Target Co. (TGT) to Issue Quarterly Dividend of $0.90 on September 10th

Target Co. (NYSE:TGT) announced a quarterly dividend on Wednesday, June 9th, RTT News reports. Investors of record on Wednesday, August 18th will be given a dividend of 0.90 per share by the retailer on Friday, September 10th. This represents a $3.60 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Tuesday, August 17th. This is a boost from Target’s previous quarterly dividend of $0.68.

Target has a payout ratio of 22.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Target to earn $11.88 per share next year, which means the company should continue to be able to cover its $2.72 annual dividend with an expected future payout ratio of 22.9%.

TGT opened at $231.66 on Friday. The business has a 50 day moving average of $214.25. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.07 and a quick ratio of 0.51. Target has a 1 year low of $114.81 and a 1 year high of $236.80. The firm has a market capitalization of $114.61 billion, a PE ratio of 18.90, a PEG ratio of 1.50 and a beta of 1.01.

Target (NYSE:TGT) last posted its quarterly earnings results on Tuesday, May 18th. The retailer reported $3.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.25 by $1.44. Target had a net margin of 6.30% and a return on equity of 45.70%. The firm had revenue of $23.88 billion for the quarter, compared to analyst estimates of $21.13 billion. During the same quarter last year, the firm posted $0.59 earnings per share. Target’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, research analysts expect that Target will post 11.82 earnings per share for the current year.

TGT has been the topic of several research reports. DA Davidson cut their price target on shares of Target from $229.00 to $210.00 and set a “buy” rating on the stock in a report on Wednesday, March 3rd. Credit Suisse Group raised their price target on shares of Target from $211.00 to $245.00 and gave the company an “outperform” rating in a report on Tuesday, May 25th. Evercore ISI reiterated a “hold” rating on shares of Target in a research note on Sunday, May 23rd. Barclays lifted their price objective on shares of Target from $225.00 to $260.00 and gave the company an “overweight” rating in a research note on Thursday, May 20th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Target from $225.00 to $258.00 and gave the company a “buy” rating in a research note on Thursday, May 20th. Five analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Target has a consensus rating of “Buy” and an average price target of $231.06.

In related news, insider Cara A. Sylvester sold 1,950 shares of the stock in a transaction dated Thursday, May 27th. The stock was sold at an average price of $227.56, for a total transaction of $443,742.00. Following the completion of the transaction, the insider now directly owns 7,360 shares in the company, valued at $1,674,841.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christina Hennington sold 1,852 shares of the stock in a transaction dated Friday, March 19th. The stock was sold at an average price of $183.00, for a total value of $338,916.00. Following the transaction, the insider now owns 25,249 shares of the company’s stock, valued at $4,620,567. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,218 shares of company stock worth $9,483,744. 0.52% of the stock is owned by company insiders.

A hedge fund recently bought a new stake in Target stock. OLD Mission Capital LLC acquired a new position in shares of Target Co. (NYSE:TGT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,268 shares of the retailer’s stock, valued at approximately $200,000. 78.24% of the stock is owned by hedge funds and other institutional investors.

Target Company Profile

Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food, and other merchandise; and beauty and household essentials.

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Dividend History for Target (NYSE:TGT)

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