of 7.8% annually over the last three years and has increased its dividend annually for the last 51 consecutive years. Target has a dividend payout ratio of 26.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Target to earn $13.96 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 25.8%.

TGT opened at $156.70 on Thursday. The stock's 50-day moving average price is $206.44 and its 200 day moving average price is $216.93. Target has a 12-month low of $145.51 and a 12-month high of $268.98. The company has a current ratio of 0.87, a quick ratio of 0.14 and a debt-to-equity ratio of 1.24. The firm has a market cap of $72.66 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.09 and a beta of 0.96.


Target (NYSE:TGT - Get Rating) last posted its earnings results on Wednesday, May 18th. The retailer reported $2.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.07 by ($0.88). The firm had revenue of $24.83 billion for the quarter, compared to analyst estimates of $24.48 billion. Target had a return on equity of 44.75% and a net margin of 5.48%. Target's revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.69 EPS. On average, research analysts forecast that Target will post 11.08 earnings per share for the current year.

TGT has been the topic of a number of analyst reports. Royal Bank of Canada reduced their price target on Target from $239.00 to $231.00 and set an "outperform" rating on the stock in a research report on Wednesday. Telsey Advisory Group dropped their price objective on Target from $200.00 to $185.00 and set an "outperform" rating on the stock in a report on Wednesday. Evercore ISI started coverage on Target in a report on Friday, February 25th. They issued a "hold" rating and a $235.00 price objective on the stock. StockNews.com downgraded Target from a "buy" rating to a "hold" rating in a report on Saturday, May 28th. Finally, DA Davidson dropped their price objective on Target from $205.00 to $171.00 and set a "buy" rating on the stock in a report on Wednesday. Ten investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Target currently has a consensus rating of "Buy" and a consensus target price of $198.78.

In other Target news, insider Cara A. Sylvester sold 2,030 shares of the company's stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $250.00, for a total value of $507,500.00. Following the transaction, the insider now directly owns 7,891 shares in the company, valued at approximately $1,972,750. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brian C. Cornell sold 30,000 shares of the company's stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $216.35, for a total transaction of $6,490,500.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 99,363 shares of company stock valued at $21,970,253. Insiders own 0.29% of the company's stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC acquired a new position in shares of Target during the 4th quarter valued at about $28,000. Carroll Investors Inc acquired a new stake in Target during the 4th quarter worth approximately $54,000. Worth Asset Management LLC acquired a new stake in Target during the 1st quarter worth approximately $92,000. Covestor Ltd increased its position in Target by 131.7% during the 1st quarter. Covestor Ltd now owns 702 shares of the retailer's stock worth $149,000 after purchasing an additional 399 shares in the last quarter. Finally, Fairview Capital Investment Management LLC acquired a new stake in Target during the 1st quarter worth approximately $201,000. 81.83% of the stock is owned by institutional investors.

Target Company Profile (Get Rating)

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.

See Also

Dividend History for Target (NYSE:TGT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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