Reuters

(Reuters)

Target Pulls Announcement on Share Buyback, Dividend From Website

Dividends Reuters

Target Corp (TGT) pulled down a release on its website that said the company would raise its share buyback program by $5 billion to $10 billion and boost its quarterly dividend by 7.7 percent to 56 cents per share.

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The statement appeared briefly on Target's website and was taken down after it was reported by news media.

A Target spokeswoman told Reuters that the company had not released any information. She declined to comment further on the statement that had appeared on Target's press releases page.

The statement had said the dividend, raised from 52 cents per share, was supposed to be payable on Sept. 10.

The fourth-largest U.S. retailer said last month it repurchased $562 million worth of its shares in the fourth quarter ended May 2. It had resumed buybacks after nearly two years.

"We expect to have the capacity to increase our annual dividend — and repurchase billions of dollars of Target shares annually — while maintaining our current credit ratings," Chief Financial Officer John Mulligan had said in the statement.

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Target's board was slated to vote Tuesday evening on the buyback and dividend and a number of web links were being tested, a source familiar with the matter told CNBC.

Target's shares were little changed at $79.12 in after-market trading on Tuesday.

(Reporting by Ramkumar Iyer in Bengaluru; Editing by Simon Jennings and Sriraj Kalluvila)