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Target Boosts Dividend 47%

Target is upping its quarterly dividend 47%.

NEW YORK (

TheStreet

) --

Target

(TGT) - Get Report

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.

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"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."

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-- Reported by Jeanine Poggi in New York.

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