Target CEO Steinhafel nets $6.2 million in stock sale

Target Corp. CEO Gregg Steinhafel made a tidy little sum, almost $6.2 million, last week when he exercised his option to buy 200,000 shares of Target stock at $33.80 per share and sell them for $64.57 per share, according to documents filed with the U.S. Securities and Exchange Commission, the Business Journal reports. Steinhafel was exercising shares granted him in 2009, when the stock price was $33.80.
Author:
Publish date:

Target Corp. CEO Gregg Steinhafel made a tidy little sum, almost $6.2 million, last week when he exercised his option to buy 200,000 shares of Target stock at $33.80 per share and sell them for $64.57 per share, according to documents filed with the U.S. Securities and Exchange Commission, the Business Journal reports. Steinhafel was exercising shares granted him in 2009, when the stock price was $33.80.

Next Up

Related

Target executives net millions as stock soars

Shares for the Minneapolis-based discount retailer have surged 130 percent since late 2009 -- up 20 percent since the beginning of 2012. The Star Tribune writes Target's P-Fresh grocery format, Red Card program and exclusive merchandising partnerships have led to higher traffic and bigger purchases per visit. Four top executives, including CEO Gregg Steinhafel, have reaped millions of dollars by selling some shares.

Target's October sales trail expectations

Target Corp. says its same-store sales grew 2.4 percent in October, Forbes reports. Analysts were projecting same-store sales growth of 3.3 percent last month. The Minneapolis-based discount giant's total sales climbed 3 percent to $4.98 billion in October.

Analyst: RadioShack's partnership with Target is losing millions

Minneapolis-based Target Corp. inked a deal for Radio Shack to operate mobile phone kiosks at stores nationwide in 2009, but the agreement hasn’t been great for the Texas-based consumer electronics chain. One analyst tells MarketWatch that Radio Shack's Target business is losing millions of dollars and thinks Radio Shack should consider ending the partnership. The two retailers appear to be working on improvements, including placement in Target circulars.

Minnesota stocks gaining ground

Even before the Fed made its big announcement last week that it would try to juice the economy by buying large quantities of mortgage bonds, most of Minnesota's biggest companies were gaining ground, the Star Tribune reports. Total return for the Bloomberg-Star Tribune 100 index of Minnesota stocks was up 13.8 percent through Friday, with 65 gainers and 33 losers, the newspaper reported.

Hormel Foods 3Q net income soars 13%

Strong sales of Spam and Jennie-O products helped the Austin-based meat producer meet Wall Street expectations. Hormel's third quarter earnings rose to $111.2 million, or 41 cents per share, in the third quarter ended on July 29 compared to $98.5 million, or 36 cents per share, a year earlier.