NEW YORK (
announced Wednesday that it is nearly doubling its quarterly dividend.
Target will award shareholders of record as of Aug. 20, 25 cents a share from 17 cents a share. The dividend is payable on Sept. 10.
"Target's cash generation is well above the amount needed for optimal reinvestment in our core business," Target Chairman and Chief Executive Gregg Steinhafel said in a statement. "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."
-- Reported by Jeanine Poggi in New York.
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