Target Corp. (TGT) Shares Up 0.1% Following Strong Earnings
Target Corp. (NYSE:TGT)’s share price shot up 0.1% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $78.30 and last traded at $76.09, with a volume of 4,943,597 shares changing hands. The stock had previously closed at $76.03.
The retailer reported $1.04 EPS for the quarter, beating the consensus estimate of $0.83 by $0.21. Target Corp. had a net margin of 4.75% and a return on equity of 25.18%. The business earned $16.44 billion during the quarter, compared to analyst estimates of $16.30 billion. During the same quarter in the previous year, the business posted $0.86 EPS. The company’s quarterly revenue was down 6.7% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 10th. Stockholders of record on Wednesday, November 16th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, November 14th. This represents a $2.40 annualized dividend and a dividend yield of 3.15%. Target Corp.’s dividend payout ratio is currently 42.93%.
Several research firms have recently commented on TGT. Zacks Investment Research upgraded shares of Target Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Buckingham Research boosted their price objective on shares of Target Corp. to $85.00 in a research note on Wednesday. Telsey Advisory Group boosted their price objective on shares of Target Corp. from $82.00 to $84.00 and gave the stock an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. reiterated a “hold” rating and set a $79.00 price objective on shares of Target Corp. in a research note on Thursday. Finally, Nomura reiterated a “hold” rating and set a $75.00 price objective on shares of Target Corp. in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $74.62.
Large investors have recently added to or reduced their stakes in the company. Iowa State Bank boosted its stake in Target Corp. by 2.6% in the second quarter. Iowa State Bank now owns 51,242 shares of the retailer’s stock valued at $3,578,000 after buying an additional 1,275 shares during the last quarter. Gardiner Nancy B boosted its stake in Target Corp. by 6.7% in the first quarter. Gardiner Nancy B now owns 4,205 shares of the retailer’s stock valued at $346,000 after buying an additional 265 shares during the last quarter. Lebenthal Asset Management LLC purchased a new stake in Target Corp. during the first quarter valued at about $5,894,000. Cullinan Associates Inc. boosted its stake in Target Corp. by 58.1% in the first quarter. Cullinan Associates Inc. now owns 52,500 shares of the retailer’s stock valued at $4,320,000 after buying an additional 19,300 shares during the last quarter. Finally, First Republic Investment Management Inc. boosted its stake in Target Corp. by 6.9% in the first quarter. First Republic Investment Management Inc. now owns 642,667 shares of the retailer’s stock valued at $52,877,000 after buying an additional 41,235 shares during the last quarter. Hedge funds and other institutional investors own 84.41% of the company’s stock.
The stock has a 50 day moving average of $68.88 and a 200-day moving average of $70.72. The stock has a market capitalization of $43.79 billion, a PE ratio of 14.10 and a beta of 0.59.
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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