Target approves new $10B buyback program |
|
|
|
Published
:
Tue, 20 Nov 2007 14:47
|
MINNEAPOLIS (AP) - Discount retailer Target Corp. said Tuesday its board has approved a $10 billion share buyback program to replace a prior $8 billion authorization.Target said the new repurchase authorization represents more than 20 percent of the retailer's outstanding shares.Target said it expects to complete a significant portion of the program by the end of 2008. The full buyback is expected to be complete within three years.Chairman and Chief Executive Bob Ulrich said Target will fund the buyback program, in part, by increasing the use of debt in the company's capital structure.'We believe this new program will maintain our strong investment-grade debt ratings within a prudent range while allowing for substantial value to be returned to our shareholders,' Ulrich said.The previous share buyback program began in 2004 and was increased to $8 billion in June 2007. Under the previous program, Target said, it has acquired 90.7 million shares of its common stock for about $4.6 billion to date.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2792.28 |
22.57 (
0.81 %)
|
| SYMBOL (
2012-01-19 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
2017.00 |
46.00 (
2.42 %)
|
|
WHITBREAD
(
11:35am )
|
|
1662.99 |
33.99 (
2.09 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
IBM
(
12:34pm ) |
|
181.50 |
0.43 (
0.24 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
|
Print this Story
TSYS augments share repurchase program 