A newly constructed Target store is shown in San Diego, California May 17, 2016.  REUTERS/Mike Blake

A newly constructed Target store is shown in San Diego, California May 17, 2016. REUTERS/Mike Blake (Copyright Reuters 2016)

Target to buy back $5 billion shares

Markets Reuters

Target Corp on Wednesday announced a new $5 billion share buyback plan.

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The retailer said it would begin repurchasing shares under the new plan upon completion of its current $10 billion program, which is expected before the end of fiscal 2016 in January.

Target also declared a dividend of 60 cents per common share for the fourth quarter, unchanged from the third quarter.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Maju Samuel)