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Key Developments: Target Corp (TGT.N)

TGT.N on New York Stock Exchange

29 Apr 2016
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Latest Key Developments (Source: Significant Developments)

Target Corp settles with U.S. on charge of race, gender bias in hiring - Reuters
Sunday, 23 Aug 2015 08:00pm EDT 

Target Corp:Has agreed to pay $2.8 million to settle a U.S. Equal Employment Opportunity Commission (EEOC) charge that it used hiring tests that disproportionately screened out candidates for various professional positions based on race and gender - Reuters.The EEOC on Aug.24 said three "employment assessments," which Target no longer uses, were not sufficiently job-related or necessary for the discount retailer's business, and therefore violated Title VII of the Civil Rights Act of 1964.Also said one of the assessments, which was performed by psychologists, violated the Americans with Disabilities Act, which bans employers from subjecting applicants to medical exams before receiving job offers.The EEOC said the settlement payment will be distributed among thousands of people affected by Target's employment screening.It also said the Minneapolis-based company will more closely monitor its hiring, and retain an outside consultant to train personnel responsible for administering similar assessments.  Full Article

Target Corp gives FY 2015 earning guidance
Wednesday, 19 Aug 2015 08:00am EDT 

Target Corp:Sees FY 2015 Adjusted EPS of $4.60 to $4.75, compared with prior guidance of $4.50 to $4.65.  Full Article

Target Corp appoints John Mulligan as COO, Cathy Smith as CFO
Monday, 17 Aug 2015 08:45am EDT 

Target Corp:Appoints John Mulligan as COO, Cathy Smith as CFO.Mulligan will also serve as an advisor to smith throughout her transition into the company and the role.Says Smith will formally join the company on Sept. 1.Says prior to joining Target, smith served as executive vice president and CFO at St. Louis-based Express Scripts.Says smith has also held CFO positions at Walmart International, Gamestop, and others.  Full Article

Target Corp recalls circo night lights due to fire hazard - CPSC
Monday, 20 Jul 2015 08:00pm EDT 

Target Corp:Say recalls circo night lights due to fire hazard - Consumer Product Safety Commission.Says the battery can overheat and cause the night light to melt, posing a fire hazard.Says the recall is about 143,000 units.This recall involves battery-operated night lights with an AC adapter included.Says the night light collection includes a pink hedgehog, a blue bird, a yellow rocket, an orange dino egg, a white soccer ball and a green shark.Says has received two reports of the night lights overheating, including one report of a fire that damaged a consumer’s dresser, wall and plug-in.Says no injuries have been reported.  Full Article

CVS Health Corp to acquire, rebrand & operate target Corp's pharmacies & clinics
Monday, 15 Jun 2015 07:00am EDT 

CVS Health Corp:Cvs Health and Target Corp sign agreement for CVS Health to acquire, rebrand and operate target's pharmacies and clinics.Says deal valued at about $1.9 billion.Says will acquire target's more than 1,660 pharmacies across 47 states and operate them through a store-within-a-store format.Says new clinics will be part of cvs/minuteclinic's plan to operate 1,500 clinics by 2017.CVS Health and Target plan to develop five to 10 small, flexible format stores over a two-year period following the deal close.Says will finance the transaction with additional debt.Says target's after-tax net proceeds from the transaction are expected to be about $1.2 billion.Says a cvs/pharmacy will be included in all new Target Stores that offer pharmacy services.Target's nearly 80 clinic locations to be rebranded minuteclinic, Cvs will open up to 20 clinics in Target Stores in 3 yrs of deal close.Says CVS Health and Target plan to develop five to 10 small, flexible format stores over a two-year period following the deal close.Following deal close, Target guests will have access to Cvs health's pharmacy care programs and medical clinic services.Barclays served as the financial advisor to CVS Health ; Goldman Sachs acted as financial advisor to Target.  Full Article

Target Corp announces 7.7 pct. dividend increase and $5 billion expansion of share repurchase authorization
Tuesday, 9 Jun 2015 10:45pm EDT 

Target Corp:Declares quarterly dividend of 56 cents per common share, a 7.7 pct. increase from prior quarterly dividend of 52 cents.Says dividend is payable Sept. 10, to shareholders of record at close of business Aug. 19.Says that in addition, Target's board has approved an expansion of its current share repurchase authorization from $5 billion to $10 billion.Says that under this authorization, through first quarter of 2015, the company had invested a total of $3.7 billion to retire 56.9 million shares at an average price of $65.06 per share.  Full Article

Target Corp's Target India trims headcount as parent looks to stay competitive - Business Standard Online
Wednesday, 3 Jun 2015 08:00pm EDT 

Target Corp:Say trimming headcount in India as a part of undergoing a corporate restructuring to keep pace with the business growth- Business Standard Online.Say laying off around 180 employees in India and eliminating around 125 vacant positions as a part of this initiative.  Full Article

Target Corp gives Q2 2015 EPS guidance in line with analysts' estimates; raises low end of prior FY 2015 EPS guidance
Wednesday, 20 May 2015 08:00am EDT 

Target Corp:Expects Q2 2015 adjusted EPS in the range of $1.04-$1.14 compared with $1.01 in Q2 2014.Expects FY 2015 adjusted EPS in the range of $4.50-$4.65 compared with prior guidance of $4.45-$4.65.Q2 2015 EPS of $1.12 - Thomson Reuters I/B/E/S.FY 2015 EPS of $4.56 - Thomson Reuters I/B/E/S.  Full Article

MasterCard reaches agreement with Target Corp to provide issuers up to $19 mln for data breach claims
Wednesday, 15 Apr 2015 05:30pm EDT 

MasterCard:Reached a settlement with Target Corporation to resolve claims by MasterCard and its issuers related to the retailer's 2013 data breach.Under the agreement, Target will make available up to $19 million in alternative recovery offers to eligible banks and credit unions across the globe.Funds will settle their claims for operational costs and fraud-related losses on MasterCard-branded cards believed by MasterCard to have been affected by the data breach.Upon accepting the offer, each issuer will release MasterCard, Target and its acquiring banks from all claims related to the data breach.  Full Article

Target Corp nears $20 million MasterCard data breach settlement - WSJ
Tuesday, 14 Apr 2015 07:27pm EDT 

Target Corp:Is nearing a settlement with MasterCard Inc to reimburse financial institutions about $20 million for costs incurred from the company's massive data breach in 2013, the Wall Street Journal reported.The deal, which comes after months of negotiations, could be announced as soon as this week, according to the Journal, citing people familiar with the terms of negotiations.The $20 million covers costs that banks incurred to reissue credit cards and debit cards as a result of the breach, as well as some of the fraud that resulted from the exposure of customer information.MasterCard will distribute the reimbursed funds to the financial institutions that issue credit cards and debit cards under its brand, including Citigroup Inc, Capital One Financial Corp and J.P. Morgan Chase & Co.The Target settlement does not include financial institutions that issue under the Visa Inc brand.Target is negotiating separately with Visa.  Full Article


U.S. conservative group boycotts Target over transgender policy

CHICAGO The conservative American Family Association is urging its members to boycott Target Corp for the retailer's decision to allow transgender employees and customers to use bathrooms that correspond with their gender identity.

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