Thursday, June 13, 2024

Dividend Increase - Target Corporation (TGT)


Yesterday, June 12th the Board of Directors of Target Corporation (TGT) announced a quarterly dividend increase of from $1.10 to $1.12 per share that’s payable that’s payable September 10, 2024 to holders of record August 21, 2024. This represents a 1.82% increase over the last quarterly dividend.

The 3rd quarter dividend will be the company's 228th consecutive dividend paid since October 1967 when the company became publicly held. With the increase announced today, 2024 is on track to be the 53rd consecutive year in which Target has increased its annual dividend.

With current price $147.09 (today's open), this raise brings their dividend yield to 3.05%.

Target Corporation is a Dividend Champions with a 53 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 10.1, 17.6, 11.6 and 10.7 (Dividend Champions.xls)

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

The increase was the same, two cents, as a year ago. However, I was expecting an increase of about 5%, so this was a bit of a disappointment.

This is the tenth dividend increase I've received from Target Corporation since initiating a position in June 2014. (More here) During this period, the quarterly dividend has risen quite comfortably from $0.52 to $1.12, or 115.4%.

This increase raises my YOC to 7.62%.

Summary of 2024 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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