logo
Share SHARE
FONT-SIZE Plus   Neg

Target To Continue Buybacks; Plans To Grow Annual Dividend To $3 By 2017

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Amazon.com Inc. on Tuesday introduced the latest generation of its flagship Fire tablet - the Fire HD 10. The new tablet comes with a 10.1 inch widescreen, 1080p display, ten hours of battery life, and Alexa hands-free capabilities. The Fire HD 10 is available for pre-order beginning today with 32GB or 64GB of internal storage, and starting at $149.99. Rite Aid Corp. and Walgreens Boots Alliance Inc. have secured regulatory clearance for an amended and restated purchase agreement, under which Walgreens will buy 1,932 stores, three distribution centers and related inventory from Rite Aid for $4.375 billion in cash. Department store operator Kohl's Corp. said that it will offer free, convenient returns for Amazon.com Inc. customers in 82 of its stores across Los Angeles and Chicago, starting in October. Kohl's will pack and ship eligible Amazon return items for free to Amazon return centers, thus providing an additional service and convenience to Amazon customers within select Kohl's stores.
comments powered by Disqus
Follow RTT