logo
Plus   Neg
Share
Email
Comment

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
Amid a government shutdown, the Senate voted Monday to move forward on a short-term spending bill to re-open the government. The Senate voted 81 to 18 in favor of limiting debate on the bill, which would fund the government through February 8th. Opera, a web browser for Windows, macOS, and Linux operating systems, has added cryptocurrency mining protection to its mobile browsers. It is part of the browser's ad blocker function. In its desktop-based versions, Opera had introduced cryptocurrency miner protection in early January. French drug giant Sanofi SA Monday announced an agreement to buy US-based hemophilia drugmaker Bioverativ Inc. (BIVV) for around $11.6 billion. The deal expands Sanofi's presence in specialty care and strengthens leadership in rare diseases. Sanofi shares were losing around 4 percent in the early morning trading in Paris.
comments powered by Disqus
Follow RTT