Following the latest quarterly report from The TJX Companies, Inc. (NYSE: TJX) on February 29, 2024, analysts have made revisions to their forecasts and price targets for the company:
TJX exceeded expectations with its fourth-quarter sales, reporting GAAP earnings of $1.12 per share and quarterly sales totaling $16.40 billion, surpassing what the market had anticipated.
The company has announced plans to buy back approximately $2.0 to $2.5 billion of its own stock by February 1, 2025, and to raise its regular quarterly dividend to 37.5 cents per share, marking a 13% increase from the current dividend.
Looking ahead to fiscal year 2025, TJX is forecasting earnings in the range of $3.94 to $4.02 per share, and anticipates a 2% to 3% increase in consolidated comparable store sales.
In response to these positive results, analysts have lifted their price targets for TJX stock. Telsey Advisory Group has set a price target of $112, while BMO Capital has raised theirs to $110.
The average price target for TJX Companies now stands at $105.56, with a high estimate of $120.00 and a low estimate of $92.00, suggesting a potential upside of 6.51% from the current price.
These adjustments reflect analysts’ confidence in TJX’s performance and future outlook, driven by its strong financial results and strategic initiatives.
TJX Companies Inc. Stock Price Drops Slightly on February 29, 2024: What to Expect Next
On February 29, 2024, TJX Companies Inc. (TJX) experienced a slight drop in its stock price, as it closed at $98.40, down $1.74 or 1.72% from the previous day’s closing price. The stock opened at $100.14, $0.96 lower than its previous close. Despite this decline, TJX is still trading near the top of its 52-week range and above its 200-day simple moving average. Investors and analysts will continue to monitor TJX’s performance in the coming days to see if the stock can rebound from its recent drop or if it will continue to decline.
TJX Companies Inc. Reports Strong Financial Performance with Increased Net Income and EPS
On February 29, 2024, TJX Companies Inc. (TJX) reported its financial performance for the past year and the third quarter. According to data from CNN Money, the retail giant’s total revenue for the past year was $49.94 billion, which remained flat compared to the previous year. However, there was a 3.97% increase in total revenue since the last quarter, reaching $13.27 billion in the third quarter. TJX’s net income for the past year was $3.50 billion, showing a 6.55% increase compared to the previous year. In the third quarter, the company reported a net income of $1.19 billion, which represented a significant 20.42% increase since the last quarter. Earnings per share (EPS) for TJX stood at $2.97 for the past year, reflecting a 9.95% increase compared to the previous year. In the third quarter, the EPS was $1.03, showing a substantial 20.74% increase since the last quarter. Overall, TJX’s financial performance on February 29, 2024, demonstrated a strong improvement in net income and EPS compared to both the previous year and the last quarter. The company’s ability to increase its profitability despite flat total revenue indicates effective cost management and operational efficiency. Investors may view these positive financial indicators as a sign of TJX’s resilience and potential for future growth in the retail sector.
