Friday, June 19, 2009
Thursday, June 18, 2009
Divisive Battle Ends in Board Elections -
"Target’s Shareholders Strongly Reject Dissident Slate, Ending Divisive Proxy Battle"
by Zachery Kouwe
In one of the most contentious proxy battles in corporate history, William A. Ackman, the activist hedge fund manager, suffered a painful defeat on Thursday in his quest to install five nominees to the board of the retail giant Target.
According to preliminary tally, Target shareholders voted overwhelmingly in favor of the company’s four incumbent directors while also supporting a plan to cap its board seats at 12, defeating a proposal by Mr. Ackman to expand the board to 13 members.
Mr. Ackman, whose Pershing Square Capital Management owns 7.8 percent of Target through stock and options, failed to persuade his fellow shareholders that the company needed fresh blood in the boardroom to help it navigate the recession and compete against its main rival, Since beginning the proxy fight in March, Mr. Ackman has argued that Target’s current board lacked relevant experience in the real estate, retail and credit card business.
Mr. Ackman gave an impassioned five-minute speech on shareholder democracy at Target’s annual meeting on Thursday, invoking the Rev. Dr. Martin Luther King Jr. and John F. Kennedy as tears welled up in his eyes.
Target maintains that its stock has performed well over the long term and no board changes are needed.
The meeting, held at an unfinished store in Waukesha, Wis., was the end of one of the most notable and expensive boardroom contests in recent memory. It has added fuel to the continuing debate over how much influence big shareholders like Pershing should have over a company’s business strategy."
Taken from the New York Times online.
Today's Stock Price
$39.08 USD
by Zachery Kouwe
In one of the most contentious proxy battles in corporate history, William A. Ackman, the activist hedge fund manager, suffered a painful defeat on Thursday in his quest to install five nominees to the board of the retail giant Target.
According to preliminary tally, Target shareholders voted overwhelmingly in favor of the company’s four incumbent directors while also supporting a plan to cap its board seats at 12, defeating a proposal by Mr. Ackman to expand the board to 13 members.
Mr. Ackman, whose Pershing Square Capital Management owns 7.8 percent of Target through stock and options, failed to persuade his fellow shareholders that the company needed fresh blood in the boardroom to help it navigate the recession and compete against its main rival, Since beginning the proxy fight in March, Mr. Ackman has argued that Target’s current board lacked relevant experience in the real estate, retail and credit card business.
Mr. Ackman gave an impassioned five-minute speech on shareholder democracy at Target’s annual meeting on Thursday, invoking the Rev. Dr. Martin Luther King Jr. and John F. Kennedy as tears welled up in his eyes.
Target maintains that its stock has performed well over the long term and no board changes are needed.
The meeting, held at an unfinished store in Waukesha, Wis., was the end of one of the most notable and expensive boardroom contests in recent memory. It has added fuel to the continuing debate over how much influence big shareholders like Pershing should have over a company’s business strategy."
Taken from the New York Times online.
Today's Stock Price
$39.08 USD
Tuesday, June 16, 2009
Diversity at Target
Target has received several awards for Diversity. A few of them are as follows:
- DiversityInc named Target one of its “25 Noteworthy Companies for Diversity” – 2009
- Black College Magazine ranked Target 11th among the “Top 100 Employers of the Class of 2009” – 2009
- National Black MBA Association (NBMBAA) Twin Cities Chapter named Target Corporate Partner of the Year – 2007
A Message from the CEO
Diversity at Target isn’t a program or a campaign. It’s a core value that we integrate into every area of our business, 365 days a year. Diversity within a team or work group helps drive the innovative, thoughtfully debated ideas that will help us achieve our most important goal: delivering an exceptional shopping experience for our guests. Having a high-performing, diverse and passionate team isa business imperative, and fostering an inclusive culture is a crucial component of our vision for becoming the Best Company Ever.
Gregg SteinhafelChairman, President and CEO, Target
http://sites.target.com/site/en/company/page.jsp?contentId=WCMP04-031762Current Stock Price
As of 15 Jun 2009 $40.11USD
Price Change -0.27 Percent Change -0.67%
Monday, June 15, 2009
Target's Community Outreach
Target's Community Outreach
Target gives 5% of its income to communities - over $3 million every week!
- Education:
- Resources for Teachers
- Donations to Schools through "Take Charge of Education" proram
- Early Childhood Reading
- Book Festivals
- Educational Grants
- Arts & Culture
- Sponsor of Free Art Events
- Funding music, dance, theater & museum programs
- Social Services
- Target House
- American Red Cross
- The Salvation Army
- Feeding America
- United Way
- Target + BLUE
Stock Price
As of 12 Jun 2009 $40.38USD
Price Change +0.83 Percent Change +2.10%
As of 12 Jun 2009 $40.38USD
Price Change +0.83 Percent Change +2.10%
Friday, June 12, 2009
Target Announces 6% Increase in Quarterly Dividend
NEWS OF 6% DIVIDEND INCREASE
Jun 12, 2009 -- "The board of directors of Target Corporation on Thursday declared a quarterly dividend of USD0.17 per common share, a 6% increase over the prior quarterly rate of USD 0.16 per common share.
