Target (NYSE:TGT) Releases Earnings Results, Beats Estimates By $0.62 EPS

Target (NYSE:TGT) issued its quarterly earnings results on Wednesday. The retailer reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.62, MarketWatch Earnings reports. The company had revenue of $25 billion during the quarter, compared to the consensus estimate of $25.28 billion. Target had a return on equity of 30.69% and a net margin of 3.40%. Target’s revenue was down 4.3% on a year-over-year basis. During the same period last year, the business posted $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 Trading Up 0.6 %

TGT traded up $0.73 during trading hours on Friday, reaching $130.67. The company’s stock had a trading volume of 806,926 shares, compared to its average volume of 4,580,807. Target has a fifty-two week low of $102.93 and a fifty-two week high of $181.70. The stock has a market cap of $60.32 billion, a PE ratio of 16.57, a P/E/G ratio of 1.45 and a beta of 1.04. The business’s 50-day moving average is $112.67 and its 200-day moving average is $127.73. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 10th. Stockholders of record on Wednesday, November 15th will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend is Tuesday, November 14th. Target’s dividend payout ratio is currently 56.12%.

Hedge Funds Weigh In On Target

Institutional investors have recently bought and sold shares of the company. Orion Portfolio Solutions LLC increased its holdings in shares of Target by 646.3% in the second quarter. Orion Portfolio Solutions LLC now owns 72,627 shares of the retailer’s stock valued at $9,580,000 after purchasing an additional 62,895 shares during the period. Coppell Advisory Solutions LLC purchased a new stake in Target in the second quarter valued at approximately $52,000. Imprint Wealth LLC lifted its position in shares of Target by 11.8% during the second quarter. Imprint Wealth LLC now owns 3,194 shares of the retailer’s stock worth $419,000 after purchasing an additional 336 shares in the last quarter. Wambolt & Associates LLC acquired a new stake in Target in the second quarter valued at $200,000. Finally, Neo Ivy Capital Management acquired a new stake in Target in the second quarter valued at $359,000. 78.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TGT has been the subject of a number of research analyst reports. Stifel Nicolaus increased their price target on Target from $130.00 to $141.00 and gave the company a “hold” rating in a research report on Thursday. HSBC started coverage on Target in a research report on Friday, September 22nd. They issued a “hold” rating and a $140.00 target price for the company. Oppenheimer reduced their price target on Target from $190.00 to $165.00 and set an “outperform” rating for the company in a research report on Tuesday, August 1st. Telsey Advisory Group lifted their price target on Target from $145.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Royal Bank of Canada reduced their price target on Target from $161.00 to $157.00 and set an “outperform” rating for the company in a research report on Thursday. Seventeen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Target currently has a consensus rating of “Hold” and an average price target of $156.16.

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.