Target plans to buy back extra $5 billion in shares
- Star Tribune
- January 12, 2012 - 7:17 PM
Target Corp.'s board of directors approved a new $5 billion share repurchase program that is expected to take place over two to three years, the company said Thursday.
The Minneapolis-based retailer expects to start buying back shares early this year after it completes a current $10 billion repurchase program. Target said it has the capacity to buy back about $1.5 billion worth of shares this year.
Target's current $10 billion repurchase program was authorized in 2007. Under that program the company repurchased more than 185 million shares, or approximately 22 percent of shares outstanding at the beginning of the 2007 program.
The company's new $5 billion share repurchase program represents about 15 percent of the company's current $33 billion market capitalization. Target shares rose 1.6 percent, or 78 cents, to close at $49.81 Thursday.
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