Target Corp. said its board authorized the buyback of up to $5 billion US of its shares over the next 2-3 years, following the completion of its current program in early 2012.
The company announced its existing $10 billion program in November 2007 and Target said it has since repurchased more than 185 million shares at an average price of $51.53 a share through the third quarter of 2011.
Target said it expects to invest $1.5 billion or more in share repurchases in 2012.
The company also expects to raise its annual dividend to $3.00 a share or more by 2017, if it meets its goal to grow annual earnings to $8.00 a share or more by that time.
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I still wouldn’t invest in retail just yet. We’re either at the tail end of a recession or during the middle of one, so its probably best to wait a few weeks to a month. At least wait until we get through earnings season.
By: theeconocrat on January 12, 2012
at 8:25 pm