Target raises quarterly dividend

By ANNE D'INNOCENZIO | June 8, 2011 | 1:30 PM EDT

NEW YORK (AP) — Target Corp. says it is raising its quarterly dividend by 5 cents to 30 cents, a 20 percent increase.

The retailer's announcement comes ahead of its annual shareholders meeting Wednesday.

The dividend is payable Sep. 1 to shareholders of record Aug. 18.

Target, based in Minneapolis, operates 1,752 Target stores in 49 states.