Target Execs Net Millions 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.