Target (TGT) Declares $0.60 Quarterly Dividend; New $5B Stock Buyback Program Approved
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Target (NYSE: TGT) declared a quarterly dividend of $0.60 per share, or $2.4 annualized.
The dividend will be payable on December 10, 2016, to stockholders of record on November 16, 2016, with an ex-dividend date of November 14, 2016.
The annual yield on the dividend is 3.5 percent.
Target also announced its board of directors has authorized a new $5 billion share repurchase program. The Company will begin repurchasing shares under this new authorization upon completion of the current $10 billion program, which is expected before the end of fiscal 2016.
Through the second quarter of 2016, under its current $10 billion share repurchase program, the Company repurchased 125 million shares for a total investment of $8.8 billion. These repurchased shares represented 18.6 percent of shares outstanding at the time the program was announced in January 2012.
“Today’s announcements reinforce Target’s longstanding commitment to thoughtfully returning cash to shareholders while continuing to prioritize investing in our business,” said Cathy Smith, Target’s executive vice president and CFO. “Our capital deployment priorities have been consistent for many years and remain the same today. We, first, invest fully in our business, on projects that meet our strategic and financial criteria. Second, we support the dividend, and are focused on extending our record of annual dividend increases, which have occurred every year since 1971. Finally, we return cash through share repurchase, within the limits of our Single-A long-term credit ratings. Given our current pace of share repurchase, this new authorization will allow for seamless execution into 2017.”
For a dividend history and other dividend-related data on Target (TGT) click here.
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Create E-mail Alert Related CategoriesCorporate News, Dividends, Hot Buybacks, Hot Corp. News, Management Comments, Stock Buybacks
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