Brokers Issue Forecasts for Target Co.’s Q3 2024 Earnings (NYSE:TGT)

Posted by Defense World Staff on Jun 7th, 2023

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Target Co. (NYSE:TGT – Get Rating) – KeyCorp dropped their Q3 2024 earnings per share estimates for Target in a note issued to investors on Sunday, June 4th. KeyCorp analyst B. Thomas now anticipates that the retailer will post earnings per share of $1.89 for the quarter, down from their prior estimate of $1.96. The consensus estimate for Target’s current full-year earnings is $8.29 per share. KeyCorp also issued estimates for Target’s FY2024 earnings at $7.80 EPS.

Target (NYSE:TGT – Get Rating) last issued its earnings results on Wednesday, May 17th. The retailer reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.29. Target had a return on equity of 24.49% and a net margin of 2.49%. The firm had revenue of $24.95 billion for the quarter, compared to analysts’ expectations of $25.28 billion. During the same quarter last year, the business earned $2.19 earnings per share. The company’s revenue was up .5% compared to the same quarter last year.

Several other equities analysts have also recently weighed in on TGT. Cowen cut their price objective on Target from $210.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, February 15th. JPMorgan Chase & Co. cut Target from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $182.00 to $144.00 in a report on Thursday, June 1st. Raymond James lifted their price objective on Target from $185.00 to $195.00 and gave the company a “strong-buy” rating in a report on Thursday, March 2nd. Credit Suisse Group lifted their price objective on Target from $160.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, March 1st. Finally, TheStreet upgraded Target from a “c+” rating to a “b-” rating in a report on Thursday, February 16th. Thirteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $179.72.

Target Price Performance

Shares of TGT opened at $132.76 on Tuesday. Target has a 1 year low of $126.75 and a 1 year high of $183.89. The company has a current ratio of 0.88, a quick ratio of 0.18 and a debt-to-equity ratio of 1.38. The stock has a market cap of $61.27 billion, a P/E ratio of 22.62, a price-to-earnings-growth ratio of 1.04 and a beta of 1.03. The stock’s 50-day moving average price is $154.90 and its two-hundred day moving average price is $158.73.

Target Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 10th. Stockholders of record on Wednesday, May 17th will be paid a dividend of $1.08 per share. The ex-dividend date is Tuesday, May 16th. This represents a $4.32 annualized dividend and a dividend yield of 3.25%. Target’s dividend payout ratio is currently 73.59%.

Insider Transactions at Target

In related news, insider Brian C. Cornell sold 35,000 shares of the business’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $158.98, for a total value of $5,564,300.00. Following the completion of the sale, the insider now directly owns 191,272 shares in the company, valued at approximately $30,408,422.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Brian C. Cornell sold 35,000 shares of the business’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $158.98, for a total value of $5,564,300.00. Following the completion of the sale, the insider now directly owns 191,272 shares in the company, valued at approximately $30,408,422.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew A. Liegel sold 1,459 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $160.75, for a total value of $234,534.25. Following the completion of the sale, the chief accounting officer now owns 3,748 shares of the company’s stock, valued at $602,491. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Target

Institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. lifted its position in shares of Target by 333.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 86,615 shares of the retailer’s stock valued at $12,853,000 after acquiring an additional 66,615 shares during the period. Legacy Financial Advisors Inc. bought a new stake in shares of Target during the 4th quarter valued at $213,000. Mutual Advisors LLC bought a new stake in shares of Target during the 4th quarter valued at $3,425,000. KG&L Capital Management LLC raised its holdings in shares of Target by 39.2% during the 4th quarter. KG&L Capital Management LLC now owns 19,120 shares of the retailer’s stock worth $2,850,000 after buying an additional 5,384 shares in the last quarter. Finally, FSM Wealth Advisors LLC raised its holdings in shares of Target by 11.3% during the 4th quarter. FSM Wealth Advisors LLC now owns 2,963 shares of the retailer’s stock worth $442,000 after buying an additional 301 shares in the last quarter. 78.86% of the stock is currently owned by institutional investors.

Target Company Profile

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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.