By Colin Kellaher

 

Target Corp. on Wednesday said its board approved a new $15 billion share-repurchase program.

The Minneapolis retailer, which has nearly 495 million shares outstanding, has a market capitalization of roughly $130 billion based on Tuesday's closing price of $254.65.

Target said it shelled out $1.5 billion during its fiscal second quarter to buy back 6.6 million shares at an average price of $233.81.

The company said that it still had about $1.8 billion of capacity remaining under a $5 billion buyback program the board approved in 2019, adding that it will begin repurchases under the new authorization upon completion of the current program.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

August 18, 2021 07:01 ET (11:01 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Target (NYSE:TGT)
Historical Stock Chart
From Dec 2021 to Jan 2022 Click Here for more Target Charts.
Target (NYSE:TGT)
Historical Stock Chart
From Jan 2021 to Jan 2022 Click Here for more Target Charts.