Target Corporation (NYSE:TGT) Shaken Up By Recent Data Breach

Posted by Chris Bell January 22, 2014 0 Comment 923 views

Target Corporation (NYSE:TGT) has laid out plans to make a lot of changes in light of the recent disturbing data breach that happened over the holiday season. Hackers were able to steal personal information of millions of customers. This was disclosed by the US retailing company’s chief executive in an interview given to CNBC.

Target End-Game?

According to Gregg Steinhafel, malware was somehow installed on the point of sale registers that the company uses. He added that the company is  working in coordination with law enforcement to help find out who did the intrusion and when it was done. In the interview, Steinhafel disclosed that the company is  investigating this and that’s all information they can provide currently.

Target Corporation announced that they had investigated the incident and found that hackers were able to steal personal information of  about 70 million customers. The information, according to the company, included email addresses, names, and phone numbers of the customer. In a previous incident, the US retailer has announced that the 40 million credit and debit card data was stolen by hackers.

Steinhafel also added that the environment at Target was now secured and that no other information was open or stolen. The grim situation that has been created due to this breach has spread worry over not just the customers but also the markets as this is a potential game ender for companies like Target.

Projections and expectations from Target

Target Corporation has a one day range of share prices in between $58.80 to $59.75 and the one year range stands in between $58.80-$73.50. The company has offered an annual dividend of $1.72 per share to its shareholders which amounts to a percentage yield of 2.90%. Estimates for Q4 based on consensus revenue forecasts stands at around $21.60 billion; this would be an increase of 4.97% over the same quarter in the previous year.

About Chris Bell

Chris Bell is an investing reporter for GDP Insider. Chris covers financial markets and Wall Street, concentrating on developments affecting individual investors and their portfolios. Chris is also over consumer reporter and covers a wide variety of issues ranging from housing to immigration to urban poverty. Chris graduated from the University of Scranton with a degree in Communication and Philosophy. Chris's diligent investigations earned him the honor of being named "Best Reporter" once by the Headliners Foundation of Texas and once by the Houston Press Club.

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