Target (NYSE:TGT) Hits New 12-Month Low on Disappointing Earnings

Target Co. (NYSE:TGT) shares hit a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $124.75 and last traded at $124.75, with a volume of 10175462 shares changing hands. The stock had previously closed at $156.00.

The retailer reported $1.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.45). Target had a return on equity of 33.10% and a net margin of 4.18%. The company had revenue of $25.23 billion for the quarter, compared to the consensus estimate of $25.87 billion. During the same quarter in the previous year, the firm posted $2.10 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year.

Target Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a dividend of $1.12 per share. The ex-dividend date is Wednesday, November 20th. This represents a $4.48 annualized dividend and a dividend yield of 3.68%. Target’s payout ratio is 46.28%.

Analysts Set New Price Targets

TGT has been the topic of a number of analyst reports. Morgan Stanley reissued an “overweight” rating and issued a $180.00 target price on shares of Target in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft lowered shares of Target from a “buy” rating to a “hold” rating and reduced their target price for the stock from $184.00 to $108.00 in a research report on Wednesday. Roth Mkm increased their price objective on shares of Target from $153.00 to $157.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Truist Financial increased their price objective on shares of Target from $156.00 to $162.00 and gave the company a “hold” rating in a report on Thursday, August 22nd. Finally, Melius Research began coverage on shares of Target in a report on Monday, September 23rd. They issued a “buy” rating and a $180.00 price objective on the stock. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $171.90.

Insider Transactions at Target

In other news, insider Brian C. Cornell sold 45,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $158.67, for a total transaction of $7,140,150.00. Following the sale, the insider now owns 303,843 shares in the company, valued at approximately $48,210,768.81. The trade was a 12.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Matthew A. Liegel sold 1,000 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $153.13, for a total transaction of $153,130.00. Following the completion of the transaction, the chief accounting officer now owns 7,276 shares in the company, valued at approximately $1,114,173.88. The trade was a 12.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,348 shares of company stock worth $8,290,995. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Target

A number of hedge funds have recently bought and sold shares of TGT. Triad Wealth Partners LLC purchased a new position in Target in the 2nd quarter worth about $25,000. Legacy Investment Solutions LLC purchased a new stake in Target in the 3rd quarter worth approximately $28,000. Slocum Gordon & Co LLP purchased a new stake in Target in the 2nd quarter worth approximately $28,000. Hobbs Group Advisors LLC purchased a new stake in Target in the 2nd quarter worth approximately $31,000. Finally, Wolff Wiese Magana LLC boosted its stake in Target by 156.5% in the 3rd quarter. Wolff Wiese Magana LLC now owns 218 shares of the retailer’s stock worth $34,000 after purchasing an additional 133 shares during the period. Institutional investors own 79.73% of the company’s stock.

Target Stock Down 21.2 %

The company has a current ratio of 0.90, a quick ratio of 0.27 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $56.08 billion, a P/E ratio of 12.58, a P/E/G ratio of 1.98 and a beta of 1.24. The company has a 50 day simple moving average of $152.33 and a two-hundred day simple moving average of $150.12.

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.