Target (NYSE:TGT) Releases Q4 Earnings Guidance

Target (NYSE:TGT) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.90-2.60 for the period, compared to the consensus estimate of $2.23. Target also updated its Q4 2023 guidance to $1.90-$2.60 EPS.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Bank of America raised shares of Target from a neutral rating to a buy rating and lifted their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, October 12th. Truist Financial reduced their price target on shares of Target from $133.00 to $116.00 and set a hold rating on the stock in a research report on Thursday, October 5th. Telsey Advisory Group lowered their price objective on shares of Target from $162.00 to $145.00 and set an outperform rating for the company in a research report on Friday, November 10th. JPMorgan Chase & Co. raised their price objective on Target from $115.00 to $120.00 and gave the stock a neutral rating in a research note on Thursday, August 17th. Finally, Piper Sandler decreased their target price on Target from $220.00 to $185.00 and set an overweight rating for the company in a research note on Monday, August 14th. Seventeen analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, Target presently has an average rating of Hold and a consensus price target of $155.84.

Target Stock Up 3.1 %

Shares of TGT opened at $110.64 on Wednesday. The firm’s 50-day simple moving average is $112.42 and its 200 day simple moving average is $127.69. The firm has a market cap of $51.07 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 1.19 and a beta of 1.04. Target has a 52 week low of $102.93 and a 52 week high of $181.70. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.18 and a current ratio of 0.83.

Target (NYSE:TGT) last posted its quarterly earnings data on Wednesday, November 15th. The retailer reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.62. Target had a net margin of 3.12% and a return on equity of 29.43%. The firm had revenue of $25 billion during the quarter, compared to the consensus estimate of $25.28 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, analysts forecast that Target will post 7.56 earnings per share for the current year.

Target Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 10th. Investors of record on Wednesday, November 15th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, November 14th. This represents a $4.40 annualized dividend and a yield of 3.98%. Target’s dividend payout ratio is 60.44%.

Insider Buying and Selling at Target

In other news, insider Brian C. Cornell sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $130.70, for a total transaction of $3,921,000.00. Following the completion of the sale, the insider now owns 399,669 shares of the company’s stock, valued at approximately $52,236,738.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Target

A number of large investors have recently modified their holdings of TGT. First Capital Advisors Group LLC. bought a new stake in shares of Target during the 2nd quarter worth $31,000. Penserra Capital Management LLC acquired a new position in Target during the fourth quarter worth about $35,000. Coppell Advisory Solutions LLC bought a new position in shares of Target in the second quarter worth about $52,000. Quarry LP boosted its stake in shares of Target by 212.6% in the 1st quarter. Quarry LP now owns 347 shares of the retailer’s stock valued at $57,000 after purchasing an additional 236 shares in the last quarter. Finally, Castleview Partners LLC bought a new stake in shares of Target during the 1st quarter valued at approximately $64,000. Institutional investors and hedge funds own 78.33% of the company’s stock.

Target Company Profile

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.