Target Rises on Solid Earnings Beat

The company believes that the closing of operations will be accretive to its earnings going forward as this will enable it to deploy resources exclusively in the domestic markets and focus on developing its omnichannel capacities.

The Minneapolis, Minnesota-based retailer reported net earnings for the second quarter of $753 million or $1.18 per share, up sharply from $234 million or $0.37 per share in the prior-year quarter.

Wedbush analysts reported an increased number of wide-leg and flared styles, which stand in contrast to the skinny jeans that have been popular for the past year. Target has a 52 week low of $58.25 and a 52 week high of $85.81.

Target Corporation (NYSE:TGT) managed to stay afloat and traded higher with an addition of 3.65 point or 4.55% at $83.95.

Several stocks trading in the US dropped following market declines in Asia and Europe as investors awaited indication from the Fed on whether or when the country’s central bank would commence raising interest rates. The firm’s quarterly revenue was up 2.8% on a year-over-year basis.

The company also recently declared a quarterly dividend, which will be distributed on Thursday, September 10th.

The company posted earnings of $1.22 per share for the quarter ended August 1, 20.6% more than the 78 cents per share for the same period a year ago. Shareholders of record on Wednesday, August 19th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Monday, August 17th.

Gross profit advanced 4.2% to $5,376 million, while gross margin expanded 50 basis points to 30.9%.

“We rate TARGET CORP (TGT) a BUY”. This is a boost from Target’s previous quarterly dividend of $0.52. The 52-week high of the share price is $85.81 and the company has a market cap of $51,271 million. Vetr raised Target from a “sell” rating to a “hold” rating and set a $85.33 price objective for the company in a research note on Wednesday, May 20th. Finally, Piper Jaffray reiterated an “overweight” rating and issued a $91.00 price target on shares of Target in a report on Tuesday, May 19th. The company now has a consensus rating of Hold and an average price target of $77.32.

In other Target news, insider Timothy R. Baer sold 49,889 shares of Target stock in a transaction that occurred on Friday, July 17th. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. He has been applauded for bringing out positive management and operational overhaul, including the exit of its flagging Canadian business. The Company’s U.S. Retail Segment includes all of its United States merchandising operations.

Target wind up its Canadian operations after a comprehensive evaluation. The Company’s owned brands contain Archer Farms, Gilligan & O’Malley, Sutton & Dodge, Simply Balanced, Marketplace Pantry, Threshold, Boots & Barkley, Merona, up & up, CHEFS, Room Essentials, Wine Cube, Circo, Smith & Hawken, Xhilaration, Embark and Spritz, amongst others.

Target Corporation sells a range of assortment of general merchandise and food in its stores. City Target stores and the Organization ‘s general merchandise offer an emended food assortment, including dry grocery store, perishables, dairy and frozen items. The company is trying to improve its reputation for slacking in digital sales.