Sprinkle turkey evenly with thyme, salt, and pepper.
Melt butter in a large nonstick skillet over medium-high heat. Add turkey; cook 2 to 3 minutes on each side or until golden brown. Remove turkey and keep warm.
Reduce heat to medium; add shallot. Sauté 30 seconds or until tender. Combine 1 tablespoon chicken broth and cornstarch; set aside. Add remaining broth to pan; scrape pan to loosen browned bits. Add wine and cranberries; bring to a boil. Reduce heat, and simmer, uncovered, 7 minutes. Stir in cornstarch mixture; boil 1 minute. Spoon sauce over turkey.