Q2 2023 Earnings Forecast for Target Co. Issued By Jefferies Financial Group (NYSE:TGT)

Target Co. (NYSE:TGTGet Rating) – Stock analysts at Jefferies Financial Group dropped their Q2 2023 earnings per share estimates for shares of Target in a research note issued on Tuesday, June 7th. Jefferies Financial Group analyst S. Wissink now forecasts that the retailer will post earnings of $0.75 per share for the quarter, down from their previous estimate of $2.36. 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 Q3 2023 earnings at $2.50 EPS, Q4 2023 earnings at $3.55 EPS, FY2023 earnings at $8.98 EPS, Q2 2024 earnings at $2.57 EPS and Q4 2024 earnings at $4.09 EPS.

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

A number of other equities research analysts also recently commented on the company. Bank of America downgraded Target from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $235.00 to $165.00 in a report on Wednesday. Telsey Advisory Group lowered their price target on Target from $200.00 to $185.00 and set an “outperform” rating for the company in a report on Wednesday. Robert W. Baird lowered their price target on Target from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday. The Goldman Sachs Group lowered their price target on Target from $191.00 to $171.00 and set a “buy” rating for the company in a report on Wednesday. Finally, StockNews.com downgraded Target from a “buy” rating to a “hold” rating in a report on Saturday, May 28th. Ten analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $198.78.

NYSE TGT opened at $154.55 on Friday. The stock has a 50-day simple moving average of $205.29 and a 200 day simple moving average of $216.50. The company has a market capitalization of $71.66 billion, a PE ratio of 12.82, a P/E/G ratio of 1.09 and a beta of 0.96. The company has a current ratio of 0.87, a quick ratio of 0.14 and a debt-to-equity ratio of 1.24. Target has a 12 month low of $145.51 and a 12 month high of $268.98.

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Wednesday, August 17th will be given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.80%. This is a boost from Target’s previous quarterly dividend of $0.90. Target’s dividend payout ratio (DPR) is presently 29.85%.

In other news, CAO Robert M. Harrison sold 2,080 shares of the stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $217.87, for a total transaction of $453,169.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Brian C. Cornell sold 30,000 shares of the stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $216.35, for a total value of $6,490,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,363 shares of company stock valued at $21,970,253. Insiders own 0.29% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in TGT. Measured Wealth Private Client Group LLC boosted its position in Target by 3.4% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 1,322 shares of the retailer’s stock valued at $281,000 after buying an additional 43 shares during the period. Sound Income Strategies LLC boosted its position in Target by 12.2% in the 4th quarter. Sound Income Strategies LLC now owns 423 shares of the retailer’s stock valued at $98,000 after buying an additional 46 shares during the period. J2 Capital Management Inc boosted its position in Target by 3.1% in the 1st quarter. J2 Capital Management Inc now owns 1,524 shares of the retailer’s stock valued at $323,000 after buying an additional 46 shares during the period. Atwood & Palmer Inc. boosted its position in Target by 35.1% in the 4th quarter. Atwood & Palmer Inc. now owns 181 shares of the retailer’s stock valued at $42,000 after buying an additional 47 shares during the period. Finally, Tortoise Investment Management LLC boosted its position in Target by 18.5% in the 4th quarter. Tortoise Investment Management LLC now owns 301 shares of the retailer’s stock valued at $70,000 after buying an additional 47 shares during the period. Institutional investors own 81.83% of the company’s stock.

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.

See Also

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.