Why is Target stock on Fire?

 

Target Corporation (TGT) NYSE increases wages for all employees that are full and part-time frontline workers to receive $2 more per hour. CEO Brian Cornell announced this on in May, 202,  in a staff memo. The raise will be extended  until July 4th. Anyone with an underlying medical condition, 65 and older, and women that are pregnant will receive free backup care benefits and paid leave. Target Team Members will start at a $15 starting minimum wage.

Target is giving front-line team members in our stores and distribution centers a one-time recognition bonus of $200 to thank them for providing essential services to our guests throughout the Coronavirus pandemic.[i]

In addition, Target will invest nearly $1 billion more this year in the well-being, health, and safety of team members.[ii]

Target has been a lifesaver for many because all the stores had remained open  for customers during the Coronavirus pandemic. With low prices and great deals, target’s revenue increased fourfold during this time. Target stock has soared 70% over the last year compared to the S&P 500 Index which only gained 2% during that time.

Target commits $10 million and ongoing resources for rebuilding efforts and advancing social justice.

Brian Cornell is board chairman and CEO of Target Corp. Mr. Cornell joined Target in August 2014 after more than 30 years in escalating leadership positions at leading retail and global consumer product companies, including three CEO roles and more than two decades doing business in North America, Asia, Europe and Latin America.

Mr. Cornell currently serves as the non-executive chairman of the board of directors for Yum! Brands and is the Immediate Past Chairman of the Retail Industry Leaders Association (RILA). Mr. Cornell is also a board member for Catalyst and the Smithsonian’s National Museum of African American History and Culture.[iii]

[i] https://corporate.target.com/article/2020/06/pay-and-benefits-update

[ii] Target will invest nearly $1 billion more this year in the well-being, health, and safety of team members

[iii] https://corporate.target.com/about/purpose-history/leadership/Brian-Cornell

Dividend & stock split history

Fiscal Year             Record   Payable  Type       Amount

2020       8/19/2020            9/10/2020            Cash Dividend      $ 0.6800

2020       5/20/2020            6/10/2020            Cash Dividend      $ 0.6600

2020       2/19/2020            3/10/2020            Cash Dividend      $ 0.6600

Source: https://investors.target.com/stock-information/dividend-and-stock-split-history

CWEB Analyst believe Target will reach $200 by 2021.

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