MINNEAPOLIS — Target Corp.’s board of directors has authorized a new $5 billion share repurchase program.
Target Corp.’s board of directors has authorized a new $5 billion share repurchase program.
The discount store chain said Thursday expects to start buying back stock under the new authorization after completing the current $10 billion program early this year.
"Our plans envision continued generation of much more cash than we believe is appropriate to invest in our core businesses," Target executive vice president and chief financial officer Doug Scovanner said in a statement. "We’re committed to maintaining Target’s long history of returning cash to shareholders through both dividends and share repurchase, and this new authorization will allow for seamless execution of share repurchase beyond completion of the current program."
Target noted that since it announced its current buyback authorization in November 2007, through the third quarter of 2011 the company had repurchased over 185 million shares at an average price of $51.53 per share. The repurchased shares represent about 22% of shares outstanding at the time that the current program was announced, according to the company
The retail said it expects to wrap up the new $5 billion authorization in the next two to three years.
