Q3 2024 EPS Estimates for Target Co. Lowered by KeyCorp (NYSE:TGT)

Target Co. (NYSE:TGT – Get Rating) – Equities researchers at KeyCorp lowered their Q3 2024 earnings estimates for shares of Target in a report issued on Wednesday, May 17th. KeyCorp analyst B. Thomas now anticipates that the retailer will post earnings of $1.96 per share for the quarter, down from their previous forecast of $2.01. The consensus estimate for Target’s current full-year earnings is $8.26 per share. KeyCorp also issued estimates for Target’s Q4 2024 earnings at $2.43 EPS, FY2024 earnings at $8.00 EPS and FY2025 earnings at $9.75 EPS.

Target (NYSE:TGT – Get Rating) last released its quarterly earnings results on Wednesday, May 17th. The retailer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.29. The business had revenue of $24.95 billion during the quarter, compared to analysts’ expectations of $25.28 billion. Target had a return on equity of 24.49% and a net margin of 2.49%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the business posted $2.19 EPS.

A number of other analysts have also weighed in on TGT. Morgan Stanley reissued an “equal weight” rating and issued a $155.00 price objective on shares of Target in a research report on Monday, February 13th. Piper Sandler lifted their price objective on Target from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, February 8th. TheStreet upgraded shares of Target from a “c+” rating to a “b-” rating in a report on Thursday, February 16th. Cowen reduced their price target on shares of Target from $210.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, February 15th. Finally, Robert W. Baird increased their price objective on shares of Target from $180.00 to $195.00 and gave the company an “outperform” rating in a research note on Wednesday, March 1st. Thirteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $181.69.

Target Stock Performance

Target stock opened at $152.28 on Friday. Target has a twelve month low of $137.16 and a twelve month high of $183.89. The company has a quick ratio of 0.22, a current ratio of 0.88 and a debt-to-equity ratio of 1.38. The company’s 50-day moving average price is $160.08 and its 200-day moving average price is $160.94. The company has a market cap of $70.28 billion, a PE ratio of 25.94, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02.

Hedge Funds Weigh In On Target

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TGT. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Target by 3,577.5% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,471 shares of the retailer’s stock valued at $312,000 after purchasing an additional 1,431 shares during the last quarter. Zions Bancorporation N.A. lifted its holdings in Target by 3.3% during the 1st quarter. Zions Bancorporation N.A. now owns 3,045 shares of the retailer’s stock worth $646,000 after buying an additional 96 shares during the last quarter. Covestor Ltd increased its holdings in shares of Target by 131.7% in the 1st quarter. Covestor Ltd now owns 702 shares of the retailer’s stock valued at $149,000 after acquiring an additional 399 shares during the last quarter. Merit Financial Group LLC purchased a new stake in Target during the first quarter worth approximately $208,000. Finally, Ergoteles LLC boosted its holdings in Target by 191.5% in the first quarter. Ergoteles LLC now owns 11,794 shares of the retailer’s stock valued at $2,503,000 after purchasing an additional 7,748 shares in the last quarter. Hedge funds and other institutional investors own 78.86% of the company’s stock.

Insider Activity at Target

In other news, insider Brian C. Cornell sold 35,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $158.98, for a total value of $5,564,300.00. Following the sale, the insider now directly owns 191,272 shares of the company’s stock, valued at approximately $30,408,422.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by insiders.

Target Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 10th. Shareholders of record on Wednesday, May 17th will be issued a $1.08 dividend. The ex-dividend date is Tuesday, May 16th. This represents a $4.32 annualized dividend and a yield of 2.84%. Target’s payout ratio is 73.59%.

About Target

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Target Corp. engages in the operation and ownership of general merchandise stores. It offers food assortments including perishables, dry grocery, dairy, and frozen items. The company was founded by George Draper Dayton in 1902 and is headquartered in Minneapolis, MN.