Target (NYSE:TGT) Announces Quarterly Earnings Results

Target (NYSE:TGT) announced its quarterly earnings results on Wednesday. The retailer reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.62, MarketWatch Earnings reports. The company had revenue of $25 billion during the quarter, compared to analysts’ expectations of $25.28 billion. Target had a return on equity of 30.69% and a net margin of 3.40%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.54 earnings per share. Target updated its Q4 2023 guidance to $1.90-$2.60 EPS and its Q4 guidance to $1.90-2.60 EPS.

Target Stock Performance

Shares of NYSE:TGT opened at $129.94 on Friday. The stock has a market capitalization of $59.98 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 1.45 and a beta of 1.04. The business’s fifty day moving average price is $112.67 and its two-hundred day moving average price is $127.73. Target has a fifty-two week low of $102.93 and a fifty-two week high of $181.70. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.86 and a quick ratio of 0.18.

Target Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Wednesday, November 15th will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $4.40 annualized dividend and a dividend yield of 3.39%. Target’s dividend payout ratio (DPR) is presently 56.12%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TGT shares. HSBC started coverage on Target in a research report on Friday, September 22nd. They set a “hold” rating and a $140.00 target price for the company. Raymond James downgraded shares of Target from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, July 26th. Oppenheimer decreased their price target on shares of Target from $190.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 1st. Truist Financial dropped their price objective on Target from $133.00 to $116.00 and set a “hold” rating on the stock in a research note on Thursday, October 5th. Finally, Stifel Nicolaus increased their target price on Target from $130.00 to $141.00 and gave the company a “hold” rating in a research note on Thursday. Seventeen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $156.16.

Institutional Investors Weigh In On Target

Institutional investors and hedge funds have recently made changes to their positions in the company. First Capital Advisors Group LLC. bought a new position in Target during the 2nd quarter valued at about $31,000. Penserra Capital Management LLC acquired a new stake in shares of Target during the fourth quarter worth approximately $35,000. Coppell Advisory Solutions LLC bought a new position in shares of Target in the second quarter valued at approximately $52,000. Quarry LP raised its stake in shares of Target by 212.6% in the first quarter. Quarry LP now owns 347 shares of the retailer’s stock valued at $57,000 after acquiring an additional 236 shares during the last quarter. Finally, Castleview Partners LLC acquired a new position in shares of Target in the 1st quarter worth approximately $64,000. Institutional investors and hedge funds own 78.33% of the company’s stock.

Target Company Profile

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.