Target to buy back $5 billion shares

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

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)