Target Lifts Dividend, Buyback

The retailer increases its payout by 2 cents a share and adds $3 billion to its stock repurchase plan.
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Target

(TGT) - Get Report

increased its quarterly dividend by 16.7% and said it will add $3 billion to its buyback plan.

The Minneapolis-based discount retailer will pay a dividend of 14 cents a share, up from its previous payout of 12 cents. The new dividend is payable Sept. 10 to shareholders of record Aug. 20.

Target's $3 billion addition to its buyback plan brings its total share repurchase authorization to $8 billion. The company has already bought back $4 billion under the program, leaving it with $4 billion remaining to spend.

The company expects to complete the buyback plan no later than the end of 2010.