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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

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