MINNEAPOLIS--(BUSINESS WIRE)--
Target Corporation (NYSE:TGT) today announced its board of directors has authorized a new $5 billion share repurchase program. The Company will begin repurchasing shares under this new authorization upon completion of the current $10 billion program, which is expected before the end of fiscal 2016.
Through the second quarter of 2016, under its current $10 billion share repurchase program, the Company repurchased 125 million shares for a total investment of $8.8 billion. These repurchased shares represented 18.6 percent of shares outstanding at the time the program was announced in January 2012.
Also today, Target announced its board of directors has declared a quarterly dividend of 60 cents per common share. The dividend is payable Dec. 10, 2016 to shareholders of record at the close of business Nov. 16, 2016. The fourth quarter dividend will be the Company’s 197th consecutive dividend paid since October 1967 when the Company became publicly held.
“Today’s announcements reinforce Target’s longstanding commitment to thoughtfully returning cash to shareholders while continuing to prioritize investing in our business,” said Cathy Smith, Target’s executive vice president and CFO. “Our capital deployment priorities have been consistent for many years and remain the same today. We, first, invest fully in our business, on projects that meet our strategic and financial criteria. Second, we support the dividend, and are focused on extending our record of annual dividend increases, which have occurred every year since 1971. Finally, we return cash through share repurchase, within the limits of our Single-A long-term credit ratings. Given our current pace of share repurchase, this new authorization will allow for seamless execution into 2017.”
Forward-Looking Statements
Statements in this release regarding expected dividends, share repurchase, capital deployment priorities, and credit ratings are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company’s actual results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company’s Form 10-K for the fiscal year ended Jan. 31, 2016. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,795 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.
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