Friday, June 10, 2022

Dividend Increase - Target Corporation (TGT)



Yesterday, June 9th the Board of Directors of Target Corporation (TGT) announced a quarterly dividend increase of from $ 0.90 to $ 1.08 per share that’s payable that’s payable September 10, 2022 to holders of record August 16, 2022. This represents a 20.0% increase over the last quarterly dividend.


The 3rd quarter dividend will be the company's 220th consecutive dividend paid since October 1967 when the company became publicly held. With the increase announced today, 2022 is on track to be the 51st consecutive year in which Target has increased its annual dividend.


With current price $ 154.55 (yesterday's close), this raise brings their dividend yield to 2.80%.


Target Corporation is a Dividend Champions with a 51 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 17.9, 7.8, 6.4 and 11.1 (Dividend Champions.xls)



Since I own 115 shares of TGT, this will increase my portfolio's projected annual net dividend income by $ 61.69.


Given the announcement and news about the company over the last few weeks, this dividend increase announcement was really a big surprise, I would have been happy with an increase of around 6%.


This is the eight dividend increase I've received from Target Corporation since initiating a position in June 2014. (More here) During this period, the quarterly dividend has gone up nicely from $ 0.52 to $ 1.08, or 107.7 percent.


This increase raises my YOC to 7.35%.



Summary of 2022 Dividend Increases / Cuts



Click here to see my portfolio holdings.


You can follow the development of my dividends here.


Full Disclosure: Long TGT


Thanks for stopping by!


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