Target Corp. (TGT) Announces Earnings Results, Beats Estimates By $0.21 EPS
Target Corp. (NYSE:TGT) announced its earnings results on Wednesday. The retailer reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. Target Corp. had a net margin of 4.59% and a return on equity of 23.59%. During the same quarter in the prior year, the firm earned $0.86 earnings per share.
Shares of Target Corp. (NYSE:TGT) opened at 71.44 on Wednesday. The company’s 50-day moving average is $68.19 and its 200-day moving average is $71.01. The company has a market cap of $41.06 billion, a price-to-earnings ratio of 13.22 and a beta of 0.59. Target Corp. has a 12-month low of $65.50 and a 12-month high of $84.14.
The company also recently announced a quarterly dividend, which will be paid on Saturday, December 10th. Investors of record on Wednesday, November 16th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend is Monday, November 14th. Target Corp.’s dividend payout ratio (DPR) is presently 44.44%.
Hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP bought a new stake in shares of Target Corp. during the second quarter worth approximately $1,320,000. Commonwealth Bank of Australia raised its stake in shares of Target Corp. by 5.1% in the second quarter. Commonwealth Bank of Australia now owns 87,866 shares of the retailer’s stock worth $6,136,000 after buying an additional 4,251 shares in the last quarter. Tredje AP fonden raised its stake in shares of Target Corp. by 19.4% in the second quarter. Tredje AP fonden now owns 68,546 shares of the retailer’s stock worth $4,786,000 after buying an additional 11,135 shares in the last quarter. Mycio Wealth Partners LLC raised its stake in shares of Target Corp. by 1.1% in the second quarter. Mycio Wealth Partners LLC now owns 5,695 shares of the retailer’s stock worth $398,000 after buying an additional 60 shares in the last quarter. Finally, Frontier Wealth Management LLC bought a new stake in shares of Target Corp. during the second quarter worth approximately $611,000. Hedge funds and other institutional investors own 84.41% of the company’s stock.
A number of equities analysts recently weighed in on TGT shares. Zacks Investment Research downgraded shares of Target Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 18th. Morgan Stanley set a $64.00 price target on shares of Target Corp. and gave the company a “sell” rating in a research note on Friday, August 19th. Vetr downgraded shares of Target Corp. from a “strong-buy” rating to a “buy” rating and set a $77.55 price target for the company. in a research note on Monday, September 12th. Argus reaffirmed a “hold” rating on shares of Target Corp. in a research note on Thursday, September 8th. Finally, Credit Suisse Group AG started coverage on shares of Target Corp. in a research note on Friday, September 16th. They issued a “neutral” rating and a $65.00 price target for the company. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $74.51.
Target Corp. Company Profile
Target Corporation offers everyday essentials and merchandise to its customers. The Company sells a range of general merchandise and food through its store and digital channels. The Company’s general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items.
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