Target (NYSE:TGT) Posts Earnings Results, Beats Expectations By $0.62 EPS

Target (NYSE:TGT) issued its quarterly earnings data 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 firm 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 firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.54 EPS. Target updated its Q4 2023 guidance to $1.90-$2.60 EPS and its Q4 guidance to $1.90-2.60 EPS.

Target Price Performance

Shares of NYSE:TGT traded down $0.05 during trading on Friday, reaching $129.89. The stock had a trading volume of 5,972,526 shares, compared to its average volume of 4,605,718. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.18 and a current ratio of 0.86. The business has a fifty day moving average price of $112.67 and a 200-day moving average price of $127.73. The stock has a market cap of $59.96 billion, a PE ratio of 16.71, a PEG ratio of 1.45 and a beta of 1.04. Target has a 1-year low of $102.93 and a 1-year high of $181.70.

Target Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 10th. Stockholders of record on Wednesday, November 15th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, November 14th. Target’s dividend payout ratio is presently 56.12%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. DA Davidson reiterated a “buy” rating and issued a $193.00 price target on shares of Target in a research note on Wednesday, August 16th. Raymond James cut Target from a “strong-buy” rating to a “market perform” rating in a research note on Wednesday, July 26th. BMO Capital Markets increased their price target on Target from $120.00 to $130.00 and gave the company a “market perform” rating in a research note on Thursday. The Goldman Sachs Group decreased their price target on Target from $185.00 to $168.00 and set a “buy” rating for the company in a research note on Thursday, August 17th. Finally, Stifel Nicolaus increased their price target 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $156.16.

Institutional Trading of Target

Institutional investors have recently made changes to their positions in the company. Covestor Ltd lifted its position in Target by 131.7% during the first quarter. Covestor Ltd now owns 702 shares of the retailer’s stock worth $149,000 after buying an additional 399 shares in the last quarter. Carolinas Wealth Consulting LLC lifted its position in Target by 0.9% during the first quarter. Carolinas Wealth Consulting LLC now owns 23,580 shares of the retailer’s stock worth $141,000 after buying an additional 212 shares in the last quarter. First Command Bank lifted its position in Target by 61.5% during the second quarter. First Command Bank now owns 788 shares of the retailer’s stock worth $111,000 after buying an additional 300 shares in the last quarter. Worth Asset Management LLC purchased a new position in Target during the first quarter worth approximately $92,000. Finally, Pacific Center for Financial Services purchased a new position in Target during the first quarter worth approximately $84,000. 78.33% of the stock is owned by institutional investors and hedge funds.

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.