Target (NYSE:TGT) Issues FY 2024 Earnings Guidance

Target (NYSE:TGT) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 8.300-8.900 for the period, compared to the consensus EPS 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

A number of equities analysts recently issued reports on TGT shares. Daiwa Capital Markets upgraded Target from a “neutral” rating to an “outperform” rating and set a $170.00 target price for the company in a research note on Monday, August 26th. Daiwa America raised Target to a “strong-buy” rating in a report on Monday, August 26th. Sanford C. Bernstein started coverage on shares of Target in a report on Tuesday, October 22nd. They issued a “market perform” rating and a $168.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of Target from $167.00 to $139.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Royal Bank of Canada upped their price objective on shares of Target from $174.00 to $177.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $162.13.

Target Stock Performance

NYSE:TGT opened at $121.66 on Friday. The company has a market cap of $56.05 billion, a P/E ratio of 12.57, a P/E/G ratio of 2.03 and a beta of 1.24. Target has a twelve month low of $120.21 and a twelve month high of $181.86. The company’s 50-day moving average price is $151.79 and its 200-day moving average price is $149.92. The company has a current ratio of 0.90, a quick ratio of 0.27 and a debt-to-equity ratio of 0.95.

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). Target had a net margin of 4.18% and a return on equity of 33.10%. The company had revenue of $25.23 billion during the quarter, compared to analysts’ expectations of $25.87 billion. During the same quarter last year, the company earned $2.10 earnings per share. Target’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts forecast that Target will post 9.55 earnings per share for the current fiscal year.

Target Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be given 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 dividend yield of 3.68%. Target’s payout ratio is 46.28%.

Insider Activity at Target

In other Target news, insider Richard H. Gomez sold 6,348 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $157.17, for a total value of $997,715.16. Following the transaction, the insider now owns 123,551 shares of the company’s stock, valued at $19,418,510.67. This represents a 4.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Matthew A. Liegel sold 1,000 shares of Target stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $153.13, for a total transaction of $153,130.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,348 shares of company stock valued at $8,290,995. 0.15% of the stock is owned by company 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.