Wall Street analysts forecast that Target Co. (NYSE:TGT) will report $23.95 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Target’s earnings, with the highest sales estimate coming in at $24.03 billion and the lowest estimate coming in at $23.85 billion. Target posted sales of $22.98 billion during the same quarter last year, which would indicate a positive year over year growth rate of 4.2%. The firm is expected to report its next quarterly earnings results on Tuesday, March 3rd.
According to Zacks, analysts expect that Target will report full-year sales of $78.64 billion for the current year, with estimates ranging from $78.51 billion to $78.75 billion. For the next financial year, analysts expect that the firm will report sales of $81.55 billion, with estimates ranging from $81.20 billion to $82.19 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Target.
Target (NYSE:TGT) last released its quarterly earnings data on Wednesday, November 20th. The retailer reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.17. The firm had revenue of $18.41 billion for the quarter, compared to the consensus estimate of $18.45 billion. Target had a net margin of 4.18% and a return on equity of 28.22%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.09 earnings per share.
TGT has been the topic of several recent research reports. Goldman Sachs Group downgraded shares of Target from a “conviction-buy” rating to a “buy” rating and set a $110.00 price target on the stock. in a report on Friday, October 25th. Bank of America upped their price target on shares of Target from $125.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, November 21st. ValuEngine downgraded shares of Target from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. set a $115.00 price target on shares of Target and gave the company a “buy” rating in a report on Wednesday, August 21st. Finally, Credit Suisse Group set a $112.00 price target on shares of Target and gave the company a “buy” rating in a report on Monday, September 23rd. Six analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $114.70.
In related news, insider Don H. Liu sold 2,274 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $122.20, for a total transaction of $277,882.80. Following the transaction, the insider now owns 37,616 shares of the company’s stock, valued at $4,596,675.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Don H. Liu sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the transaction, the insider now directly owns 39,890 shares in the company, valued at approximately $4,387,900. The disclosure for this sale can be found here. Insiders have sold 10,904 shares of company stock worth $1,339,893 in the last three months. Insiders own 0.24% of the company’s stock.
A number of hedge funds have recently modified their holdings of TGT. Los Angeles Capital Management & Equity Research Inc. increased its position in Target by 609.6% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 29,171 shares of the retailer’s stock worth $2,527,000 after purchasing an additional 25,060 shares during the last quarter. Kanawha Capital Management LLC increased its position in Target by 1.9% during the second quarter. Kanawha Capital Management LLC now owns 112,177 shares of the retailer’s stock worth $9,716,000 after purchasing an additional 2,085 shares during the last quarter. Fisher Asset Management LLC increased its position in Target by 17.3% during the second quarter. Fisher Asset Management LLC now owns 4,235 shares of the retailer’s stock worth $367,000 after purchasing an additional 626 shares during the last quarter. KBC Group NV increased its position in Target by 9.2% during the second quarter. KBC Group NV now owns 70,521 shares of the retailer’s stock worth $6,108,000 after purchasing an additional 5,912 shares during the last quarter. Finally, Great Valley Advisor Group Inc. acquired a new position in Target during the second quarter worth approximately $268,000. 76.90% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE TGT traded down $1.26 on Wednesday, hitting $125.96. The company’s stock had a trading volume of 4,487,992 shares, compared to its average volume of 5,185,557. Target has a 12-month low of $60.15 and a 12-month high of $128.00. The company has a market capitalization of $64.47 billion, a price-to-earnings ratio of 23.37, a price-to-earnings-growth ratio of 2.64 and a beta of 0.55. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.83 and a quick ratio of 0.15. The stock has a 50 day moving average of $118.51 and a 200-day moving average of $101.44.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th were paid a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Tuesday, November 19th. Target’s payout ratio is 48.98%.
Target declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 19th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the retailer to reacquire up to 9.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
Target Company Profile
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials; food assortments, including perishables, dry grocery, dairy, and frozen items; and apparel, accessories, home décor products, electronics, toys, seasonal offerings, and other merchandise.
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