Target (NYSE:TGT) Hits New 1-Year Low After Earnings Miss

Target Co. (NYSE:TGT)’s stock price hit a new 52-week low during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $124.75 and last traded at $124.75, with a volume of 10175462 shares trading 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). The firm had revenue of $25.23 billion for the quarter, compared to analysts’ expectations of $25.87 billion. Target had a return on equity of 33.10% and a net margin of 4.18%. Target’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the firm posted $2.10 earnings per share.

Target Dividend Announcement

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

Wall Street Analyst Weigh In

TGT has been the topic of several recent analyst reports. Jefferies Financial Group increased their price target on shares of Target from $190.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. HSBC lowered shares of Target from a “buy” rating to a “hold” rating and set a $138.00 price target on the stock. in a research note on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Target from $167.00 to $139.00 and set a “neutral” rating for the company in a research note on Thursday. UBS Group lifted their target price on Target from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Finally, TD Cowen decreased their target price on Target from $165.00 to $145.00 and set a “hold” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $162.13.

Insider Buying and Selling

In related news, insider Brian C. Cornell sold 45,000 shares of the company’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 completion of the sale, the insider now directly owns 303,843 shares of the company’s stock, valued at approximately $48,210,768.81. This represents a 12.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard H. Gomez sold 6,348 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $157.17, for a total value of $997,715.16. Following the sale, the insider now owns 123,551 shares in the company, valued at approximately $19,418,510.67. The trade was a 4.89 % decrease in their ownership of the stock. 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. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Target

Institutional investors have recently modified their holdings of the stock. TAP Consulting LLC acquired a new position in Target during the 3rd quarter valued at approximately $2,403,000. Olstein Capital Management L.P. boosted its holdings in shares of Target by 8.7% during the third quarter. Olstein Capital Management L.P. now owns 50,000 shares of the retailer’s stock valued at $7,793,000 after acquiring an additional 4,000 shares during the period. Smead Capital Management Inc. grew its position in shares of Target by 3.4% during the third quarter. Smead Capital Management Inc. now owns 1,243,928 shares of the retailer’s stock worth $193,879,000 after acquiring an additional 41,394 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Target by 20.5% in the 1st quarter. Janus Henderson Group PLC now owns 217,214 shares of the retailer’s stock worth $38,484,000 after acquiring an additional 36,941 shares during the period. Finally, Eagle Rock Investment Company LLC lifted its position in Target by 166.3% in the 3rd quarter. Eagle Rock Investment Company LLC now owns 16,179 shares of the retailer’s stock valued at $2,522,000 after purchasing an additional 10,103 shares during the last quarter. Institutional investors and hedge funds own 79.73% of the company’s stock.

Target Price Performance

The business’s 50 day simple moving average is $151.79 and its 200-day simple moving average is $149.92. The stock has a market capitalization of $56.05 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 2.03 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.27 and a current ratio of 0.90.

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.