© Reuters Goal (TGT) Offers Buyers an Award After Smashing Them Within the Face So Far This 12 months
After pounding buyers with unhealthy information over the previous a number of weeks, Goal (NYSE:) lastly gave buyers one thing to cheer about at present, though it doubtless received’t make up for the 32% year-to-date drop within the inventory.
Goal introduced that it is going to be elevating its dividend by 20% to $1.08 per share on a quarterly foundation. This is the same as $4.32 on an annual foundation, sporting an annual dividend yield of two.8%.
In the present day’s information follows the retailer’s second-quarter revenue warning in Might and the second warning for a similar quarter introduced solely on Tuesday. Goal mentioned it now expects a Q2 working margin of round 2%, down from 5.3%. The corporate can be taking aggressive measures to deal with its large stock surge.
This yr’s dividend hike compares to final yr’s hike of 32% however remains to be effectively above the hikes of solely 3% for 2017-2020. In the meantime, the yield on the dividend hasn’t been this excessive since 2019.
Goal is a member of the S&P Dividend Aristocrat, having raised its dividend for 51 consecutive years.
The newly declared dividend is payable on September 10, 2022, to stockholders of document on August 17, 2022, with an ex-dividend date of August 16, 2022.