Target raises dividend for 50th year

Target Corporation (TGT) will raise its dividend by 3.3 percent.

Dividend Aristocrat Target will increase its quarterly dividend to $0.62 per share.

The board of directors of Target Corporation (NYSE:TGT) has declared a quarterly dividend of 62 cents per common share, a 3.3% increase from the prior quarterly dividend of 60 cents.

Target is a Dividend Aristocrat

The dividend is payable Sept. 10, 2017 to shareholders of record at the close of business August 16, 2016. The 3rd quarter dividend will be the company’s 200th consecutive dividend paid since October 1967 when the company became publicly held.

With the increase announced today, 2017 is expected to be the 46th consecutive year in which Target has increased its annual dividend.

According to our own information it's actually the 50th consecutive year of dividend increases.

Year-to-date Target stock is down 21% at a current stock price of $57.09. This results in a new dividend yield of 4.4 percent for TGT.

Currently only 4 out of 26 analysts rate Target a 'buy' or 'strong buy' with 17 'hold'  recommendations and 5 'sells'. The average target price is $58.60, about 3 percent above the current stock price.

Target Corporation is a general merchandise retailer selling products through its stores and digital channels. Its general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items.