The 1.8% increase, up from the previous $1.14 per share, brings the company’s annual dividend to $4.64. Based on Wednesday’s closing price of $127.98, this move pushes the annual yield to approximately 3.63%. The Minneapolis-based retailer confirmed the new dividend is payable on September 1 to shareholders of record as of August 12.
In section Market Quotes
Target Marks 55 Years of Payout Growth With Dividend Hike
Target shareholders are set for a modest windfall as the retailer extends its half-century streak of consecutive dividend increases. The board’s decision to raise the quarterly payout to $1.16 per share solidifies the company’s standing among the most consistent income generators in the S&P 500.
This adjustment maintains Target’s presence in the S&P 500 Dividend Aristocrats Index, a group of 69 companies that have sustained dividend growth for at least 25 years. More exclusively, the retailer remains a member of the dividend kings, a cohort of 58 companies that have raised their payouts for at least 50 consecutive years.
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