Target Co. (NYSE:TGT) Plans Dividend Increase – $1.08 Per Share

Posted by on Jun 9th, 2022

Target Co. (NYSE:TGT – Get Rating) declared a quarterly dividend on Thursday, June 9th, RTT News reports. Investors of record on Wednesday, August 17th will be given a dividend of 1.08 per share by the retailer on Saturday, September 10th. This represents a $4.32 annualized dividend and a yield of 2.76%. This is a positive change from Target’s previous quarterly dividend of $0.90.

Target has increased its dividend by an average of 7.8% annually over the last three years and has increased its dividend annually for the last 51 consecutive years. Target has a dividend payout ratio of 26.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Target to earn $13.96 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 25.8%.

TGT opened at $156.70 on Thursday. The stock’s 50-day moving average price is $206.44 and its 200 day moving average price is $216.93. Target has a 12-month low of $145.51 and a 12-month high of $268.98. The company has a current ratio of 0.87, a quick ratio of 0.14 and a debt-to-equity ratio of 1.24. The firm has a market cap of $72.66 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.09 and a beta of 0.96.

Target (NYSE:TGT – Get Rating) last posted its earnings results on Wednesday, May 18th. The retailer reported $2.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.07 by ($0.88). The firm had revenue of $24.83 billion for the quarter, compared to analyst estimates of $24.48 billion. Target had a return on equity of 44.75% and a net margin of 5.48%. Target’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.69 EPS. On average, research analysts forecast that Target will post 11.08 earnings per share for the current year.

TGT has been the topic of a number of analyst reports. Royal Bank of Canada reduced their price target on Target from $239.00 to $231.00 and set an “outperform” rating on the stock in a research report on Wednesday. Telsey Advisory Group dropped their price objective on Target from $200.00 to $185.00 and set an “outperform” rating on the stock in a report on Wednesday. Evercore ISI started coverage on Target in a report on Friday, February 25th. They issued a “hold” rating and a $235.00 price objective on the stock. StockNews.com downgraded Target from a “buy” rating to a “hold” rating in a report on Saturday, May 28th. Finally, DA Davidson dropped their price objective on Target from $205.00 to $171.00 and set a “buy” rating on the stock in a report on Wednesday. Ten investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Target currently has a consensus rating of “Buy” and a consensus target price of $198.78.

In other Target news, insider Cara A. Sylvester sold 2,030 shares of the company’s stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $250.00, for a total value of $507,500.00. Following the transaction, the insider now directly owns 7,891 shares in the company, valued at approximately $1,972,750. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brian C. Cornell sold 30,000 shares of the company’s stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $216.35, for a total transaction of $6,490,500.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 99,363 shares of company stock valued at $21,970,253. Insiders own 0.29% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC acquired a new position in shares of Target during the 4th quarter valued at about $28,000. Carroll Investors Inc acquired a new stake in Target during the 4th quarter worth approximately $54,000. Worth Asset Management LLC acquired a new stake in Target during the 1st quarter worth approximately $92,000. Covestor Ltd increased its position in Target by 131.7% during the 1st quarter. Covestor Ltd now owns 702 shares of the retailer’s stock worth $149,000 after purchasing an additional 399 shares in the last quarter. Finally, Fairview Capital Investment Management LLC acquired a new stake in Target during the 1st quarter worth approximately $201,000. 81.83% of the stock is owned by institutional investors.

Target Company Profile (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.

See Also

Dividend History for Target (NYSE:TGT)

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