Annual payout = $1 per share

Target shareholders already had reason to feel good about their investment, given a rebound in the company’s share price from below $40 a year ago to roughly $55 today. Now, there’s more reason to cheer, as a recently authorized 47% increase in the quarterly dividend amount boosts the annual payout to $1. Beginning this fall, shareholders will received a 25-cent-per-share quarterly payout compared with the most recent quarterly payment of 17 cents following board action just prior to last week’s annual meeting of shareholders.

“Target’s cash generation is well above the amount needed for optimal reinvestment in our core business,” said Gregg Steinhafel, chairman, president and CEO. “Because we expect to continue to return excess cash to our shareholders through a combination of regular dividends and opportunistic share repurchase, we believe it is appropriate to increase the amount returned through the quarterly dividend.”