Target (NYSE:TGT) Issues Quarterly Earnings Results

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

Target Trading Down 0.0 %

Shares of TGT traded down $0.05 during mid-day trading on Friday, reaching $129.89. The company had a trading volume of 5,971,862 shares, compared to its average volume of 4,605,513. The stock has a market cap of $59.96 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.45 and a beta of 1.04. The company has a current ratio of 0.86, a quick ratio of 0.18 and a debt-to-equity ratio of 1.19. The firm has a fifty day simple moving average of $112.67 and a 200-day simple moving average of $127.73. Target has a fifty-two week low of $102.93 and a fifty-two week high of $181.70.

Target Announces Dividend

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 issued a $1.10 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $4.40 dividend on an annualized basis and a yield of 3.39%. Target’s payout ratio is 56.12%.

Analysts Set New Price Targets

Several brokerages recently commented on TGT. DA Davidson reiterated a “buy” rating and set a $193.00 price target on shares of Target in a research report on Wednesday, August 16th. JPMorgan Chase & Co. lifted their target price on shares of Target from $113.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday. StockNews.com upgraded shares of Target from a “hold” rating to a “buy” rating in a research note on Tuesday. Tigress Financial dropped their price objective on shares of Target from $215.00 to $180.00 and set a “buy” rating for the company in a report on Friday, October 20th. Finally, Jefferies Financial Group reduced their target price on shares of Target from $165.00 to $135.00 and set a “buy” rating on the stock in a report on Tuesday. Seventeen analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Target has a consensus rating of “Hold” and a consensus target price of $156.16.

Hedge Funds Weigh In On Target

A number of large investors have recently modified their holdings of TGT. First Capital Advisors Group LLC. purchased a new stake in Target during the 2nd quarter worth $31,000. Penserra Capital Management LLC purchased a new stake in shares of Target during the fourth quarter valued at approximately $35,000. Quarry LP lifted its position in shares of Target by 212.6% during the first quarter. Quarry LP now owns 347 shares of the retailer’s stock worth $57,000 after purchasing an additional 236 shares in the last quarter. Castleview Partners LLC acquired a new stake in Target during the 1st quarter valued at $64,000. Finally, Coppell Advisory Solutions LLC purchased a new stake in Target during the 2nd quarter worth $52,000. 78.33% of the stock is currently owned by hedge funds and other institutional investors.

About Target

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.