Target (NYSE:TGT) Announces Quarterly Earnings Results

Target (NYSE:TGTGet Rating) announced its earnings results on Wednesday. The retailer reported $0.39 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.32), RTT News reports. The company had revenue of $26.04 billion for the quarter, compared to analyst estimates of $26.07 billion. Target had a return on equity of 44.75% and a net margin of 5.48%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.64 earnings per share.

Target Price Performance

Shares of NYSE TGT opened at $175.34 on Thursday. Target has a twelve month low of $137.16 and a twelve month high of $268.98. The stock’s 50 day moving average price is $153.76 and its 200-day moving average price is $190.27. The company has a market capitalization of $81.30 billion, a PE ratio of 14.54, a PEG ratio of 2.01 and a beta of 1.03. The company has a quick ratio of 0.14, a current ratio of 0.87 and a debt-to-equity ratio of 1.24.

Target Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Wednesday, August 17th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Tuesday, August 16th. This is an increase from Target’s previous quarterly dividend of $0.90. Target’s payout ratio is presently 29.85%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Truist Financial lowered their price objective on Target from $171.00 to $150.00 and set a “hold” rating for the company in a research report on Wednesday, June 8th. TheStreet lowered Target from a “b-” rating to a “c+” rating in a research report on Friday, June 24th. Citigroup lowered their price objective on Target from $188.00 to $184.00 and set a “buy” rating for the company in a research report on Wednesday, June 8th. Credit Suisse Group lowered their price objective on Target from $286.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, May 23rd. Finally, Barclays lowered their price objective on Target from $200.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, June 8th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Target presently has a consensus rating of “Moderate Buy” and an average price target of $189.15.

Insider Transactions at Target

In related news, insider John J. Mulligan sold 45,490 shares of the company’s stock in a transaction that occurred on Friday, June 17th. The stock was sold at an average price of $139.98, for a total value of $6,367,690.20. Following the transaction, the insider now owns 157,333 shares in the company, valued at $22,023,473.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Target

Institutional investors have recently bought and sold shares of the company. Worldquant Millennium Advisors LLC raised its holdings in Target by 65.4% during the 1st quarter. Worldquant Millennium Advisors LLC now owns 284,216 shares of the retailer’s stock valued at $60,316,000 after acquiring an additional 112,415 shares during the period. Walleye Capital LLC bought a new stake in Target during the 1st quarter valued at $1,506,000. Wealthfront Advisers LLC raised its holdings in Target by 10.3% during the 1st quarter. Wealthfront Advisers LLC now owns 56,351 shares of the retailer’s stock valued at $11,959,000 after acquiring an additional 5,264 shares during the period. Weiss Multi Strategy Advisers LLC bought a new stake in Target during the 1st quarter valued at $2,532,000. Finally, Willis Investment Counsel raised its holdings in Target by 85.3% during the 1st quarter. Willis Investment Counsel now owns 102,331 shares of the retailer’s stock valued at $21,717,000 after acquiring an additional 47,100 shares during the period. Hedge funds and other institutional investors own 81.83% of the company’s stock.

Target Company Profile

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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

Earnings History for Target (NYSE:TGT)

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