Target (NYSE:TGT) Releases Q2 2024 Earnings Guidance

Target (NYSE:TGT) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 1.950-2.350 for the period, compared to the consensus EPS estimate of 2.190. The company issued revenue guidance of -. Target also updated its FY 2024 guidance to 8.600-9.600 EPS.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TGT. Truist Financial dropped their price objective on Target from $160.00 to $153.00 and set a hold rating for the company in a research note on Thursday. Barclays lifted their price objective on Target from $142.00 to $169.00 and gave the company an equal weight rating in a research report on Wednesday, March 6th. Oppenheimer increased their price target on shares of Target from $160.00 to $170.00 and gave the stock an outperform rating in a research note on Monday, February 26th. JPMorgan Chase & Co. increased their target price on Target from $125.00 to $157.00 and gave the stock a neutral rating in a research note on Friday, March 1st. Finally, Gordon Haskett boosted their price objective on shares of Target from $200.00 to $220.00 and gave the stock a buy rating in a report on Thursday, April 4th. Ten analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $180.41.

Target Stock Performance

TGT opened at $145.23 on Friday. Target has a fifty-two week low of $102.93 and a fifty-two week high of $181.86. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.29 and a current ratio of 0.86. The company has a fifty day moving average of $164.92 and a 200 day moving average of $149.59. The stock has a market capitalization of $67.19 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 1.34 and a beta of 1.16.

Target (NYSE:TGT) last released its quarterly earnings data on Wednesday, May 22nd. The retailer reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.02). Target had a return on equity of 31.91% and a net margin of 3.87%. The firm had revenue of $24.14 billion during the quarter, compared to the consensus estimate of $24.52 billion. During the same period in the previous year, the firm earned $2.05 EPS. The business’s revenue was down 3.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Target will post 9.39 earnings per share for the current fiscal year.

Target Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $1.10 per share. The ex-dividend date is Tuesday, May 14th. This represents a $4.40 annualized dividend and a yield of 3.03%. Target’s payout ratio is currently 49.38%.

Insider Activity at Target

In related news, insider Melissa K. Kremer sold 3,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $165.05, for a total value of $495,150.00. Following the sale, the insider now directly owns 30,527 shares of the company’s stock, valued at approximately $5,038,481.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Target news, insider Melissa K. Kremer sold 3,000 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $165.05, for a total value of $495,150.00. Following the sale, the insider now owns 30,527 shares in the company, valued at $5,038,481.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Christina Hennington sold 4,600 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $170.88, for a total transaction of $786,048.00. Following the sale, the insider now directly owns 38,487 shares of the company’s stock, valued at $6,576,658.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,600 shares of company stock worth $8,819,598. Company insiders own 0.23% of the company’s stock.

About Target

Target Corporation operates as a general merchandise retailer in the United States. The company offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories, and shoes; and beauty and personal care, baby gear, cleaning, paper products, and pet supplies.