Target (NYSE:TGT) Issues Quarterly Earnings Results, Misses Estimates By $0.58 EPS

Target (NYSE:TGTGet Rating) announced its quarterly earnings results on Wednesday. The retailer reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.12 by ($0.58), RTT News reports. Target had a net margin of 3.17% and a return on equity of 30.51%. The firm had revenue of $26.12 billion for the quarter, compared to the consensus estimate of $26.40 billion. During the same period in the prior year, the business earned $3.03 earnings per share. The company’s revenue for the quarter was up 3.3% on a year-over-year basis.

Target Stock Up 4.2 %

Shares of NYSE TGT opened at $162.01 on Friday. The stock has a market cap of $74.57 billion, a P/E ratio of 22.19, a P/E/G ratio of 1.95 and a beta of 1.02. The firm has a 50 day moving average price of $159.61 and a 200 day moving average price of $163.39. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.14 and a current ratio of 0.86. Target has a 52-week low of $137.16 and a 52-week high of $256.64.

Target Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Investors of record on Wednesday, November 16th will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Tuesday, November 15th. Target’s dividend payout ratio is currently 59.18%.

Insider Activity at Target

In related news, insider John J. Mulligan sold 39,101 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $166.02, for a total transaction of $6,491,548.02. Following the completion of the transaction, the insider now owns 118,425 shares in the company, valued at $19,660,918.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Worth Asset Management LLC bought a new stake in shares of Target in the first quarter worth $92,000. First Command Bank lifted its position in shares of Target by 61.5% in the second quarter. First Command Bank now owns 788 shares of the retailer’s stock worth $111,000 after purchasing an additional 300 shares in the last quarter. Covestor Ltd lifted its position in shares of Target by 131.7% in the first quarter. Covestor Ltd now owns 702 shares of the retailer’s stock worth $149,000 after purchasing an additional 399 shares in the last quarter. Fairview Capital Investment Management LLC bought a new stake in shares of Target in the first quarter worth $201,000. Finally, Merit Financial Group LLC bought a new stake in shares of Target in the first quarter worth $208,000. Institutional investors and hedge funds own 77.42% of the company’s stock.

Wall Street Analysts Forecast Growth

TGT has been the subject of several analyst reports. Morgan Stanley cut their price target on shares of Target from $190.00 to $155.00 and set an “equal weight” rating for the company in a report on Thursday. Citigroup cut their price target on shares of Target from $184.00 to $177.00 and set a “buy” rating for the company in a report on Thursday. BMO Capital Markets downgraded shares of Target from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $190.00 to $165.00 in a research note on Thursday. Credit Suisse Group dropped their target price on shares of Target from $180.00 to $165.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Guggenheim boosted their target price on shares of Target to $190.00 in a research note on Monday, August 22nd. Nine research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $185.85.

About Target

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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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Earnings History for Target (NYSE:TGT)

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