Target Co. (NYSE:TGT) Declares Quarterly Dividend of $0.90

Target Co. (NYSE:TGT) announced a quarterly dividend on Thursday, January 13th, RTT News reports. Stockholders of record on Wednesday, February 16th will be paid a dividend of 0.90 per share by the retailer on Thursday, March 10th. This represents a $3.60 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Tuesday, February 15th.

Target has raised its dividend by 25.4% over the last three years and has increased its dividend annually for the last 51 consecutive years. Target has a dividend payout ratio of 24.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Target to earn $13.17 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 27.3%.

NYSE:TGT opened at $221.40 on Friday. The stock’s 50 day moving average price is $238.23 and its 200 day moving average price is $245.31. Target has a 52-week low of $166.82 and a 52-week high of $268.98. The company has a market capitalization of $106.08 billion, a PE ratio of 16.29, a P/E/G ratio of 1.18 and a beta of 1.00. The company has a quick ratio of 0.33, a current ratio of 0.97 and a debt-to-equity ratio of 0.84.

Target (NYSE:TGT) last announced its earnings results on Wednesday, November 17th. The retailer reported $3.03 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.20. The company had revenue of $25.29 billion for the quarter, compared to the consensus estimate of $24.60 billion. Target had a return on equity of 44.81% and a net margin of 6.56%. The company’s revenue was up 13.2% on a year-over-year basis. During the same period last year, the business posted $2.79 EPS. As a group, sell-side analysts anticipate that Target will post 13.19 EPS for the current fiscal year.

Several equities analysts recently issued reports on TGT shares. Gordon Haskett cut Target from a “buy” rating to a “hold” rating in a report on Friday, December 17th. Truist started coverage on Target in a report on Thursday. They set a “buy” rating for the company. UBS Group cut Target from a “buy” rating to a “sell” rating in a report on Thursday, January 6th. Zacks Investment Research cut Target from a “buy” rating to a “hold” rating and set a $276.00 price objective for the company. in a report on Tuesday, October 26th. Finally, The Goldman Sachs Group lifted their price objective on Target from $281.00 to $308.00 and gave the stock a “buy” rating in a report on Tuesday, October 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Target has an average rating of “Buy” and a consensus price target of $260.29.

In other news, insider John J. Mulligan sold 28,918 shares of the firm’s stock in a transaction dated Friday, December 17th. The stock was sold at an average price of $223.60, for a total value of $6,466,064.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Brian C. Cornell sold 30,000 shares of the stock in a transaction dated Thursday, December 2nd. The shares were sold at an average price of $244.72, for a total transaction of $7,341,600.00. The disclosure for this sale can be found here. Insiders sold 66,277 shares of company stock worth $15,643,765 over the last ninety days. 0.29% of the stock is currently owned by company insiders.

An institutional investor recently raised its position in Target stock. Morgan Stanley boosted its stake in Target Co. (NYSE:TGT) by 10.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 3,164,273 shares of the retailer’s stock after buying an additional 305,955 shares during the period. Morgan Stanley owned approximately 0.64% of Target worth $764,931,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 78.34% of the company’s stock.

Target Company Profile

Target Corp. engages in the operation and ownership of general merchandise stores. It offers food assortments including perishables, dry grocery, dairy, and frozen items. The company was founded by George Draper Dayton in 1902 and is headquartered in Minneapolis, MN.

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Dividend History for Target (NYSE:TGT)

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