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Discount retailer Target Corp tapped PepsiCo, Inc‘s Jim Lee as its CFO and a member of its leadership team, effective September 22.
Lee brings over 25 years of experience in finance, strategy and more at PepsiCo. Lee will take over from COO Michael Fiddelke. Lee has served on multiple boards during his PepsiCo career, including Tropicana Brands Group and Celsius Holdings.
In connection with his appointment, Lee will receive an annual base salary of $850,000, will be eligible for a pro-rated annual cash incentive under Target's Short-Term Incentive Plan.
Specifically, Lee will receive a cash sign-on bonus of $2.2 million, which is subject to repayment in the event of voluntary termination or termination for cause within the first 36 months of employment, and will be granted a sign-on award of restricted stock units under 2020 Long-Term Incentive Plan with a target payout value of $6.95 million.
Target Chair and CEO Brian Cornell: “From his consumer centric leadership, to his strategy, business development and corporate governance experience, Jim will be a great addition to our leadership team as we focus on driving Target’s roadmap for growth.”
Also Read: Dollar Stores Struggle When Walmart Performs Well: Report
The CFO transition coincides with the upcoming holiday season. The Walmart Inc rival wants to hire 100,000 seasonal workers despite a slower holiday season expectation as the inflation bites. However, the recent upward revision of the 2024 adjusted EPS outlook to $9.00-$9.70, up from $8.60-$9.60 following an upbeat second-quarter print, backs the hiring decision.
Amazon.Com Inc boosted the fulfillment and transportation employee and delivery driver pay for uninterrupted service ahead of the busy season. Walmart also raised compensation for 100,000 frontline associates.
The U.S. Federal Reserve’s plans to reduce the benchmark interest rate by 50 bps will likely pose a tailwind for the retailers.
Price Action: TGT stock is up 1.50% to $155.90 premarket at last check Thursday.
Photo via Shutterstock
Also Read:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Adds background and appointment details in paragraphs 3-8
Sept 19 (Reuters) - U.S. retailer Target TGT.N on Thursday named long-time PepsiCo executive Jim Lee as its chief financial officer effective Sept. 22.
Lee succeeds Michael Fiddelke, who was appointed as the company's chief operating officer early this year after serving as its finance chief since late 2019.
Lee has more than 25 years of financial, strategy and business experience and was most recently PepsiCo's PEP.O deputy CFO.
In his prior role, he oversaw Pepsico's global tax, treasury, investor relations and environmental, social and governance reporting functions, and led the finance teams for the beverage maker's international business.
At Target, he is tasked with overseeing its financial planning and analysis, finance capabilities, internal audit and corporate development.
The CFO appointment comes ahead of the crucial holiday season, with retailers sharpening their strategies to lure bargain-hunting shoppers.
In January, Fiddelke was appointed as operations head replacing long-time executive John Mulligan. At that time, Target had said Fiddelke would exit the CFO role after a replacement was named.
(Reporting by Savyata Mishra in Bengaluru; Editing by Maju Samuel)
(( Savyata.Mishra@thomsonreuters.com ;))
Keywords: TARGET-CFO/ (UPDATE 2, PIX)
Celsius Holdings Inc. (CELH) ended the recent trading session at $34.28, demonstrating a -1.49% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.29%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
Shares of the company have depreciated by 13.76% over the course of the past month, underperforming the Consumer Staples sector's gain of 3.54% and the S&P 500's gain of 1.57%.
The upcoming earnings release of Celsius Holdings Inc. will be of great interest to investors. On that day, Celsius Holdings Inc. is projected to report earnings of $0.08 per share, which would represent a year-over-year decline of 73.33%. Meanwhile, the latest consensus estimate predicts the revenue to be $294.46 million, indicating a 23.47% decrease compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $0.83 per share and a revenue of $1.41 billion, indicating changes of +7.79% and +6.72%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Celsius Holdings Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 17.59% lower. Celsius Holdings Inc. presently features a Zacks Rank of #5 (Strong Sell).
