Target in $5 billion share repurchase program

Target Corp. on Wednesday announced its board has authorized a $5 billion share buyback plan.



The retailer will begin repurchasing shares under the new plan upon completion of its current $10 billion program, which is expected before the end of fiscal 2016 in January. Under that program, the company has purchased $8.8 billion worth of shares.



Target also declared a dividend of 60 cents per common share for the fourth quarter, unchanged from the third quarter.



“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. “Given our current pace of share repurchase, this new authorization will allow for seamless execution into 2017.”