Benzinga | Jun 9, 2021 10:22AM EDT

Target Hikes Quarterly Dividend by 32%

* Target Corporation (NYSE: TGT) announced a quarterly dividend of $0.90 per common share.

* The latest move represents a 32.4% increase from the previous dividend of $0.68.

* With the increase announced today, 2021 is on track to be the 50th consecutive year in which Target has increased its annual dividend.

* "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," said CFO Michael Fiddelke.

* UBS had also upgraded Target stock from Neutral to Buy and raised its price target from $210 to $265.

* Price Action: TGT shares are trading higher by 0.58% at $236.43 on the last check Wednesday.