Target (NYSE:TGT) Updates FY 2019 Pre-Market Earnings Guidance

Target (NYSE:TGT) updated its FY 2019
Pre-Market earnings guidance on Wednesday. The company provided earnings per share guidance of 6.25-6.45 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.39. Target also updated its Q4 2019
Pre-Market guidance to 1.54-1.74 EPS.

Shares of TGT stock opened at $125.26 on Wednesday. Target has a twelve month low of $67.17 and a twelve month high of $130.24. The stock has a market capitalization of $63.21 billion, a price-to-earnings ratio of 23.24, a P/E/G ratio of 2.59 and a beta of 0.56. The stock has a fifty day simple moving average of $126.36 and a two-hundred day simple moving average of $107.40. The company has a current ratio of 0.83, a quick ratio of 0.15 and a debt-to-equity ratio of 1.10.

Target (NYSE:TGT) last announced its quarterly earnings results on Wednesday, November 20th. The retailer reported $1.36 EPS for the quarter, beating the consensus estimate of $1.19 by $0.17. The firm had revenue of $18.41 billion for the quarter, compared to analyst estimates of $18.45 billion. Target had a return on equity of 28.22% and a net margin of 4.18%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 earnings per share. Research analysts predict that Target will post 6.38 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Wednesday, February 19th will be paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Tuesday, February 18th. Target’s dividend payout ratio (DPR) is presently 48.98%.

Target declared that its Board of Directors has initiated a stock buyback program on Thursday, September 19th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the retailer to repurchase up to 9.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

A number of research analysts have commented on TGT shares. Credit Suisse Group set a $112.00 target price on shares of Target and gave the company a buy rating in a research report on Monday, September 23rd. Evercore ISI assumed coverage on shares of Target in a research report on Wednesday, November 20th. They issued a hold rating for the company. Raymond James assumed coverage on shares of Target in a research note on Monday, October 7th. They set a strong-buy rating and a $130.00 price objective on the stock. Cowen lifted their price objective on shares of Target from $145.00 to $150.00 and gave the company a buy rating in a report on Wednesday, December 4th. Finally, KeyCorp reissued a buy rating and set a $140.00 price objective (up from $130.00) on shares of Target in a report on Thursday, November 21st. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Target has an average rating of Buy and a consensus target price of $117.19.

In other Target news, insider Don H. Liu sold 2,274 shares of the firm’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 value of $277,882.80. Following the completion of the sale, the insider now directly owns 37,616 shares in the company, valued at $4,596,675.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Stephanie A. Lundquist sold 6,630 shares of Target stock in a transaction on Monday, November 25th. The stock was sold at an average price of $127.00, for a total transaction of $842,010.00. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

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.

Further Reading: Are sell-side analysts objective?

Earnings History and Estimates for Target (NYSE:TGT)

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