Target Corp. said Wednesday that its board approved the increase of its quarterly dividend by 6 cents, or 20 percent, to 36 cents.
The Minneapolis-based discount chain will pay the dividend on Sept. 10 to shareholders of record as of Aug. 15. Target Corp. has paid a dividend every quarter since going public in 1967. The announcement was made ahead of its annual shareholders’ meeting, which took place on Wednesday at a soon-to-open store in downtown Chicago. That unit, along with locations in Los Angeles, San Francisco and Seattle, is part of new smaller format stores.