MINNEAPOLIS--(BUSINESS WIRE)--Sep. 21, 2016--
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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Source: Target Corporation
Target Corporation
John Hulbert, Investors, 612-761-6627
or
Erin
Conroy, Financial Media, 612-761-5928
or
Target Media Hotline,
612-696-3400