Target Execs Net Millions Selling Shares

Target Execs Net Millions Selling Shares

With Target’s stock up about 130 percent since 2009, five executives—including CEO Gregg Steinhafel—reaped millions by selling shares.

Target Corporation CEO Gregg Steinhafel and four other executives collectively sold $13 million worth of the company’s shares between June 5 and June 21, when its stock rose to a multi-year high, according to a report by national financial magazine Barron’s.

Target’s stock has jumped about 130 percent since late 2009 and hit a multi-year high of $59.40 on June 11. It was trading at about $57.78 on Tuesday afternoon, up about 19 percent since the start of the year.

According to a Star Tribune report, Steinhafel last month exercised a stock option that allowed him to purchase 75,817 shares at $38.25. He then reportedly sold those shares at $58.72, netting him a profit of $1.55 million.

Tina Schiel, executive vice president of stores, also reportedly sold 15,000 shares at $57.34 for a total of $860,100, and Timothy Baer, executive vice president and general counsel, sold 34,872 shares in two separate trades last month, reaping about $2.06 million.

Meanwhile, John Griffith, executive vice president of property development, reportedly traded shares several times last month, reaping a total profit of $3.4 million. One of the company’s directors, Roxanne Austin, also sold 16,800 shares for $989,900, according to Barron’s.

Target’s stock has soared in recent weeks, presumably due to higher traffic and bigger purchases per visit resulting from the company’s new P-Fresh grocery format and exclusive merchandising partnerships.

Minneapolis-based Target is Minnesota’s second-largest public company based on revenue, which totaled $68.5 billion in its fiscal year that ended in January.