From a valuation perspective, Celsius Holdings Inc. is currently exchanging hands at a Forward P/E ratio of 42.05. This expresses a premium compared to the average Forward P/E of 18.42 of its industry.
We can additionally observe that CELH currently boasts a PEG ratio of 2.59. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Food - Miscellaneous industry had an average PEG ratio of 2.77.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 90, which puts it in the top 36% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Thursday, Amazon.com, Inc shared plans to boost the average total compensation for fulfillment and transportation employees in the U.S. to over $29 per hour ahead of the Prime Big Deal Days.
The hike marks an average increase of $3,000 annually for full-time employees who work a 40-hour week as the big holiday season kicks in. The appraisal equals a total investment of over $2.2 billion.
Last week, Amazon raised delivery driver pay to $22 per hour and invested $2 billion following regulatory scrutiny and unionization efforts. The e-commerce retailer had drawn intense regulatory scrutiny over worker safety and pay at its warehouses.
In 2023, Amazon’s U.S. sales reached $12.4 billion on Cyber Monday, marking a 9.6% annual growth and quashing the estimate of $12 billion. The total online sales for Cyber Week reached $38 billion, surpassing the $37.2 billion estimate.
Reports indicated Amazon hired 150,000 full-time, seasonal, and part-time workers for the holiday season in 2022 and 2021. It employed over 110,000 seasonal workers in India ahead of the festive season, the Times of India reports.
Earlier this week, Walmart Inc Sam’s Club shared plans to raise the pay for almost 100,000 frontline associates to over $19 per hour with the potential to earn thousands of dollars annually in bonuses based on years of service.
The retailers’ pay boosts reflect the workers’ importance in tapping the busy holiday season demand. Target Corp is looking to hire 100,000 despite a weaker forecast for holiday season sales.
Price Action: AMZN stock is up 0.03% to $186.93 at the last check on Wednesday.
Photo courtesy of Amazon
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
While high dividend yields are always attractive, the safety of the dividends matters more. Here, Dividend Aristocrats come into the picture. These are S&P 500 Index companies that have raised dividends consistently for at least 25 consecutive years in a row. Investing in these companies may be an appealing strategy for income-seeking investors.
These companies provide a consistent income stream, making them an excellent option for those looking for passive income. Furthermore, these are typically large, well-established businesses with a long history of profitability and sound financial management. Their ability to increase dividends for decades, even during challenging economic conditions, speaks to their resilience.
Because these companies are typically more mature and operate in established industries (such as consumer staples, healthcare, and utilities), their stocks tend to experience fewer fluctuations. This stability can provide comfort to risk-averse investors during times of market volatility. Here are two safe Dividend Aristocrats that are worth buying now.
#1. Exxon Mobil Corporation
Exxon Mobil Corporation has been a major player in the global oil and gas industry for more than a century. It explores, produces, refines, and distributes oil (CLV24) and natural gas (NGV24), as well as investing in chemicals and clean energy technologies. This energy company is recognized for its consistent dividend payments, strong cash flow, and large-scale operations.
Valued at $450.2 billion, XOM stock has gained 14.1% year-to-date, compared to the S&P 500’s gain of 18%.
The company operates in three segments, which contributes to its strong fundamentals. Exxon's key segments include: Upstream, which covers the exploration and production of oil and natural gas; Downstream, for the refining of crude oil into petroleum products such as gasoline, diesel, and jet fuel, as well as their global marketing; and Chemical, which focuses on manufacturing plastics, resins, and synthetic rubber for use in various industries.
ExxonMobil is well-known for its financial strength and commitment to returning capital to shareholders. The company has a long history of paying consistent dividends and has increased its dividend for 41 consecutive years, placing it among the Dividend Aristocrats.
