Target is raising its quarterly dividend by 20%.
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were among the U.S. companies that declared dividend increases this week.
) said it plans to raise its quarterly disbursement to $1.08 a share, a 20% increase from 90 cents. The national retailer’s stock, which yields 2.9%, had returned about minus 33% this year, dividends included, through June 9. That compares with a return of minus 15% for the
Target reported disappointing fiscal first-quarter earnings last month, causing the stock to plunge about 25% on May 18. So the impending dividend increase gives investors some solace. The company is on track to increase its annual dividend for the 51st straight year.
Target is a member of the S&P 500 Dividend Aristocrats Index, whose constituents have paid out a higher dividend for at least 25 straight years.
Caterpillar (CAT) said it plans to boost its quarterly dividend to $1.20 a share. That’s an 8% increase from $1.11 a share. The stock, which has returned about 9% this year, yields 2.2%.
Caterpillar’s products include construction and mining equipment. Caterpillar belongs to the S&P 500 Dividend Aristocrats Index as well.
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