According to latest official press release by Target Corp. (NYSE: TGT), keeping in view its *trend of 4% dividend boosts in recent years, it announces to raise its quarterly dividend by approximately 7.1% this time – i.e, 60 cents/share from 56 cents/share (as of earlier).
(*the 4% raise matches its annual increment for each of the past two years)
UPDATE: This new dividend will be made payable by Sept. 10 to shareholders of record as of Aug. 17.
With this rise, TGT looks onto this year for displaying the 45th straight year it has boosted its annual payout to shareholders (source: Market Watch).
Exclusive data obtained by Market Watchers cite (for readers’ concern):
|During pre-trade session, the shares have cited no activity. TGT gained 1.1% at $68.99 in light premarket trading. However, the stocks have played bearish worth 6% on annual scale, so far|
|Meanwhile the S&P 500 gained an estimate of 3.3%|
INSIGHT: TGT posted a revenue decline of more than 5% in its first fiscal quarter of 2016 and that took shares down 7% in one trading session.
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Analysts have fixed Target’s forward price-to-earnings (P/E) ratio at 12.05 for the fiscal year ending in January 2018, and the consensus price target on the stock is $77.47, i.e. $9 above where the stock traded **today.
(**the potential gain on the share price is around 13.5% upon closing price of $68.24 – marking a 52nd week range of $65.50 to $85.81)