Target (NYSE:TGT) Releases Q2 2024 Earnings Guidance

Target (NYSE:TGT) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 1.950-2.350 for the period, compared to the consensus estimate of 2.190. The company issued revenue guidance of -. Target also updated its FY 2024 guidance to 8.600-9.600 EPS.

Target Price Performance

Shares of NYSE:TGT opened at $155.73 on Wednesday. The stock has a market cap of $72.05 billion, a PE ratio of 17.44, a PEG ratio of 1.46 and a beta of 1.16. The company’s fifty day moving average is $166.17 and its 200 day moving average is $149.43. Target has a 52 week low of $102.93 and a 52 week high of $181.86. The company has a quick ratio of 0.29, a current ratio of 0.91 and a debt-to-equity ratio of 1.11.

Target (NYSE:TGT) last issued its earnings results on Tuesday, March 5th. The retailer reported $2.98 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.57. The company had revenue of $31.47 billion for the quarter, compared to analysts’ expectations of $31.83 billion. Target had a net margin of 3.85% and a return on equity of 33.41%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.89 EPS. Research analysts anticipate that Target will post 9.42 earnings per share for the current year.

Target Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Wednesday, May 15th will be given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Tuesday, May 14th. Target’s payout ratio is presently 49.27%.

Wall Street Analyst Weigh In

TGT has been the topic of a number of analyst reports. Telsey Advisory Group boosted their price objective on shares of Target from $160.00 to $195.00 and gave the company an outperform rating in a research report on Wednesday, March 6th. HSBC raised Target from a hold rating to a buy rating and raised their target price for the stock from $140.00 to $195.00 in a research note on Wednesday, March 6th. Barclays raised their target price on Target from $142.00 to $169.00 and gave the stock an equal weight rating in a research note on Wednesday, March 6th. Roth Mkm raised their target price on Target from $140.00 to $153.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. Finally, Wells Fargo & Company raised their target price on Target from $165.00 to $190.00 and gave the stock an overweight rating in a research note on Wednesday, March 6th. Ten research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $181.96.

Insider Activity

In related news, insider Melissa K. Kremer sold 3,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $165.05, for a total value of $495,150.00. Following the completion of the transaction, the insider now owns 30,527 shares of the company’s stock, valued at approximately $5,038,481.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Christina Hennington sold 4,600 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $170.88, for a total value of $786,048.00. Following the completion of the transaction, the insider now owns 38,487 shares of the company’s stock, valued at approximately $6,576,658.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Melissa K. Kremer sold 3,000 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $165.05, for a total transaction of $495,150.00. Following the completion of the sale, the insider now owns 30,527 shares in the company, valued at approximately $5,038,481.35. The disclosure for this sale can be found here. Insiders sold a total of 52,600 shares of company stock valued at $8,819,598 in the last 90 days. Company insiders own 0.23% 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.