Target Co. (NYSE:TGT – Get Rating) – Equities researchers at DA Davidson dropped their FY2023 EPS estimates for Target in a note issued to investors on Monday, August 1st. DA Davidson analyst M. Baker now expects that the retailer will post earnings of $8.22 per share for the year, down from their prior forecast of $8.68. DA Davidson has a “Buy” rating and a $171.00 price objective on the stock. The consensus estimate for Target’s current full-year earnings is $8.64 per share. DA Davidson also issued estimates for Target’s FY2024 earnings at $10.88 EPS.
Target (NYSE:TGT – Get Rating) last announced its quarterly earnings results on Wednesday, May 18th. The retailer reported $2.19 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($0.81). The business had revenue of $24.83 billion for the quarter, compared to analyst estimates of $24.48 billion. Target had a net margin of 5.48% and a return on equity of 44.75%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $3.69 earnings per share.
Target Trading Up 2.7 %
NYSE TGT opened at $167.92 on Tuesday. The company’s fifty day simple moving average is $151.85 and its 200-day simple moving average is $193.57. Target has a 52 week low of $137.16 and a 52 week 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 stock has a market cap of $77.86 billion, a P/E ratio of 13.92, a PEG ratio of 1.87 and a beta of 1.03.
Target Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, September 10th. Investors of record on Wednesday, August 17th will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Tuesday, August 16th. This is a boost from Target’s previous quarterly dividend of $0.90. Target’s dividend payout ratio (DPR) is 29.85%.
Insider Buying and Selling
In related news, insider John J. Mulligan sold 45,490 shares of the 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 owns 157,333 shares of the company’s stock, valued at approximately $22,023,473.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.
Hedge Funds Weigh In On Target
Several large investors have recently bought and sold shares of the stock. Measured Wealth Private Client Group LLC increased its stake in Target by 3.4% during the 1st quarter. Measured Wealth Private Client Group LLC now owns 1,322 shares of the retailer’s stock valued at $281,000 after buying an additional 43 shares during the period. J2 Capital Management Inc increased its stake in Target by 3.1% during the 1st quarter. J2 Capital Management Inc now owns 1,524 shares of the retailer’s stock valued at $323,000 after buying an additional 46 shares during the period. Tortoise Investment Management LLC increased its stake in Target by 18.5% during the 4th quarter. Tortoise Investment Management LLC now owns 301 shares of the retailer’s stock valued at $70,000 after buying an additional 47 shares during the period. Cypress Capital LLC increased its stake in Target by 0.8% during the 4th quarter. Cypress Capital LLC now owns 5,807 shares of the retailer’s stock valued at $1,344,000 after buying an additional 47 shares during the period. Finally, Carolinas Wealth Consulting LLC increased its stake in Target by 5.4% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 944 shares of the retailer’s stock valued at $218,000 after buying an additional 48 shares during the period. Institutional investors and hedge funds own 81.83% of the company’s stock.
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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