Target Co. Expected to Post FY2023 Earnings of $5.41 Per Share (NYSE:TGT)

Target Co. (NYSE:TGTGet Rating) – Research analysts at Jefferies Financial Group decreased their FY2023 earnings per share (EPS) estimates for Target in a note issued to investors on Wednesday, November 16th. Jefferies Financial Group analyst C. Tarlowe now expects that the retailer will earn $5.41 per share for the year, down from their prior estimate of $7.90. Jefferies Financial Group currently has a “Buy” rating and a $185.00 price target on the stock. The consensus estimate for Target’s current full-year earnings is $6.16 per share. Jefferies Financial Group also issued estimates for Target’s Q4 2023 earnings at $1.27 EPS, Q4 2024 earnings at $3.09 EPS and FY2024 earnings at $11.25 EPS.

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

TGT has been the subject of a number of other reports. UBS Group cut their target price on Target from $205.00 to $194.00 and set a “buy” rating for the company in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on Target from $217.00 to $201.00 and set an “overweight” rating for the company in a research note on Thursday. Robert W. Baird dropped their price objective on Target from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday. Bank of America increased their price objective on Target from $165.00 to $180.00 and gave the stock a “neutral” rating in a research note on Thursday, August 18th. Finally, BMO Capital Markets lowered Target from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $190.00 to $165.00 in a research note on Thursday. Nine equities research 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 stock. According to data from MarketBeat, Target currently has a consensus rating of “Moderate Buy” and an average target price of $185.07.

Target Stock Performance

Shares of NYSE TGT opened at $162.88 on Monday. The business has a fifty 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. The firm has a market capitalization of $74.97 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 2.10 and a beta of 1.02. Target has a one year low of $137.16 and a one year high of $254.87.

Target Dividend Announcement

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

Insider Transactions at Target

In other news, insider John J. Mulligan sold 39,101 shares of the firm’s 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 sale, the insider now owns 118,425 shares of the company’s stock, valued at $19,660,918.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Target

A number of hedge funds and other institutional investors have recently bought and sold shares of TGT. Massachusetts Financial Services Co. MA raised its position in Target by 566.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,775,981 shares of the retailer’s stock valued at $956,973,000 after buying an additional 5,759,168 shares during the last quarter. Fisher Asset Management LLC raised its position in Target by 122,068.9% in the 3rd quarter. Fisher Asset Management LLC now owns 4,793,906 shares of the retailer’s stock valued at $711,368,000 after buying an additional 4,789,982 shares during the last quarter. FMR LLC raised its position in Target by 27.5% in the 2nd quarter. FMR LLC now owns 4,423,218 shares of the retailer’s stock valued at $624,690,000 after buying an additional 953,518 shares during the last quarter. State Street Corp increased its position in shares of Target by 2.6% during the 3rd quarter. State Street Corp now owns 34,191,786 shares of the retailer’s stock worth $5,073,719,000 after purchasing an additional 852,361 shares during the last quarter. Finally, Amundi raised its stake in shares of Target by 70.9% during the 2nd quarter. Amundi now owns 1,749,200 shares of the retailer’s stock worth $255,285,000 after purchasing an additional 725,396 shares in the last quarter. Institutional investors and hedge funds own 77.42% of the company’s stock.

Target Company Profile

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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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