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Target Announces Plan to Buy Back $5 Billion Shares
On Wednesday, popular retailer Target Corp. (TGT - Free Report) announced a $5 billion share buyback program, sending its stock up a little over 1% in trading this morning.
Target will start repurchasing shares after the completion of its current $10 billion share buyback program ends before the end of fiscal 2016, where the company is repurchasing 125 million shares for a total investment of $8.8 billion.
“Today’s announcements reinforce Target’s longstanding commitment to thoughtfully returning cash to shareholders while continuing to prioritize investing in our business,” Cathy Smith, Target’s executive vice president and CFO, said in a statement.
Target also announced a dividend of 60 cents per common share on December 10.
TARGET CORP Price, Consensus and EPS Surprise
TARGET CORP Price, Consensus and EPS Surprise | TARGET CORP Quote
Currently, TGT is a #3 (Hold) on the Zacks Rank and has lost 5.50% year-to-date.
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