By Colin Kellaher

 

Target Corp. on Thursday said its board raised the quarterly dividend by 20%, to $1.08 from 90 cents, just days after the retailer warned that high inventories would weigh on its profits.

The new payout, equal to $4.32 a year, represents an annual yield of about 2.76% based on Wednesday's closing price of $156.70, up from 2.3%.

The Minneapolis company said the increased dividend is payable Sept. 10 to shareholders of record Aug. 17.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

June 09, 2022 06:55 ET (10:55 GMT)

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