Target Corp. TGT, -1.34% said Wednesday it will raise its quarterly dividend by 32.4%, to 90 cents a share from 68 cents. The discount retailer’s new dividend will be payable Sept. 10 to shareholders of record on Aug. 18. Based on Tuesday’s stock closing price of $235.10, the new annual dividend rate would lift the implied dividend yield to 1.53% from 1.16%, which compares with rival Walmart Inc. WMT, -0.54% of 1.57% and the implied yield for the S&P 500 SPX, -0.18% of 1.39%. Target’s stock, which was little changed in premarket trading, has soared 94.8% over the past 12 months, while Walmart shares have gained 15.2% and the S&P 500 has advanced 31.8%.
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