Target to buy back $5 billion shares
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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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