Target Co. (NYSE:TGT – Get Rating) – Investment analysts at Jefferies Financial Group dropped their FY2023 EPS estimates for Target in a research note issued to investors on Wednesday, November 16th. Jefferies Financial Group analyst C. Tarlowe now expects that the retailer will post earnings of $5.41 per share for the year, down from their previous estimate of $7.90. Jefferies Financial Group currently has a “Buy” rating and a $185.00 target price on the stock. The consensus estimate for Target’s current full-year earnings is $6.16 per share. Jefferies Financial Group also issued estimates for Target’s Q4 2023 earnings at $1.27 EPS, Q4 2024 earnings at $3.09 EPS and FY2024 earnings at $11.25 EPS.
Target (NYSE:TGT – Get Rating) last announced its quarterly earnings results on Wednesday, November 16th. The retailer reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.12 by ($0.58). The firm had revenue of $26.12 billion for the quarter, compared to analyst estimates of $26.40 billion. Target had a net margin of 3.17% and a return on equity of 30.51%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $3.03 EPS.
Target Stock Performance
TGT stock opened at $162.88 on Monday. The company has a market capitalization of $74.97 billion, a P/E ratio of 22.31, a PEG ratio of 2.10 and a beta of 1.02. The company has a 50-day simple moving average of $159.39 and a 200 day simple moving average of $161.91. Target has a fifty-two week low of $137.16 and a fifty-two week high of $254.87. The company has a quick ratio of 0.14, a current ratio of 0.86 and a debt-to-equity ratio of 1.29.
Target Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Shareholders of record on Wednesday, November 16th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Tuesday, November 15th. This represents a $4.32 annualized dividend and a yield of 2.65%. Target’s payout ratio is presently 59.18%.
Insiders Place Their Bets
In other news, insider John J. Mulligan sold 39,101 shares of the company’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $166.02, for a total value of $6,491,548.02. Following the transaction, the insider now owns 118,425 shares in the company, valued at approximately $19,660,918.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.29% of the company’s stock.
Hedge Funds Weigh In On Target
Large investors have recently made changes to their positions in the business. West Family Investments Inc. increased its holdings in shares of Target by 18.9% in the 1st quarter. West Family Investments Inc. now owns 2,988 shares of the retailer’s stock valued at $634,000 after purchasing an additional 476 shares during the period. NewEdge Advisors LLC grew its stake in shares of Target by 17.0% in the 1st quarter. NewEdge Advisors LLC now owns 184,821 shares of the retailer’s stock valued at $39,222,000 after buying an additional 26,849 shares in the last quarter. Diversified Trust Co grew its stake in shares of Target by 6.7% in the 2nd quarter. Diversified Trust Co now owns 10,356 shares of the retailer’s stock valued at $1,463,000 after buying an additional 652 shares in the last quarter. Venture Visionary Partners LLC grew its stake in shares of Target by 71.8% in the 1st quarter. Venture Visionary Partners LLC now owns 14,555 shares of the retailer’s stock valued at $3,088,000 after buying an additional 6,084 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Target by 14.7% in the 1st quarter. CIBC Asset Management Inc now owns 66,565 shares of the retailer’s stock valued at $14,126,000 after buying an additional 8,516 shares in the last quarter. Institutional investors and hedge funds own 77.42% of the company’s stock.
Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food, and other merchandise; and beauty and household essentials.
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