Target’s 3% Dividend Hike Is Its 49th Consecutive Annual Increase
Target (NYSE: TGT) announced this morning it was raising its dividend 3% to $0.68 per share. While a notable achievement by itself, considering the number of companies that have cut their payout during the pandemic to conserve cash, the increase marks the 49th consecutive year the retailer has raised its dividend.
If Target can hike the payout one more time next year, it will be elevated into a select group of stocks known as Dividend Kings, or companies that have increased their dividends for 50 years or more.
No other mass merchandise retailer, including Walmart (NYSE: WMT), has as long a history as Target does in raising its dividend.
Source Fool.com
