Shares of Target Corp. were indicated up nearly 4% in premarket trading Thursday, after the discount retailer said it authorized a new $5 billion stock repurchase program. The company said it will begin buybacks under the new program once the current $5 billion is completed, which is expected in fiscal 2020. Based on Wednesday's stock closing price of $106.97, the new program could represent about 46.74 million shares, or 9.15% of the shares outstanding. Target also declared a regular quarterly dividend of 66 cents a share. That implies a dividend yield of 2.47%, compared with the yield for the SPDR S&P Retail ETF of 1.55% and the implied yield for the S&P 500 of 1.95%. Target's stock has soared 62% year to date, while the retail ETF has gained 3.3% and the S&P 500 has climbed 20%.
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