Target Corporation Announces New $5 Billion Share Repurchase Program and Declares Regular Quarterly Dividend
September 21 2016 - 8:00AM
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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Target CorporationJohn Hulbert, Investors, 612-761-6627orErin
Conroy, Financial Media, 612-761-5928orTarget Media Hotline,
612-696-3400
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