Target (NYSE:TGT) Releases FY 2024 Earnings Guidance

Target (NYSE:TGT) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 9.000-9.700 for the period, compared to the consensus earnings per share estimate of 9.280. The company issued revenue guidance of -. Target also updated its Q3 2024 guidance to 2.100-2.400 EPS.

Target Stock Performance

Shares of TGT opened at $144.45 on Wednesday. The company has a 50-day simple moving average of $145.10 and a 200-day simple moving average of $154.40. Target has a 52-week low of $102.93 and a 52-week high of $181.86. The company has a quick ratio of 0.27, a current ratio of 0.86 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $66.83 billion, a PE ratio of 16.21, a P/E/G ratio of 1.38 and a beta of 1.19.

Target (NYSE:TGT) last issued its quarterly earnings data on Wednesday, May 22nd. The retailer reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.02). The business had revenue of $24.14 billion during the quarter, compared to analyst estimates of $24.52 billion. Target had a net margin of 3.87% and a return on equity of 31.91%. Target’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.05 earnings per share. Equities research analysts predict that Target will post 9.31 earnings per share for the current fiscal year.

Target Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 21st will be paid a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.10%. This is a positive change from Target’s previous quarterly dividend of $1.10. Target’s dividend payout ratio (DPR) is presently 50.28%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. UBS Group decreased their price target on Target from $191.00 to $185.00 and set a buy rating on the stock in a research note on Thursday, May 23rd. BNP Paribas began coverage on shares of Target in a research report on Monday, June 3rd. They issued an underperform rating and a $116.00 price objective for the company. Piper Sandler initiated coverage on Target in a report on Wednesday, July 10th. They issued a neutral rating and a $156.00 price target for the company. Morgan Stanley decreased their price target on Target from $190.00 to $180.00 and set an overweight rating for the company in a research note on Thursday, May 23rd. Finally, Wells Fargo & Company reduced their price target on shares of Target from $175.00 to $160.00 and set an overweight rating on the stock in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $174.57.

About Target

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.