$19.30 Billion in Sales Expected for Target Co. (NYSE:TGT) This Quarter

Wall Street analysts forecast that Target Co. (NYSE:TGT) will announce sales of $19.30 billion for the current quarter, Zacks reports. Seven analysts have issued estimates for Target’s earnings, with the highest sales estimate coming in at $19.54 billion and the lowest estimate coming in at $19.00 billion. Target reported sales of $18.42 billion in the same quarter last year, which indicates a positive year over year growth rate of 4.8%. The company is expected to issue its next earnings results on Wednesday, August 19th.

On average, analysts expect that Target will report full-year sales of $81.38 billion for the current fiscal year, with estimates ranging from $78.75 billion to $82.80 billion. For the next fiscal year, analysts anticipate that the business will post sales of $83.14 billion, with estimates ranging from $81.49 billion to $85.05 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Target.

Target (NYSE:TGT) last released its quarterly earnings results on Wednesday, May 20th. The retailer reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.19. The business had revenue of $19.37 billion during the quarter, compared to analyst estimates of $19.04 billion. Target had a net margin of 3.46% and a return on equity of 24.17%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.53 earnings per share.

Several analysts have commented on the stock. ValuEngine raised shares of Target from a “sell” rating to a “hold” rating in a research report on Monday, March 9th. Morgan Stanley increased their price objective on shares of Target from $105.00 to $120.00 and gave the company an “equal weight” rating in a research report on Friday. Telsey Advisory Group reaffirmed an “outperform” rating on shares of Target in a research report on Wednesday, February 26th. Bank of America increased their price objective on shares of Target from $145.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Deutsche Bank increased their price objective on shares of Target from $121.00 to $131.00 and gave the company a “buy” rating in a research report on Thursday. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Target has an average rating of “Buy” and an average target price of $128.21.

In other news, insider Brian C. Cornell sold 110,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $120.00, for a total transaction of $13,200,000.00. Following the sale, the insider now owns 208,502 shares of the company’s stock, valued at approximately $25,020,240. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert M. Harrison sold 464 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $107.67, for a total transaction of $49,958.88. The disclosure for this sale can be found here. Insiders have sold a total of 111,095 shares of company stock worth $13,314,321 in the last ninety days. Corporate insiders own 0.24% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of TGT. Adell Harriman & Carpenter Inc. grew its stake in Target by 38.0% in the 4th quarter. Adell Harriman & Carpenter Inc. now owns 33,765 shares of the retailer’s stock valued at $4,329,000 after acquiring an additional 9,290 shares during the period. B. Riley Wealth Management Inc. grew its stake in Target by 8.1% in the 4th quarter. B. Riley Wealth Management Inc. now owns 3,046 shares of the retailer’s stock valued at $390,000 after acquiring an additional 229 shares during the period. IBM Retirement Fund grew its stake in Target by 47.3% in the 1st quarter. IBM Retirement Fund now owns 13,564 shares of the retailer’s stock valued at $1,261,000 after acquiring an additional 4,357 shares during the period. HighMark Wealth Management LLC acquired a new stake in Target in the 4th quarter valued at $41,000. Finally, Corient Capital Partners LLC grew its stake in Target by 1.2% in the 4th quarter. Corient Capital Partners LLC now owns 7,889 shares of the retailer’s stock valued at $1,012,000 after acquiring an additional 95 shares during the period. 80.49% of the stock is currently owned by institutional investors and hedge funds.

Shares of TGT stock traded down $1.19 during mid-day trading on Wednesday, hitting $117.49. 4,835,356 shares of the stock traded hands, compared to its average volume of 5,780,963. The stock has a market cap of $59.32 billion, a P/E ratio of 21.76, a P/E/G ratio of 4.03 and a beta of 0.75. The stock’s fifty day moving average is $109.72 and its two-hundred day moving average is $114.20. Target has a 52-week low of $76.86 and a 52-week high of $130.24. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.27.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be paid a dividend of $0.66 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.25%. Target’s payout ratio is 41.31%.

Target Company Profile

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

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