TJX Companies (TJX) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of TJX Companies (NYSE:TJX) from a hold rating to a buy rating in a report released on Friday morning. Zacks Investment Research currently has $61.00 target price on the apparel and home fashions retailer’s stock.
According to Zacks, “TJX Companies has surpassed the industry in the past six months, due to its sturdy comps record. Comps have been gaining from continued rise in consumer traffic and strong merchandising policies. These factors along with TJX Companies’ off-price model, strategic store locations and impressive brands have been driving its store and online performance. This was visible in the second-quarter fiscal 2019 results, wherein the top and bottom lines grew year over year and beat estimates, and customer traffic rose for the 16th straight period. The company commenced the third-quarter on a strong note, which along with its constant sales-driving efforts and expected market share gains led to raised earnings and comps views. However, the company has long been witnessing high wage costs, which are expected to hurt earnings growth in fiscal 2019. Also, adverse currency is expected to be a headwind. Estimates have been stable lately ahead of earnings.”
A number of other brokerages have also recently commented on TJX. Morgan Stanley raised their price target on TJX Companies from $49.50 to $59.50 and gave the stock an overweight rating in a research report on Thursday, August 23rd. MKM Partners set a $60.00 price target on TJX Companies and gave the stock a buy rating in a research report on Wednesday, August 22nd. Royal Bank of Canada raised their price target on TJX Companies to $57.00 and gave the stock an outperform rating in a research report on Wednesday, August 22nd. Wells Fargo & Co raised their price target on TJX Companies from $41.50 to $56.00 and gave the stock a market perform rating in a research report on Wednesday, August 22nd. Finally, ValuEngine cut TJX Companies from a sell rating to a strong sell rating in a research report on Wednesday, November 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $54.34.
TJX Companies (NYSE:TJX) last posted its quarterly earnings data on Tuesday, August 21st. The apparel and home fashions retailer reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.06. The firm had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $8.99 billion. TJX Companies had a return on equity of 58.66% and a net margin of 7.88%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.43 EPS. As a group, equities analysts expect that TJX Companies will post 2.47 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Thursday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Wednesday, November 14th. TJX Companies’s dividend payout ratio is presently 38.61%.
A number of institutional investors have recently added to or reduced their stakes in TJX. Vontobel Asset Management Inc. bought a new position in TJX Companies in the second quarter valued at about $261,270,000. AQR Capital Management LLC grew its position in TJX Companies by 81.3% in the third quarter. AQR Capital Management LLC now owns 4,859,636 shares of the apparel and home fashions retailer’s stock valued at $544,377,000 after acquiring an additional 2,178,673 shares during the last quarter. Charles Schwab Investment Advisory Inc. bought a new position in TJX Companies in the second quarter valued at about $121,730,000. Prudential Financial Inc. grew its position in TJX Companies by 143.0% in the third quarter. Prudential Financial Inc. now owns 2,100,916 shares of the apparel and home fashions retailer’s stock valued at $235,345,000 after acquiring an additional 1,236,439 shares during the last quarter. Finally, BlackRock Inc. grew its position in TJX Companies by 2.6% in the third quarter. BlackRock Inc. now owns 42,320,035 shares of the apparel and home fashions retailer’s stock valued at $4,740,690,000 after acquiring an additional 1,089,109 shares during the last quarter. Hedge funds and other institutional investors own 45.09% of the company’s stock.
TJX Companies Company Profile
The TJX Companies, Inc operates as an off-price apparel and home fashions retailer. It operates through four segments: Marmaxx, HomeGoods, TJX Canada, and TJX International. The company sells family apparel, including footwear and accessories; home fashions, such as home basics, accent furniture, lamps, rugs, wall décor, decorative accessories, giftware, lighting, soft home, tabletop, and cookware, as well as expanded pet, kids, and gourmet food departments; jewelry; and other merchandise.
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