Brokerages Anticipate Target Corporation (TGT) Will Post Quarterly Sales of $16.22 Billion
Brokerages expect Target Corporation (NYSE:TGT) to post sales of $16.22 billion for the current quarter, Zacks reports. Five analysts have made estimates for Target Corporation’s earnings, with the highest sales estimate coming in at $16.35 billion and the lowest estimate coming in at $16.02 billion. Target Corporation reported sales of $16.17 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 0.3%. The business is expected to announce its next quarterly earnings results 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 year, analysts anticipate that the firm will post sales of $69.92 billion per share, with estimates ranging from $68.82 billion to $70.74 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Target Corporation.
Target Corporation (NYSE:TGT) last released its quarterly earnings results on Wednesday, May 17th. The retailer reported $1.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.30. The business had revenue of $16.02 billion during the quarter, compared to analyst estimates of $15.63 billion. Target Corporation had a net margin of 4.02% and a return on equity of 25.17%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.29 earnings per share.
Several equities research analysts recently weighed in on TGT shares. BidaskClub upgraded Target Corporation from a “hold” rating to a “buy” rating in a research note on Sunday. Buckingham Research reissued a “buy” rating and issued a $71.00 target price on shares of Target Corporation in a report on Wednesday, April 19th. Vetr lowered Target Corporation from a “buy” rating to a “hold” rating and set a $59.67 target price on the stock. in a report on Monday. Zacks Investment Research raised Target Corporation from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Finally, Gordon Haskett assumed coverage on Target Corporation in a report on Tuesday, May 9th. They set a “sell” rating and a $47.00 price objective on the stock. Six equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and seven have assigned a buy rating to the company. Target Corporation presently has an average rating of “Hold” and an average price target of $61.99.
Shares of Target Corporation (NYSE TGT) opened at 57.87 on Thursday. The stock has a market capitalization of $31.93 billion, a price-to-earnings ratio of 11.86 and a beta of 0.61. Target Corporation has a 52-week low of $48.56 and a 52-week high of $79.33. The firm’s 50 day moving average is $53.83 and its 200 day moving average is $56.54. Target Corporation also was the recipient of unusually large options trading on Tuesday. Traders acquired 43,644 call options on the stock. This represents an increase of approximately 350% compared to the typical volume of 9,688 call options.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 10th. Shareholders 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 yield of 4.29%. The ex-dividend date is Monday, August 14th. This is a boost from Target Corporation’s previous quarterly dividend of $0.60. Target Corporation’s dividend payout ratio is 48.98%.
In other Target Corporation news, insider Robert M. Harrison sold 2,639 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $52.05, for a total transaction of $137,359.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in 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 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. Bank of New York Mellon Corp increased its position in 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. Morgan Stanley increased its position in Target Corporation by 1.6% in the first quarter. Morgan Stanley now owns 6,716,718 shares of the retailer’s stock worth $370,696,000 after buying an additional 107,163 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Target Corporation by 8.9% in the first quarter. Geode Capital Management LLC now owns 6,035,990 shares of the retailer’s stock worth $332,703,000 after buying an additional 494,836 shares in the last quarter. Institutional investors own 82.63% of the company’s stock.
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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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