Target Raises Its Dividend by 7.1%
June 08 2016 - 9:51AM
Dow Jones News
By Tess Stynes
Target Corp. said its board raised the retailer's quarterly
dividend by 7.1%, continuing a trend of 4-cent dividend boosts in
recent years.
The Minneapolis company's quarterly payout to shareholders rose
to 60 cents a share from 56 cents a share, to yield 3.5%. The new
dividend is payable to shareholders as of Aug. 17.
The 4-cent raise matches Target's annual increase for each of
the past two years. On a percentage basis, the boost announced
Wednesday is Target's smallest since it raised its dividend by a
just a penny, or 6.3%, in 2009. From 2010 to 2014, Target
shareholders saw dividend increases of at least 19% each year.
With the increase, the company expects 2016 to be the 45th
straight year it has boosted its annual payout to shareholders.
Target and many other retailers have gotten off to a weak start
this year. Last month, Target said customers pulled back on
spending in the quarter ended April 30 and warned that sales at
existing stores may decline in the current quarter. Target has been
investing to build up its digital business as consumers have been
increasing purchases made online.
Shares of Target rose 1.1% to $68.99 in light premarket trading.
As of Tuesday's close, the stock has fallen 6% so far this year and
14% in the past 12 months.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 08, 2016 09:36 ET (13:36 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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