Target Corp. (TGT) said Monday that it has completed the $10 billion share repurchase program authorized by its board of directors in November 2007. Under the program, the company repurchased 193.5 million shares, representing nearly 23% of its November 2007 outstanding shares, at an average price of $51.68 per share.
The company said it will continue to repurchase shares under the $5 billion program approved by its board of directors in January this year, which it expects to complete in the next 2 to 3 years.
John Mulligan, incoming EVP and chief financial officer of Target, said, "Through disciplined financial management, Target continues to generate far more cash than we need to fund appropriate reinvestment in our core businesses. As a result, we intend to continue to invest in the repurchase of shares under our January 2012 authorization."
The company also said that it 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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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.