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Target raises its regular quarterly dividend to 47%

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MINNEAPOLIS — Target Corp.’s board of directors has declared a quarterly dividend of 25 cents per common share, a 47% increase from the prior quarterly rate of 17 cents per common share.

Target Corp.’s board of directors has declared a quarterly dividend of 25 cents per common share, a 47% increase from the prior quarterly rate of 17 cents per common share.

“Because we expect to continue to return excess cash to our shareholders through a combination of regular dividends and opportunistic share repurchase, we believe it is appropriate to increase the amount returned through the quarterly dividend,” stated Gregg Steinhafel, chairman, president and chief executive officer.

“Target’s cash generation is well above the amount needed for optimal reinvestment in our core business,” he said. “Because we expect to continue to return excess cash to our shareholders through a combination of regular dividends and opportunistic share repurchase, we believe it is appropriate to increase the amount returned through the quarterly dividend.”

The dividend is payable September 10, 2010, to shareholders of record August 20, 2010. The third quarter dividend will be the company’s 171st consecutive dividend paid since October 1967 when the company became publicly held.

Target currently operates 1,740 stores in 49 states.

 

 


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