Target (NYSE:TGT – Get Free Report) 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.
Target Trading Up 3.1 %
NYSE TGT opened at $110.64 on Wednesday. The company has a quick ratio of 0.18, a current ratio of 0.83 and a debt-to-equity ratio of 1.24. Target has a 52 week low of $102.93 and a 52 week high of $181.70. The stock has a market capitalization of $51.07 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 1.19 and a beta of 1.04. The firm has a 50 day moving average of $112.42 and a two-hundred day moving average of $127.69.
Target (NYSE:TGT – Get Free Report) last issued its earnings results on Wednesday, November 15th. The retailer reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.62. Target had a net margin of 3.12% and a return on equity of 29.43%. The business had revenue of $25 billion during the quarter, compared to analysts’ expectations of $25.28 billion. During the same quarter in the prior year, the business posted $1.54 EPS. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. As a group, research analysts expect that Target will post 7.56 EPS for the current fiscal year.
Target Announces Dividend
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on TGT. Telsey Advisory Group lowered their target price on shares of Target from $162.00 to $145.00 and set an outperform rating for the company in a report on Friday, November 10th. BMO Capital Markets reduced their price target on shares of Target from $140.00 to $130.00 and set a market perform rating for the company in a research report on Thursday, August 17th. Stifel Nicolaus reduced their price target on shares of Target from $145.00 to $130.00 and set a hold rating for the company in a research report on Tuesday, September 26th. Roth Mkm reiterated a neutral rating and issued a $156.00 price target on shares of Target in a research report on Wednesday, August 16th. Finally, StockNews.com upgraded shares of Target from a hold rating to a buy rating in a research report on Tuesday. Seventeen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $155.84.
In other news, insider Brian C. Cornell sold 30,000 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $130.70, for a total value of $3,921,000.00. Following the completion of the transaction, the insider now owns 399,669 shares in the company, valued at approximately $52,236,738.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.
Institutional Investors Weigh In On Target
A number of large investors have recently added to or reduced their stakes in the business. State Street Corp grew its stake in Target by 4.6% in the 1st quarter. State Street Corp now owns 34,570,634 shares of the retailer’s stock valued at $5,725,904,000 after acquiring an additional 1,529,881 shares during the last quarter. Moneta Group Investment Advisors LLC grew its stake in Target by 95,980.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 18,537,742 shares of the retailer’s stock valued at $2,762,865,000 after acquiring an additional 18,518,448 shares during the last quarter. Geode Capital Management LLC grew its stake in Target by 1.0% in the 1st quarter. Geode Capital Management LLC now owns 8,300,283 shares of the retailer’s stock valued at $1,371,516,000 after acquiring an additional 80,027 shares during the last quarter. Morgan Stanley grew its stake in Target by 2.9% in the 4th quarter. Morgan Stanley now owns 6,481,880 shares of the retailer’s stock valued at $966,059,000 after acquiring an additional 183,575 shares during the last quarter. Finally, Norges Bank acquired a new stake in Target in the 4th quarter valued at about $725,870,000. 78.33% of the stock is owned by institutional investors and hedge funds.
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.
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