Q2 2023 EPS Estimates for Target Co. Cut by DA Davidson (NYSE:TGT)

Target Co. (NYSE:TGTGet Rating) – Equities researchers at DA Davidson lowered their Q2 2023 earnings per share estimates for Target in a research report issued on Wednesday, June 8th. DA Davidson analyst M. Baker now anticipates that the retailer will earn $0.71 per share for the quarter, down from their previous forecast of $2.18. DA Davidson has a “Buy” rating and a $171.00 price objective on the stock. DA Davidson also issued estimates for Target’s FY2023 earnings at $8.68 EPS and FY2024 earnings at $11.38 EPS.

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

Several other research analysts have also weighed in on TGT. Bank of America lowered shares of Target from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $235.00 to $165.00 in a research report on Wednesday. BMO Capital Markets lowered their price target on shares of Target from $250.00 to $210.00 and set an “outperform” rating on the stock in a research report on Thursday, May 19th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Target from $227.00 to $198.00 and set a “buy” rating on the stock in a research report on Wednesday. Morgan Stanley lowered their price target 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. Finally, Cowen lowered their price target on shares of Target from $265.00 to $190.00 and set an “outperform” rating on the stock in a research report on Thursday, May 19th. Ten investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $198.78.

Shares of TGT opened at $154.55 on Friday. 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’s 50-day moving average is $205.29 and its two-hundred day moving average is $216.50. Target has a twelve month low of $145.51 and a twelve month high of $268.98. The firm has a market capitalization of $71.66 billion, a P/E ratio of 12.82, a PEG ratio of 1.09 and a beta of 0.96.

Several hedge funds have recently modified their holdings of TGT. OLD Mission Capital LLC acquired a new stake in Target during the 3rd quarter valued at $200,000. Morgan Stanley grew its holdings in Target by 10.7% during the 2nd quarter. Morgan Stanley now owns 3,164,273 shares of the retailer’s stock valued at $764,931,000 after purchasing an additional 305,955 shares in the last quarter. Dark Forest Capital Management LP acquired a new stake in Target during the 3rd quarter valued at $84,000. First Foundation Advisors grew its holdings in Target by 4.5% during the 3rd quarter. First Foundation Advisors now owns 4,424 shares of the retailer’s stock valued at $1,012,000 after purchasing an additional 191 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in Target during the 3rd quarter valued at $5,569,000. 81.83% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Brian C. Cornell sold 30,000 shares of the firm’s stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $216.35, for a total value of $6,490,500.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Cara A. Sylvester sold 2,030 shares of the firm’s stock in a transaction on Wednesday, April 20th. The shares were sold at an average price of $250.00, for a total transaction of $507,500.00. Following the completion of the transaction, the insider now directly owns 7,891 shares in the company, valued at approximately $1,972,750. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,363 shares of company stock worth $21,970,253. 0.29% of the stock is currently owned by insiders.

The business also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Shareholders of record on Wednesday, August 17th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.80%. This is an increase from Target’s previous quarterly dividend of $0.90. Target’s dividend payout ratio (DPR) is currently 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.

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