Target announces $5 billion share buyback program; declares quarterly dividend

Target on Wednesday announced a new $5 billion share repurchase program in addition to its current $10 billion buyback plan.

The retailer also declared a quarterly dividend of 60 cents a share, payable Dec. 10, 2016 to shareholders of record at the close of business Nov. 16, 2016.

Through the second quarter of 2016, under its current $10 billion share repurchase program, Target repurchased 125 million shares — or 18 percent of shares outstanding when the plan was announced in January 2012 — for a total of $8.8 billion.

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Target announces $5 billion share buyback program; declares quarterly dividend