Target sees $3 dividend by 2017, buybacks to continue
Minneapolis — Target Corp. anticipates that its annual dividend may hit $3 per share or more by 2017, if its annual earnings are at $8 per share or more by that time.
Target on Monday said it has paid a dividend every quarter since it became a public company in 1967, and in 2011 the company marked its 40th consecutive year of annual dividend increases.
Target also announced that it plans to invest $1.5 billion or more in buybacks in 2012. It invested nearly $1.9 billion in stock repurchases last year.
“Target’s completion of the 2007 share repurchase program demonstrates our long-standing commitment to return cash to shareholders through both dividends and share repurchase,” said John Mulligan, incoming EVP and CFO, Target. “Through disciplined financial management, Target continues to generate far more cash than we need to fund appropriate reinvestment in our core businesses. As a result, we intend to continue to invest in the repurchase of shares under our January 2012 authorization.”
Safeway Ok’s $1 billion stock buyback program
Pleasanton, Calif. — Safeway Inc. said Monday it approved a $1 billion stock buyback program.
The operator of grocery chains such as Safeway, Vons and Dominick’s had about $400 million remaining under its stock repurchase program, through Feb. 22. The buyback authorization does not have an expiry date.
Canadian Tire honored for sustainability practices
Toronto — Canadian Tire Corp. has been honored with the Globe Award for Best Green Retailing Practices. The award is presented to the company that has demonstrated excellence in executing end-to-end sustainable practices and has made measurable environmental performance improvements to its retail operations.
“Canadian Tire continues to raise the bar with its work in business sustainability and we are very pleased to have been honored by The Globe Foundation,” said Tyler Elm, VP corporate strategy and business sustainability. “We are successfully integrating sustainability into our business strategy and operations and we are highly optimistic about future opportunities to build on our results.”
The Globe Awards are judged by a panel of experts in the Canadian business community to recognize leading Canadian companies whose corporate sustainability practices yield bottom-line results.
Canadian Tire’s strategy aims to embed sustainable practices in every aspect of its business operations, including: management of its products and packaging from procurement through post-consumer use, transport from suppliers to distribution centers and stores, and the maintenance and enhancement of the buildings portfolio and other operations.
Last week, Canadian Tire released its fourth quarter and year-end business sustainability results, which included 438 initiatives completed in 2011. Combined, these initiatives are forecasted to avoid more than $5.6 million in costs, 2,451 tons of waste and more than 6,900 tons of greenhouse gas (GHG) emissions annually.