Target (TGT) Completes $10B Buyback Plan, Will Continue with $5B Program; Sees Annual Dividend at $3/Share by 2017

Target (NYSE: TGT) announced the completion of its $10 billion buyback program. The company will continue buying back stock under the $5 billion program approved in January.

Dividends represent the foundation of Target’s strategy to return cash to its shareholders. The company has paid a dividend every quarter since it became a public company in 1967, and in 2011 the company marked its 40th consecutive year of annual dividend increases. Over the last 5 years, Target Corporation’s dividend has grown much faster than earnings per share, reflecting a slower pace of capital expenditures along with robust generation of cash from operations. The company expects to continue to grow the dividend at a robust pace which would allow the annual dividend to rise to $3.00 or more by 2017, assuming the company meets its goal to grow annual earnings per share to $8.00 or more by that time.

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