Friday, June 16, 2023

Dividend Increase - Target Corporation (TGT)


Yesterday, June 15th the Board of Directors of Target Corporation (TGT) announced a quarterly dividend increase of from $1.08 to $1.10 per share that’s payable that’s payable September 10, 2023 to holders of record August 16, 2023. This represents a 1.85% increase over the last quarterly dividend.

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.

With current price $137.84 (yesterday's close), this raise brings their dividend yield to 3.19%.

Target Corporation is a Dividend Champions with a 52 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 25.3, 15.1, 10.2 and 11.6 (Dividend Champions.xls)

Since I own 115 shares of TGT, this will increase my portfolio's projected annual net dividend income by $6.85.

I was expecting an increase of about 5%, so this was a bit of a disappointment.

This is the ninth 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 $1.10, or 111.5 percent.

This increase raises my YOC to 7.49%.

Summary of 2023 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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