Wall Street analysts expect Target Corporation (NYSE:TGT) to announce $16.22 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Target Corporation’s earnings. The lowest sales estimate is $16.02 billion and the highest is $16.35 billion. Target Corporation posted sales of $16.17 billion in the same quarter last year, which would indicate a positive year over year growth rate of 0.3%. The business is expected to report its next earnings report before the market opens on Wednesday, August 16th.
According to Zacks, analysts expect that Target Corporation will report full year sales of $16.22 billion for the current financial year, with estimates ranging from $68.65 billion to $70.57 billion. For the next financial year, analysts forecast that the firm will report sales of $69.92 billion per share, with estimates ranging from $68.82 billion to $70.74 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Target Corporation.
Target Corporation (NYSE:TGT) last posted its quarterly earnings data on Wednesday, May 17th. The retailer reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.30. The business had revenue of $16.02 billion for the quarter, compared to analyst estimates of $15.63 billion. Target Corporation had a return on equity of 25.17% and a net margin of 4.02%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 earnings per share.
Several research firms have weighed in on TGT. Vetr cut shares of Target Corporation from a “buy” rating to a “hold” rating and set a $59.66 price target on the stock. in a report on Monday, June 12th. UBS AG reaffirmed a “neutral” rating and set a $56.00 target price (down from $60.00) on shares of Target Corporation in a report on Tuesday, June 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $59.00 target price (up from $56.00) on shares of Target Corporation in a report on Friday, May 19th. Citigroup Inc. cut shares of Target Corporation from a “buy” rating to a “neutral” rating and raised their target price for the stock from $51.00 to $56.00 in a report on Wednesday, June 21st. Finally, BMO Capital Markets raised their target price on shares of Target Corporation from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Friday, July 14th. Six equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $61.99.
Target Corporation (NYSE:TGT) opened at 57.87 on Thursday. Target Corporation has a 1-year low of $48.56 and a 1-year high of $79.33. The company has a market capitalization of $31.93 billion, a price-to-earnings ratio of 11.86 and a beta of 0.61. The stock has a 50 day moving average price of $53.83 and a 200-day moving average price of $56.54. Target Corporation also was the target of some unusual options trading activity on Tuesday. Stock investors purchased 43,644 call options on the stock. This represents an increase of 350% compared to the typical volume of 9,688 call options.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 10th. Stockholders of record on Wednesday, August 16th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date is Monday, August 14th. This is a positive change from Target Corporation’s previous quarterly dividend of $0.60. Target Corporation’s payout ratio is 48.98%.
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In related news, insider Robert M. Harrison sold 2,639 shares of Target Corporation stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $52.05, for a total transaction of $137,359.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in TGT. BlackRock Inc. increased its position in shares of Target Corporation by 2,069.0% in the first quarter. BlackRock Inc. now owns 47,046,403 shares of the retailer’s stock worth $2,596,495,000 after buying an additional 44,877,391 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Target Corporation by 14.2% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 10,307,951 shares of the retailer’s stock worth $568,896,000 after buying an additional 1,279,077 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Target Corporation by 43.4% in the second quarter. Prudential Financial Inc. now owns 3,778,242 shares of the retailer’s stock worth $197,565,000 after buying an additional 1,143,598 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Target Corporation by 11.6% in the first quarter. Bank of New York Mellon Corp now owns 9,555,703 shares of the retailer’s stock worth $527,380,000 after buying an additional 996,689 shares in the last quarter. Finally, Smead Capital Management Inc. purchased a new position in shares of Target Corporation during the second quarter worth $41,667,000. 82.63% of the stock is owned by institutional investors and hedge funds.
About Target Corporation
Target Corporation (Target) is a general merchandise retailer selling products through its stores and digital channels. Its general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items. Its digital channels include a range of general merchandise, including a range of items found in its stores, along with an assortment, such as additional sizes and colors sold only online.
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