Target Corporation (TGT) will raise its quarterly dividend by 32.4 percent to 90 cents per share in 2021. This follows a dividend hike of 3.0 percent to 68 cents per share announced in 2020. This will mark the 50th consecutive year of dividend increases by this Dividend Aristocrat.

The next dividend is payable September 10, 2021 to shareholders of record at the close of business August 18, 2021.  A new annual rate of $3.60 per share yields 1.6% at a stock price of $231.94.

Michael Fiddelke, executive vice president and chief financial officer of Target Corporation, said "The dividend increase we're announcing today reflects our ongoing commitment to disciplined capital deployment, with priorities that have remained consistent for decades: We first look to invest fully in our business, in projects that meet our strategic and financial criteria. We then look to support our dividend, and build on our record of increasing the annual dividend, which we've maintained for nearly 50 years. And finally, over time, we look to return any other excess cash through share repurchases, within the limits of our strong, middle-A credit ratings.

Target Corporation is a general merchandise retailer selling a wide assortment of general merchandise and food. The majority of Target's stores offer an edited food assortment comparable to traditional supermarkets, including perishables, dry grocery, dairy, and frozen items. The company sells national branded merchandise and its own branded products. Target was incorporated in Minnesota in 1902 and became publicly held in 1967. Target Corporation is one of the S&P500 Dividend Aristocrats having raised its dividend for more than 25 consecutive years.