Q3 2024 EPS Estimates for Target Co. Cut by Analyst (NYSE:TGT)

Target Co. (NYSE:TGTGet Rating) – Equities research analysts at Jefferies Financial Group cut their Q3 2024 EPS estimates for shares of Target in a research report issued to clients and investors on Tuesday, June 7th. Jefferies Financial Group analyst S. Wissink now forecasts that the retailer will post earnings per share of $3.20 for the quarter, down from their prior estimate of $3.52. Jefferies Financial Group has a “Hold” rating and a $168.00 price objective on the stock. Jefferies Financial Group also issued estimates for Target’s FY2024 earnings at $12.85 EPS.

Target (NYSE:TGTGet Rating) last released its quarterly earnings results on Wednesday, May 18th. The retailer reported $2.19 EPS for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.88). The firm had revenue of $24.83 billion during the quarter, compared to analyst estimates of $24.48 billion. Target had a net margin of 5.48% and a return on equity of 44.75%. Target’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $3.69 earnings per share.

A number of other research firms have also commented on TGT. Raymond James reduced their price target on shares of Target from $205.00 to $190.00 and set a “strong-buy” rating on the stock in a research report on Wednesday. Morgan Stanley reduced their target price on shares of Target from $255.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Credit Suisse Group reduced their target price on shares of Target from $286.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, May 23rd. DA Davidson reduced their target price on shares of Target from $205.00 to $171.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, UBS Group reduced their target price on shares of Target from $225.00 to $205.00 and set a “buy” rating on the stock in a research report on Wednesday. Ten research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $198.78.

NYSE:TGT opened at $156.70 on Thursday. The firm has a market cap of $72.66 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 1.09 and a beta of 0.96. Target has a 12 month low of $145.51 and a 12 month high of $268.98. The company has a quick ratio of 0.14, a current ratio of 0.87 and a debt-to-equity ratio of 1.24. The company’s 50-day moving average price is $206.44 and its two-hundred day moving average price is $216.93.

Several hedge funds have recently modified their holdings of the company. FDx Advisors Inc. boosted its holdings in Target by 12.9% during the fourth quarter. FDx Advisors Inc. now owns 22,374 shares of the retailer’s stock worth $5,178,000 after purchasing an additional 2,549 shares during the last quarter. London Co. of Virginia boosted its holdings in Target by 2.6% during the third quarter. London Co. of Virginia now owns 1,694,201 shares of the retailer’s stock worth $387,582,000 after purchasing an additional 42,365 shares during the last quarter. Strategy Asset Managers LLC boosted its holdings in Target by 10.5% during the third quarter. Strategy Asset Managers LLC now owns 34,259 shares of the retailer’s stock worth $7,838,000 after purchasing an additional 3,244 shares during the last quarter. Vigilare Wealth Management boosted its holdings in Target by 14.3% during the fourth quarter. Vigilare Wealth Management now owns 5,736 shares of the retailer’s stock worth $1,328,000 after purchasing an additional 717 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. boosted its holdings in Target by 4.3% during the fourth quarter. NN Investment Partners Holdings N.V. now owns 100,984 shares of the retailer’s stock worth $23,371,000 after purchasing an additional 4,163 shares during the last quarter. 81.83% of the stock is owned by institutional investors.

In other news, insider Michael J. Fiddelke sold 5,000 shares of the stock in a transaction on Monday, April 4th. The shares were sold at an average price of $210.19, for a total transaction of $1,050,950.00. Following the completion of the sale, the insider now owns 31,130 shares of the company’s stock, valued at $6,543,214.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Robert M. Harrison sold 2,080 shares of the stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $217.87, for a total transaction of $453,169.60. The disclosure for this sale can be found here. Insiders sold 99,363 shares of company stock valued at $21,970,253 in the last ninety days. Insiders own 0.29% of the company’s stock.

The company also recently announced a quarterly dividend, which will be paid on Saturday, September 10th. Shareholders of record on Wednesday, August 17th will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.76%. This is an increase from Target’s previous quarterly dividend of $0.90. Target’s dividend payout ratio is presently 29.85%.

About Target (Get Rating)

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.

Further Reading

Earnings History and Estimates for Target (NYSE:TGT)

Want More Great Investing Ideas?

Receive News & Ratings for Target Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Target and related companies with MarketBeat.com's FREE daily email newsletter.