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Target hikes dividend, buyback

Minneapolis – The board of directors of Target Corp. declared a third-quarter dividend of $0.14 per common share, a 16.7% increase in its regular dividend.

 

Payable Sept. 10, 2007 to shareholders of record Aug. 20, the dividend will be the company's 160th consecutive dividend paid since going public in October 1967.

 

The 1,500-store retailer also increased its ongoing $5 billion share repurchase authorization to a total buyback ceiling of $8 billion. Target said the program will primarily be executed “in open market transactions, subject to market conditions,” with completion “by year-end 2010 or sooner.”

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