XOM has a forward dividend yield of 3.3%, compared to the energy sector average of 4.2%. Its forward payout ratio of 42.9% is low and sustainable, allowing for future dividend growth.
In the recent second quarter, Exxon’s earnings increased by 10.3% to $2.14 per share. This marked the company’s second-highest 2Q earnings over the last 10 years. Exxon distributed $4.3 billion in dividends and repurchased shares worth $5.2 billion during the quarter.
ExxonMobil is committed to increasing production from key assets, such as the Permian Basin in Texas, Guyana, and Brazil. In Q2, upstream total net production from Guyana and Permian increased by 15% sequentially, to 574,000 oil-equivalent barrels per day. Furthermore, Exxon's acquisition of Pioneer Natural Resources, which closed in May, added $0.5 billion to earnings in the first two months after the closing.
ExxonMobil has undergone significant restructuring in recent years to cut costs and increase operational efficiency. This capital discipline has allowed it to consistently pay and hike dividends over the last 41 years. It has paid off $3.9 billion in debt year to date, reducing its debt-to-equity ratio to 0.13. At the end of the second quarter, Exxon had a cash balance of $26.5 billion and adjusted free cash flow of $9.5 billion.
Analysts who cover XOM predict earnings to dip by 12% in 2024, before rising by 7.9% in 2025.
Overall, analysts have an average rating of “moderate buy” for XOM. Out of 22 analysts covering the stock, 13 have a “strong buy” rating, and nine rate it a “hold.” Based on its mean target price of $131.85, the stock has an upside potential of 15.5% from current levels. Plus, its high target price of $157 implies an upside potential of 37.8% over the next 12 months.
#2. PepsiCo
PepsiCo is an iconic name in the food and beverage industry, with a rich history spanning more than a century. It has expanded into a global powerhouse, now operating in more than 200 countries and territories around the world. Pepsi's diverse offerings include well-known brands such as Lay's, Quaker, Doritos, Cheetos, and more.
With a market cap of $243.1 billion, PepsiCo is a stable and established company. Its growth rate may be slower than artificial intelligence (AI) companies, whose profits are skyrocketing. However, being a consumer staples company has its perks. These companies are mostly defensive, which means their product demand will remain generally unaffected, regardless of the state of the economy.
This is reflected in PepsiCo's consistent revenue growth and profitability over time, which has allowed it to raise dividends for the past 52 years. PepsiCo’s stock has gained 4.6% YTD, compared to the broader market's gain.
PepsiCo is not just a Dividend Aristocrat, but also a Dividend King, which refers to companies that have increased their dividends for more than 50 years in a row. PepsiCo has a forward dividend yield of 3.06%, which is higher than the consumer staples sector average of 1.89%.
The company recently hiked its quarterly dividend by 7% to $1.355 per share. This also marked the company’s 52nd annual dividend increase. In the second quarter, adjusted core earnings per share (EPS) increased 10% to $2.28, exceeding consensus estimates despite a challenging macroeconomic environment that impacted consumer spending. Organic revenue increased by 1.9% during the quarter.
Despite generating a negative free cash flow of $259 million in Q2, management remains confident of returning $7.2 billion in dividends and $1.0 billion in share repurchases in 2024. This demonstrates PepsiCo's commitment to returning value to its shareholders.
For the full year, the company expects organic revenue to increase by 4% and adjusted core EPS to rise by 8%. Its forward payout ratio of 61.8% is manageable if PepsiCo continues to grow its earnings. Analysts predict PepsiCo’s earnings to increase by 7.05% in 2024, and 7.4% in 2025, respectively.
Overall, analysts have an average rating of “moderate buy” for PEP. Out of 18 analysts covering the stock, 10 have a “strong buy” rating, and eight rate it a “hold.” Based on its mean target price of $186.19, the stock has an upside potential of 5% from current levels. Plus, its high target price of $202 implies an upside potential of about 14% over the next 12 months.
On the date of publication, Sushree Mohanty did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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