Research Analysts Set Expectations for Target Co.’s FY2023 Earnings (NYSE:TGT)

Target Co. (NYSE:TGTGet Rating) – Research analysts at Telsey Advisory Group lowered their FY2023 earnings per share estimates for shares of Target in a research note issued to investors on Wednesday, November 16th. Telsey Advisory Group analyst J. Feldman now anticipates that the retailer will post earnings per share of $5.53 for the year, down from their previous estimate of $8.14. Telsey Advisory Group has a “Outperform” rating and a $175.00 price target on the stock. The consensus estimate for Target’s current full-year earnings is $6.16 per share. Telsey Advisory Group also issued estimates for Target’s Q4 2023 earnings at $1.40 EPS, Q1 2024 earnings at $1.79 EPS, Q2 2024 earnings at $1.89 EPS, Q3 2024 earnings at $2.41 EPS, Q4 2024 earnings at $2.43 EPS and FY2024 earnings at $8.52 EPS.

Several other analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft cut Target from a “buy” rating to a “hold” rating and dropped their price target for the stock from $183.00 to $144.00 in a report on Thursday. KeyCorp lowered their price objective on Target from $200.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday. Guggenheim raised their price objective on Target to $190.00 in a research note on Monday, August 22nd. MKM Partners lowered their price objective on Target from $163.00 to $161.00 and set a “neutral” rating on the stock in a research note on Thursday, August 18th. Finally, Wells Fargo & Company upgraded Target to an “overweight” rating in a research note on Tuesday, August 9th. Nine investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $185.07.

Target Stock Performance

NYSE:TGT opened at $162.88 on Monday. The stock has a market cap of $74.97 billion, a P/E ratio of 22.31, a PEG ratio of 2.10 and a beta of 1.02. The stock has a 50 day simple moving average of $159.39 and a 200 day simple moving average of $161.91. The company has a current ratio of 0.86, a quick ratio of 0.14 and a debt-to-equity ratio of 1.29. Target has a 1-year low of $137.16 and a 1-year high of $254.87.

Target (NYSE:TGTGet Rating) last released its quarterly earnings results on Wednesday, November 16th. The retailer reported $1.54 earnings per share for the quarter, missing the consensus estimate of $2.12 by ($0.58). The firm had revenue of $26.12 billion for the quarter, compared to analyst estimates of $26.40 billion. Target had a return on equity of 30.51% and a net margin of 3.17%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $3.03 earnings per share.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. IFM Investors Pty Ltd lifted its stake in shares of Target by 17.4% in the 1st quarter. IFM Investors Pty Ltd now owns 76,626 shares of the retailer’s stock valued at $16,262,000 after purchasing an additional 11,368 shares during the period. Measured Wealth Private Client Group LLC lifted its stake in shares of 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 purchasing an additional 43 shares during the period. Metis Global Partners LLC lifted its stake in shares of Target by 78.7% in the 1st quarter. Metis Global Partners LLC now owns 7,641 shares of the retailer’s stock valued at $1,622,000 after purchasing an additional 3,364 shares during the period. Sandy Spring Bank lifted its stake in shares of Target by 16.9% in the 1st quarter. Sandy Spring Bank now owns 2,694 shares of the retailer’s stock valued at $572,000 after purchasing an additional 390 shares during the period. Finally, Mount Yale Investment Advisors LLC lifted its stake in shares of Target by 2.0% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 6,718 shares of the retailer’s stock valued at $1,426,000 after purchasing an additional 131 shares during the period. 77.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Target news, insider John J. Mulligan sold 39,101 shares of Target stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $166.02, for a total transaction of $6,491,548.02. Following the transaction, the insider now directly owns 118,425 shares of the company’s stock, valued at approximately $19,660,918.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by corporate insiders.

Target Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Investors of record on Wednesday, November 16th will be given a dividend of $1.08 per share. The ex-dividend date is Tuesday, November 15th. This represents a $4.32 dividend on an annualized basis and a yield of 2.65%. Target’s dividend payout ratio is currently 59.18%.

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.

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Earnings History and Estimates for Target (NYSE:TGT)

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