Q2 2023 Earnings Estimate for Target Co. (NYSE:TGT) Issued By Jefferies Financial Group

Target Co. (NYSE:TGTGet Rating) – Analysts at Jefferies Financial Group cut their Q2 2023 earnings estimates for shares of Target in a note issued to investors on Sunday, July 31st. Jefferies Financial Group analyst S. Wissink now forecasts that the retailer will post earnings of $0.71 per share for the quarter, down from their previous forecast of $0.75. Jefferies Financial Group has a “Hold” rating and a $168.00 price target on the stock. The consensus estimate for Target’s current full-year earnings is $8.64 per share. Jefferies Financial Group also issued estimates for Target’s Q2 2024 earnings at $2.50 EPS.

Target (NYSE:TGTGet Rating) last issued its earnings results on Wednesday, May 18th. The retailer reported $2.19 EPS for the quarter, missing the consensus estimate of $3.00 by ($0.81). The business had revenue of $24.83 billion for the quarter, compared to the consensus estimate of $24.48 billion. Target had a net margin of 5.48% and a return on equity of 44.75%. The business’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.69 EPS.

TGT has been the subject of several other research reports. Robert W. Baird dropped their target price on shares of Target from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, June 8th. Morgan Stanley lowered their price objective on shares of Target from $255.00 to $190.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 8th. Royal Bank of Canada lowered their price objective on shares of Target from $239.00 to $231.00 and set an “outperform” rating for the company in a research report on Wednesday, June 8th. DA Davidson lowered their price objective on shares of Target from $205.00 to $171.00 and set a “buy” rating for the company in a research report on Wednesday, June 8th. Finally, Tigress Financial lowered their price objective on shares of Target from $320.00 to $215.00 and set a “buy” rating for the company in a research report on Friday, July 29th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Target has a consensus rating of “Moderate Buy” and a consensus target price of $189.08.

Target Stock Performance

Shares of Target stock opened at $167.92 on Tuesday. The firm has a fifty day moving average of $151.85 and a two-hundred day moving average of $193.57. The stock has a market capitalization of $77.86 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.87 and a beta of 1.03. Target has a 52 week low of $137.16 and a 52 week high of $268.98. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.14 and a current ratio of 0.87.

Institutional Investors Weigh In On Target

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Target by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 43,254,086 shares of the retailer’s stock valued at $9,179,381,000 after purchasing an additional 589,926 shares during the period. State Street Corp raised its holdings in shares of Target by 0.5% in the 4th quarter. State Street Corp now owns 35,922,818 shares of the retailer’s stock valued at $8,313,977,000 after purchasing an additional 191,484 shares during the period. Capital World Investors raised its holdings in Target by 22.9% in the 4th quarter. Capital World Investors now owns 8,941,995 shares of the retailer’s stock valued at $2,069,535,000 after acquiring an additional 1,666,948 shares during the period. Geode Capital Management LLC raised its holdings in Target by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 8,187,017 shares of the retailer’s stock valued at $1,890,357,000 after acquiring an additional 157,019 shares during the period. Finally, Norges Bank bought a new position in Target in the 4th quarter valued at about $1,094,330,000. 81.83% of the stock is owned by institutional investors.

Insider Activity

In other news, insider John J. Mulligan sold 45,490 shares of the company’s stock in a transaction dated Friday, June 17th. The shares were sold at an average price of $139.98, for a total value of $6,367,690.20. Following the sale, the insider now directly owns 157,333 shares of the company’s stock, valued at approximately $22,023,473.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

Target Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Wednesday, August 17th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.57%. This is an increase from Target’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Tuesday, August 16th. Target’s dividend payout ratio is currently 29.85%.

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.

Further Reading

Earnings History and Estimates for Target (NYSE:TGT)

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