Target Corporation (TGT) today announced a 1.9% dividend hike to $1.10 quarterly per share on June 15, 2023. This marks 52 consecutive years of dividend growth by Target but also is the smallest dividend hike in many years by the retailer.
The dividend is payable Sept. 10, 2023 to shareholders of record at the close of business August 16, 2023. The 3rd quarter dividend will be the company's 224th consecutive dividend paid since October 1967 when the company became publicly held. With the increase announced today, 2023 is on track to be the 52nd consecutive year in which Target has increased its annual dividend. The dividend yield for Target is 3.3% at a stock price of $133.81.
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.