Target to buy back $5 billion shares

September 21, 2016 8:27 AM EDT

A newly constructed Target store is shown in San Diego, California May 17, 2016. REUTERS/Mike Blake

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By Sruthi Ramakrishnan

(Reuters) - Target Corp (NYSE: TGT) on Wednesday announced a new $5 billion share buyback plan.

The retailer said it would begin repurchasing shares under the new plan upon completion of its current $10 billion program, which is expected before the end of fiscal 2016 in January.

Target also declared a dividend of 60 cents per common share for the fourth quarter, unchanged from the third quarter.

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