News Column

Target raises dividend, shareholders re-elect full board

June 11, 2014

By Tom Webb, Pioneer Press, St. Paul, Minn.



June 11--Target's much-discussed annual meeting turned out to be a quiet affair, with all 10 board members re-elected and no angry shareholders confronting the retailer's leadership team.

Shareholders approved all of the company-backed resolutions -- including an advisory Say-On-Pay vote, which nearly failed a year ago -- and they rejected all three outside resolutions that the board disliked.

Among them was a proposal to separate the job of Target's CEO and the board chairmanship. That idea drew considerable support last year, even before Target's troubles in 2013. But it didn't carry the day this time, according to preliminary results given Wednesday by interim Chairwoman Roxanne Austin.

Target also increased its quarterly dividend by 21 percent, raising the payment to 52 cents a share. That gives Target stock a robust yield of 3.7 percent, which should help it regain favor among investors as the discounter hopes to recover from a series of stumbles.

News of the dividend increase sent Target shares up in late trading, gaining 31 cents to $57.17.

The annual shareholders meeting was held in Dallas. Target is based in Minneapolis.

Tom Webb can be reached at 651-228-5428. Follow him at twitter.com/TomWebbMN.

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(c)2014 the Pioneer Press (St. Paul, Minn.)

Visit the Pioneer Press (St. Paul, Minn.) at www.twincities.com

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Source: Saint Paul Pioneer Press (MN)


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