Dividend Aristocrat Target (TGT) Raises Dividend For 50th Straight Year by Delivering a Monster Hike
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The board of the retailer declared a quarterly dividend of $0.90 per common share, a 32.4% increase from the prior quarterly dividend of $0.68. The dividend is payable Sept. 10, 2021 to shareholders of record at the close of business August 18, 2021. The ex-dividend date is August 17, 2021. This produces an annual dividend of $3.60 per common share.
This was the largest raise from Target since at least 2012 when StreetInsider started collecting data on dividend hikes. For the last four consecutive years, the company raised its dividend by just 3%.
The annual yield on the new dividend is 1.5%.
With the increase, this will be the 50th consecutive year in which Target has increased its annual dividend. The S&P Dividend Aristocrat list calls for 25 straight years of dividend hikes as the criteria.
CFO Michael Fiddelke said the dividend hike reflects the company's "ongoing commitment to disciplined capital deployment."
"Given strong operating performance and cash generation, our business is well-positioned to support this robust increase in the dividend, even as we ramp up capital investments in our business and continue to invest in our team," he added.
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Create E-mail Alert Related CategoriesDividend Hike, Dividends
Related EntitiesStandard & Poor's, Dividend
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