MINNEAPOLIS — Target has completed its $10 billion share repurchase program.
The program, which was authorized by the retailer's board of directors in November 2007, represents the repurchase of 193.5 million shares, or nearly 23% of its outstanding shares from that time period, at an average price of $51.68 per share.
Target will continue to repurchase shares under the $5 billion program approved by its board of directors in January, which it expects to complete in the next two to three years.
"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 chief financial officer of 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."