Target (NYSE:TGT) Updates FY 2024 Earnings Guidance

Target (NYSE:TGT) updated its FY 2024 earnings guidance on Wednesday. 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

Several equities analysts have recently commented on the company. StockNews.com lowered Target from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered Target from a “buy” rating to a “hold” rating and decreased their target price for the stock from $184.00 to $108.00 in a research note on Wednesday. Guggenheim decreased their target price on Target from $180.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday. Melius Research assumed coverage on Target in a research note on Monday, September 23rd. They set a “buy” rating and a $180.00 target price on the stock. Finally, Hsbc Global Res lowered Target from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Target has a consensus rating of “Moderate Buy” and a consensus target price of $162.13.

Target Stock Up 2.8 %

TGT opened at $125.01 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.94 and a quick ratio of 0.27. The business has a 50 day simple moving average of $151.27 and a 200-day simple moving average of $149.69. The stock has a market capitalization of $57.59 billion, a P/E ratio of 13.26, a P/E/G ratio of 1.57 and a beta of 1.24. Target has a 12 month low of $120.21 and a 12 month high of $181.86.

Target (NYSE:TGT) last posted 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). The business had revenue of $25.23 billion during the quarter, compared to analyst estimates of $25.87 billion. Target had a net margin of 4.06% and a return on equity of 31.11%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.10 earnings per share. On average, equities analysts anticipate that Target will post 9.58 earnings per share for the current fiscal year.

Target Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors 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 3.58%. Target’s dividend payout ratio is presently 47.51%.

Insider Buying and Selling

In related news, CAO Matthew A. Liegel sold 1,000 shares of Target stock in a transaction on Friday, August 30th. The stock was sold at an average price of $153.13, for a total transaction of $153,130.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,276 shares of the company’s stock, valued at approximately $1,114,173.88. The trade was a 12.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brian C. Cornell sold 45,000 shares of Target stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $158.67, for a total value of $7,140,150.00. Following the transaction, the insider now directly owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. This represents a 12.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,348 shares of company stock valued at $8,290,995. 0.15% of the stock is owned by insiders.

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.