Target (TGT) - Get Report  announced Thursday it will raise its minimum wage by $1 to $13 an hour starting in June.

Target said it plans to raise the minimum wage to $15 an hour in 2020, as the retailer promised in 2017.

Minneapolis-based Target has more than 300,000 employees and 1,845 locations in the United States.

In March, rival Costco (COST) - Get Report raised its employees' minimum wage to $15 an hour from $14. Amazon (AMZN) - Get Report also pays a minimum of $15 an hour, while Walmart, the world's largest retailer, pays $11 an hour for entry positions.

Share of Target were slightly higher Thursday, up 0.67% to $79.84. 

The stock has an average hold rating and consensus price target of $85.09. There are five buy ratings, 13 holds, one sell, one underweight and one overweight rating on the stock, according to FactSet. 

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