This increased dividend is payable on 10 September 2009 to shareholders of record on 20 August 2009. The company said that this third quarter dividend will be its 168th consecutive dividend paid since October 1967, when the company became publicly held."
http://www.tradingmarkets.com/.site/news/Stock%20News/2372178/
Stock Price
As of 11 Jun 2009 $39.55USD
Price Change -0.82 Percent Change -2.03%
Jun 12, 2009 -- "The board of directors of Target Corporation on Thursday declared a quarterly dividend of USD0.17 per common share, a 6% increase over the prior quarterly rate of USD 0.16 per common share.
This increased dividend is payable on 10 September 2009 to shareholders of record on 20 August 2009. The company said that this third quarter dividend will be its 168th consecutive dividend paid since October 1967, when the company became publicly held."
http://www.tradingmarkets.com/.site/news/Stock%20News/2372178/
Stock Price
As of 11 Jun 2009 $39.55USD
Price Change -0.82 Percent Change -2.03%
Thursday, June 11, 2009
Business Level Strategy
Business Level Strategy: Best Cost
"Great design is the essence of the Target brand. Target partners with world-class designers to offer amazing products at affordable prices. Since day one, our company founders recognized that the appeal of smart, stylish, well-designed products and stores would set Target apart. "
Design for All®
Great design is the essence of the Target brand. Target partners with world-class designers to offer amazing products at affordable prices.
Store Experience
Every Target store is designed to meet the same goal: Make every Target shopping trip an easy, enjoyable experience for every guest.
Innovations
Design is about more than just good looks. It’s about creating solutions that surprise and delight our guests.
On a Personal Note:
This strategy is why I love Target. They always have really fun and unique selections but reasonable prices. I will drive all the way to Clarksville just to shop at Target. I stop there on my way to and from the Nashville airport. Target has been my preferred shopping experience for several years running. I just wish they would come to Paducah or Murray!
When I think of successful best-cost strategy, Target is the first company that comes to mind.
http://sites.target.com/site/en/company/page.jsp?contentId=WCMP04-031760
Current Stock Price: $40.37 USD
"Great design is the essence of the Target brand. Target partners with world-class designers to offer amazing products at affordable prices. Since day one, our company founders recognized that the appeal of smart, stylish, well-designed products and stores would set Target apart. "
Design for All®
Great design is the essence of the Target brand. Target partners with world-class designers to offer amazing products at affordable prices.
Store Experience
Every Target store is designed to meet the same goal: Make every Target shopping trip an easy, enjoyable experience for every guest.
Innovations
Design is about more than just good looks. It’s about creating solutions that surprise and delight our guests.
On a Personal Note:
This strategy is why I love Target. They always have really fun and unique selections but reasonable prices. I will drive all the way to Clarksville just to shop at Target. I stop there on my way to and from the Nashville airport. Target has been my preferred shopping experience for several years running. I just wish they would come to Paducah or Murray!
When I think of successful best-cost strategy, Target is the first company that comes to mind.
http://sites.target.com/site/en/company/page.jsp?contentId=WCMP04-031760
Current Stock Price: $40.37 USD
Tuesday, June 9, 2009
Insiders on the Board of Directors
Gregg Steinhafel Chairman, Chief Executive Officer and President
Robert Ulrich Chairman Emeritus, Chairman of Executive Committee, Chairman of Target Stores Division and Chief Executive Officer of Target Stores Division
Other Board Members on Board of Directors*
Anne Mulcahy
Xerox Corp.
Stephen Sanger
General Mills Operations, Inc.
Solomon Trujillo
France Telecom
Roxanne Austin
Abbott Laboratories
James Johnson
ZymoGenetics, Inc.
Richard Kovacevich
Wells Fargo & Company
George Tamke
Servicemaster Co.
Calvin Darden
Coca-Cola Enterprises Inc.
Mary Minnick
Lion Capital LLP
Derica Rice
Eli Lilly & Co.
Mary Dillon
McDonald's Corp.
William Ackman
Gotham Partners Management Co., LLC
Michael Ashner
Winthrop Realty Trust, Inc.
James Donald
Plainbridge LLC
Ronald Gilson
Target Corp.
Richard Vague
Energy Plus Company
*Data is at least as current as the most recent Definitive Proxy. Taken from BusinessWeek.
http://investing.businessweek.com/businessweek/research/stocks/people/board.asp?ric=TGT
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