Target (NYSE:TGT) Releases 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TGT shares. Deutsche Bank Aktiengesellschaft cut Target from a “buy” rating to a “hold” rating and lowered their target price for the stock from $184.00 to $108.00 in a report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Target from $180.00 to $150.00 and set an “overweight” rating on the stock in a research note on Wednesday. Oppenheimer dropped their target price on Target from $200.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Truist Financial boosted their price target on Target from $156.00 to $162.00 and gave the stock a “hold” rating in a research report on Thursday, August 22nd. Finally, Citigroup downgraded Target from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $188.00 to $130.00 in a research report on Wednesday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $171.90.

Target Stock Down 21.2 %

TGT opened at $121.73 on Thursday. The company 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. The company has a 50-day moving average price of $152.33 and a 200 day moving average price of $150.12. Target has a twelve month low of $120.21 and a twelve month high of $181.86. 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 (NYSE:TGT) last posted its quarterly earnings results on Wednesday, November 20th. The retailer reported $1.85 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.45). Target had a return on equity of 33.10% and a net margin of 4.18%. The business had revenue of $25.23 billion for the quarter, compared to analyst estimates of $25.87 billion. During the same quarter in the previous year, the firm posted $2.10 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. Sell-side analysts expect 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 Buying and Selling

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

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.