Target (NYSE:TGT) Updates FY 2024 Earnings Guidance

Target (NYSE:TGT) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 8.300-8.900 for the period, compared to the consensus earnings per share estimate of 2.660. The company issued revenue guidance of -. Target also updated its Q4 guidance to $1.85-2.45 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Truist Financial increased their price objective on shares of Target from $156.00 to $162.00 and gave the company a “hold” rating in a report on Thursday, August 22nd. Daiwa America upgraded shares of Target to a “strong-buy” rating in a report on Monday, August 26th. Evercore ISI dropped their price objective on shares of Target from $165.00 to $130.00 and set an “in-line” rating for the company in a report on Thursday. Hsbc Global Res cut Target from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Oppenheimer cut their price target on Target from $200.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $162.13.

Target Stock Down 0.0 %

Shares of NYSE:TGT opened at $121.66 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.90 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average is $151.79 and its 200 day moving average is $149.92. The stock has a market cap of $56.05 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 2.03 and a beta of 1.24. Target has a 52-week low of $120.21 and a 52-week high of $181.86.

Target (NYSE:TGT) last announced its quarterly earnings results on Wednesday, November 20th. The retailer reported $1.85 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.45). Target had a net margin of 4.18% and a return on equity of 33.10%. The firm had revenue of $25.23 billion for the quarter, compared to analysts’ expectations of $25.87 billion. During the same quarter in the prior year, the business posted $2.10 EPS. The business’s quarterly revenue was up .9% on a year-over-year basis. Sell-side analysts predict that Target will post 9.55 EPS for the current year.

Target Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $4.48 annualized dividend and a dividend yield of 3.68%. Target’s payout ratio is presently 46.28%.

Insider Activity

In other Target news, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total value of $7,140,150.00. Following the completion of the transaction, the insider now directly owns 303,843 shares in the company, valued at approximately $48,210,768.81. The trade was a 12.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Richard H. Gomez sold 6,348 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $157.17, for a total transaction of $997,715.16. Following the completion of the sale, the insider now owns 123,551 shares in the company, valued at $19,418,510.67. This represents a 4.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,348 shares of company stock worth $8,290,995. Corporate insiders own 0.15% of the company’s stock.

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.