This Dividend King's Hike Is Bigger Than You Think
Target boosts its payout to run its streak to 54 years of increases, but that's not the real story here.
Target (NYSE: TGT) made it official on Thursday. The mass-market retailer lived to keep its Dividend King crown another year. Target boosted its quarterly dividend rate, something that the chain operator has now done for 54 consecutive years.
It wasn't much of an increase. The new quarterly distribution rate of $1.14 a share is just a pair of pennies -- or 1.8% -- higher than the old dividend. Target stock has moved exactly 2% higher just through the first four trading days of this week, so its forward yield of 4.6% is just a smidgeon lower than it was when the week started.
This is still a pretty big move for Target. Let's zoom in on the retailer's storefront logo to see if it hit the bull's-eye this week.
