Target shares get a boost from buy back

Target (TGT) stock got a boost in morning trading Wednesday after the retailer announced a $5 billion share buy back program.

The new round of stock repurchases will kick off after a  separate $10 billion buy back ends before the end of this fiscal year. The news lifting Target’s stock price 1.1% to $69.38 a share.

Additionally, Target will award a 60 cents per share quarterly dividend on Dec. 10.

“Today’s announcements reinforce Target’s longstanding commitment to thoughtfully returning cash to shareholders while continuing to prioritize investing in our business,” Cathy Smith, Target’s executive vice president and CFO, said in a statement.