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 (EPS) guidance of 8.300-8.900 for the period, compared to the consensus estimate of 2.660. The company issued revenue guidance of -. Target also updated its Q4 guidance to $1.85-2.45 EPS.

Analyst Ratings Changes

A number of research firms recently weighed in on TGT. Wells Fargo & Company cut their target price on shares of Target from $180.00 to $150.00 and set an “overweight” rating on the stock in a research note on Wednesday. Daiwa Capital Markets upgraded shares of Target from a “neutral” rating to an “outperform” rating and set a $170.00 price objective for the company in a research report on Monday, August 26th. Morgan Stanley reiterated an “overweight” rating and set a $180.00 price target on shares of Target in a research note on Wednesday, August 21st. Roth Mkm upped their price objective on shares of Target from $153.00 to $157.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Finally, JPMorgan Chase & Co. boosted their target price on Target from $153.00 to $167.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $171.90.

Target Stock Performance

NYSE:TGT opened at $121.73 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.90 and a debt-to-equity ratio of 0.95. Target has a fifty-two week low of $120.21 and a fifty-two week high of $181.86. The firm’s fifty day simple moving average is $152.33 and its 200-day simple moving average is $150.12. The stock has a market cap of $56.08 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 2.03 and a beta of 1.24.

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

Target Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $4.48 annualized dividend and a yield of 3.68%. Target’s dividend payout ratio (DPR) is currently 46.28%.

Insider Activity at Target

In related news, CAO Matthew A. Liegel sold 1,000 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $153.13, for a total transaction of $153,130.00. Following the completion of the sale, the chief accounting officer now owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. This represents a 12.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard H. Gomez sold 6,348 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $157.17, for a total value of $997,715.16. Following the completion of the sale, the insider now owns 123,551 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders have sold 52,348 shares of company stock valued at $8,290,995. 0.15% of the stock is owned by corporate insiders.

Target Company Profile

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.