Target Corporation (TGT) Releases Q2 Earnings Guidance

Paterniano Del Favero
Agosto 4, 2017

New York State Teachers Retirement System decreased its position in Target Corporation (NYSE:TGT) by 1.5% during the first quarter, Holdings Channel reports. The institutional investor owned 33,983 shares of the retailer's stock after buying an additional 21,475 shares during the period. Renaissance Technologies LLC's holdings in Target Corporation were worth $9,989,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. After $-0.11 actual earnings per share reported by Cancer Genetics Inc for the previous quarter, Wall Street now forecasts 45.45% negative EPS growth. Cribstone Capital Management LLC increased its stake in shares of Target Corporation by 114.2% in the first quarter. Cribstone Capital Management LLC now owns 1,906 shares of the retailer's stock worth $101,000 after buying an additional 1,016 shares during the period. Dynamic Advisors Solutions LLC acquired a new position in shares of Target Corporation during the first quarter worth $450,000. Geode Capital Management LLC now owns 6,035,990 shares of the retailer's stock valued at $332,703,000 after buying an additional 494,836 shares during the last quarter. Morgan Stanley raised its stake in shares of Target Corporation by 1.6% in the first quarter. National Pension Service increased its stake in shares of Target Corporation by 7.1% in the first quarter. Raymond James Trust N.A. now owns 66,620 shares of the retailer's stock worth $3,677,000 after buying an additional 13,305 shares in the last quarter.

Shares of Target Corporation (NYSE:TGT) traded up 0.69% during midday trading on Thursday, reaching $57.19. Ladenburg Thalmann Financial Services Inc. now owns 76,788 shares of the retailer's stock worth $5,520,000 after buying an additional 19,473 shares in the last quarter. Target Corporation has a 12-month low of $48.56 and a 12-month high of $79.33. The stock's 50 day moving average is $53.26 and its 200 day moving average is $56.79. The company has market cap of $1.18 billion.

Target Corporation (NYSE:TGT) issued an update on its second quarter earnings guidance on Thursday morning. The retailer reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.30. The firm had revenue of $16.02 billion for 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%. During the same quarter in the prior year, the company earned $1.29 EPS. During the same quarter previous year, the business posted $1.29 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 10th. Stockholders of record on Wednesday, August 16th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date of this dividend is Monday, August 14th. Target Corporation's dividend payout ratio (DPR) is now 48.98%.

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TGT has been the topic of a number of recent research reports. Vetr upgraded Target Corporation from a "hold" rating to a "buy" rating and set a $61.86 price objective on the stock in a research report on Wednesday, May 10th. BidaskClub downgraded shares of Target Corporation from a "hold" rating to a "sell" rating in a report on Tuesday, June 20th. ValuEngine cut shares of Target Corporation from a "buy" rating to a "hold" rating in a research note on Friday, June 2nd. Finally, Cowen and Company reissued a "market perform" rating and issued a $64.00 price objective on shares of Target Corporation in a research note on Friday, July 14th. Zacks Investment Research raised Target Corporation from a "hold" rating to a "buy" rating and set a $62.00 price objective on the stock in a report on Tuesday, June 6th. The stock now has a consensus rating of "Hold" and an average price target of $62.94.

In other news, insider Robert M. Harrison sold 2,639 shares of the firm's stock in a transaction on Wednesday, July 5th. The shares were 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 available at this hyperlink. Company insiders own 0.25% of the company's stock.

Target Corporation (Target) is a general merchandise retailer selling products through its stores and digital channels. The Company's 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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