Target affirms dividend boost after statement is posted online by mistake

New York

TARGET Corp reiterated a 7.7 per cent increase in its dividend to 56 US cents in an official statement, after a similar announcement was posted on its website earlier by mistake. The retailer also reiterated a US$5 billion boost to its stock buyback plan, it said in a Business Wire statement.

It earlier posted by accident a statement announcing a dividend increase before the board made a final decision on the matter, according to a person with knowledge of the situation. The announcement appeared on Target's website and then disappeared fewer than 25 minutes later, befuddling investors who sent the stock up on the news.