Target set to authorise $5 billion share buyback deal

United States retailer Target has said it will authorise a $5bn share buyback deal, upon completion of a previous plan.

The company is currently coming towards the end of another repurchasing agreement to the tune of $10bn, which is expected to be completed before the end of the current fiscal year.

The board of the company also announced a quarterly dividend of 60 cents per share to be paid out in December.

Target's shares rose 0.60% to $69.03 as of 1534 BST.