Target Co. (NYSE:TGT) declared a quarterly dividend on Wednesday, June 13th, RTT News reports. Investors of record on Wednesday, August 15th will be given a dividend of 0.64 per share by the retailer on Monday, September 10th. This represents a $2.56 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Tuesday, August 14th. This is a positive change from Target’s previous quarterly dividend of $0.62.
Target has raised its dividend payment by an average of 8.7% annually over the last three years and has increased its dividend every year for the last 50 years. Target has a dividend payout ratio of 47.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Target to earn $5.62 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 45.6%.
TGT traded up $0.19 during trading on Friday, reaching $87.50. The stock had a trading volume of 3,448,700 shares, compared to its average volume of 5,569,334. The company has a quick ratio of 0.17, a current ratio of 0.82 and a debt-to-equity ratio of 1.09. Target has a one year low of $54.04 and a one year high of $88.89. The stock has a market cap of $45.63 billion, a PE ratio of 18.49, a P/E/G ratio of 2.40 and a beta of 0.74.
In related news, insider Laysha Ward sold 43,926 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $79.33, for a total transaction of $3,484,649.58. Following the completion of the sale, the insider now owns 90,460 shares of the company’s stock, valued at $7,176,191.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Janna A. Potts sold 5,152 shares of the firm’s stock in a transaction that occurred on Monday, June 4th. The shares were sold at an average price of $75.00, for a total transaction of $386,400.00. Following the sale, the insider now directly owns 22,304 shares of the company’s stock, valued at approximately $1,672,800. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.
TGT has been the subject of a number of analyst reports. Wolfe Research upgraded shares of Target from a “market perform” rating to an “outperform” rating in a report on Wednesday, May 16th. ValuEngine lowered shares of Target from a “buy” rating to a “hold” rating in a report on Saturday, June 2nd. Credit Suisse Group set a $86.00 target price on shares of Target and gave the stock a “buy” rating in a report on Monday, June 4th. Gordon Haskett upgraded shares of Target from a “hold” rating to an “accumulate” rating in a report on Wednesday, July 25th. Finally, Zacks Investment Research upgraded shares of Target from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a report on Tuesday, May 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Target currently has a consensus rating of “Hold” and a consensus price target of $87.67.
Target Company Profile
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials, including beauty products, personal and baby care products, cleaning products, paper products, and pet supplies; food and beverage products, such as dry grocery, dairy, frozen food, beverage, candy, snacks, deli, bakery, meat, and produce products; and apparel for women, men, boys, girls, toddlers, infants, and newborns, as well as intimate apparel, jewelry, accessories, and shoes.
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