June is shaping up to be a great month so far. Today I read that the board of directors for Target has decided to increase their dividend to $0.62. This represents a 3.3% increase. This is a nice increase considering that the stock is currently yielding 4.32%. This dividend will be paid in September which will also be the 200th consecutive quarter that Target has paid a dividend. They also have increased their dividend for 46 years. Not a bad streak at all.
If you remember, I made my first purchase of Target back in July of last year. Then in January of this year, I decided to double my holdings of Target when the stock started declining. I would like to strengthen my position some more but do not want it to be over weighted. Despite the share price of Target dropping over the past few months, I still consider their dividend sustainable. So for now, I will keep my position as it is. This increase only added about $0.36 to my next dividend payment but every little bit helps.
I imagine a lot of other DGI bloggers are also holding Target in their portfolios. So congrats on the increases that you’ll received as well.
I’m looking forward to reading your comments and questions.
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As always I hope that everyone is doing good out there and happy investing.