Target (NYSE:TGT) Releases Quarterly Earnings Results, Misses Expectations By $0.58 EPS

Target (NYSE:TGTGet Rating) issued its quarterly earnings data on Wednesday. The retailer reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.12 by ($0.58), RTT News reports. The firm had revenue of $26.12 billion for the quarter, compared to analysts’ expectations of $26.40 billion. Target had a return on equity of 30.51% and a net margin of 3.17%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same period last year, the company earned $3.03 earnings per share.

Target Price Performance

TGT opened at $162.01 on Friday. The business’s 50-day moving average is $159.61 and its two-hundred day moving average is $163.39. Target has a 1 year low of $137.16 and a 1 year high of $256.64. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.86 and a quick ratio of 0.14. The firm has a market capitalization of $74.57 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 1.95 and a beta of 1.02.

Target Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, December 10th. Stockholders of record on Wednesday, November 16th will be paid a dividend of $1.08 per share. The ex-dividend date is Tuesday, November 15th. This represents a $4.32 annualized dividend and a dividend yield of 2.67%. Target’s dividend payout ratio is currently 59.18%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TGT shares. BMO Capital Markets cut Target from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $190.00 to $165.00 in a report on Thursday. StockNews.com initiated coverage on Target in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Raymond James decreased their price target on Target from $200.00 to $185.00 and set a “strong-buy” rating on the stock in a report on Thursday. Piper Sandler upgraded Target from a “neutral” rating to an “overweight” rating and increased their price target for the company from $190.00 to $200.00 in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered Target from a “buy” rating to a “hold” rating and decreased their price target for the company from $183.00 to $144.00 in a report on Thursday. Nine investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $185.07.

Insider Buying and Selling at Target

In other Target news, insider John J. Mulligan sold 39,101 shares of Target stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $166.02, for a total value of $6,491,548.02. Following the transaction, the insider now owns 118,425 shares in the company, valued at $19,660,918.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Target

Several institutional investors and hedge funds have recently added to or reduced their stakes in TGT. Plancorp LLC grew its stake in shares of Target by 2.1% during the first quarter. Plancorp LLC now owns 2,520 shares of the retailer’s stock worth $535,000 after acquiring an additional 53 shares during the last quarter. MidWestOne Financial Group Inc. grew its stake in shares of Target by 0.9% during the first quarter. MidWestOne Financial Group Inc. now owns 10,200 shares of the retailer’s stock worth $2,164,000 after acquiring an additional 86 shares during the last quarter. Zions Bancorporation N.A. grew its stake in shares of Target by 3.3% during the first quarter. Zions Bancorporation N.A. now owns 3,045 shares of the retailer’s stock worth $646,000 after acquiring an additional 96 shares during the last quarter. Renaissance Group LLC grew its stake in shares of Target by 2.7% during the first quarter. Renaissance Group LLC now owns 3,783 shares of the retailer’s stock worth $803,000 after acquiring an additional 99 shares during the last quarter. Finally, Laffer Tengler Investments grew its stake in shares of Target by 1.6% during the first quarter. Laffer Tengler Investments now owns 9,443 shares of the retailer’s stock worth $2,004,000 after acquiring an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 77.42% of the company’s stock.

About Target

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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.

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Earnings History for Target (NYSE:TGT)

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