Target Stock Price, News & Analysis

On September 24, 2020, Target (NYSE: TGT) announced its staffing strategy for the upcoming holiday season, emphasizing safety and convenience. The retailer plans to increase resources for contactless services, hire broadly, and allocate more hours to current employees. With over 10 million new online shoppers in the first half of 2020, Target aims to double store staff for Drive Up and Order Pickup services. Seasonal hiring is expected to match 2019 levels, with nearly 40% of seasonal employees likely to stay post-holiday. Target is offering a $15 minimum wage and comprehensive health benefits.

The board of directors of Target Corporation (NYSE:TGT) has declared a quarterly dividend of 68 cents per common share, payable on December 10, 2020, to shareholders of record by November 18, 2020. This dividend marks the 213th consecutive payment since the company went public in October 1967.

Target Corporation (NYSE:TGT) has initiated cash tender offers totaling up to $1.75 billion for various debt securities. The Offers are subject to proration and acceptance priority, with a scheduled expiration of October 21, 2020. Notably, holders who tender their securities by the early deadline will receive a total consideration that includes a $30 early tender premium per $1,000. The maximum tender amount allows Target to adjust its purchase limits without extending deadlines. Detailed terms and calculations regarding the securities are outlined in the Offer to Purchase.

Target Corporation (NYSE: TGT) appointed Maurice Cooper as the new senior vice president of marketing, effective Sept. 14. Cooper brings extensive experience from roles at Wingstop, Intercontinental Hotels Group, and Coca-Cola. He will oversee marketing strategies with a focus on consumer engagement and brand growth. Rick Gomez, Target's chief marketing officer, expressed confidence in Cooper's ability to enhance Target's marketing approach. Target continues to evolve and aim for greater consumer connection and brand affinity.

Target Corporation (NYSE: TGT) has appointed Christine A. Leahy and Derica W. Rice to its board of directors. Leahy, CEO of CDW, brings extensive experience in technology solutions, effective January 1, 2021. Rice, former EVP at CVS Health, returns to Target's board, effective August 31, 2020, after previously serving until January 2018. The chairman, Brian Cornell, emphasized their expertise in enhancing the board's capabilities during challenging times. Leahy's and Rice's backgrounds aim to support Target's growth and strengthen guest trust.

Target Corporation reported exceptional second quarter 2020 results, with comparable sales growth of 24.3%, the highest in its history. Store sales increased 10.9%, while digital sales surged 195%, contributing significantly to total sales. GAAP EPS reached $3.35, up 84.4% year-over-year. Market share increased by $5 billion across five categories. Operating income rose to $2.3 billion, marking a 73.8% increase from the previous year, driven by strong sales performance despite substantial investments in team members during the pandemic.

Target Corporation (NYSE:TGT) will host a webcast for its 2nd quarter earnings conference call on August 19, 2020, at 7:00 a.m. Central Time. Investors and media can access the call via the company's website. Target operates nearly 1,900 stores and has a tradition of contributing 5% of its profit to communities, amounting to millions of dollars weekly. This upcoming call will likely shed light on the company's financial performance in the second quarter, crucial for understanding its market position and future strategies.

Target is advancing social justice by partnering with Summit Academy OIC to establish the North Star Innovation Center (NSIC) in North Minneapolis. This center, part of the Regional Acceleration Center, aims to train nearly 1,000 adults annually in IT and technology careers, eliminating out-of-pocket costs. Target's CEO, Brian Cornell, emphasized support for local families and racial equity. The NSIC will enhance job opportunities for Black professionals and is part of Target's $10 million commitment to social justice and community recovery efforts.

Target will permanently increase its starting wage for U.S. team members to $15 per hour starting July 5, and provide a one-time $200 bonus to frontline workers for their pandemic efforts. The company is investing nearly $1 billion this year in team member well-being, health, and safety, which includes increased wages and enhanced COVID-19 benefits like free virtual doctor visits and extended paid leave. These initiatives demonstrate Target's commitment to its employees amid challenging times.