Target 2007 Annual Report Download - page 27

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PART II
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
Our common stock is listed on the New York Stock Exchange under the symbol ‘‘TGT.’’ We are authorized
to issue up to 6,000,000,000 shares of common stock, par value $.0833, and up to 5,000,000 shares of
preferred stock, par value $.01. At March 11, 2008, there were 18,128 shareholders of record. Dividends
declared per share and the high and low closing common stock price for each fiscal quarter during 2007 and
2006 are disclosed in Note 28.
The following table presents information with respect to purchases of Target common stock made during
the three months ended February 2, 2008, by Target or any ‘‘affiliated purchaser’’ of Target, as defined in
Rule 10b-18(a)(3) under the Exchange Act.
Approximate
Total Number of Dollar Value of
Shares Purchased Shares that May
Total Number Average as Part of Yet Be Purchased
of Shares Price Paid Publicly Announced Under the
Period Purchased per Share Program Program
November 4, 2007 through
December 1, 2007 15,930,679 $56.78 15,930,679 $ 9,095,504,320
December 2, 2007 through January 5,
2008 2,193,723 57.63 18,124,402 8,969,071,915
January 6, 2008 through February 2,
2008 8,327,032 49.76 26,451,434 8,554,709,076
Total 26,451,434 $54.64 26,451,434 $8,554,709,076
In November 2007, our Board of Directors authorized the repurchase of $10 billion of our common stock. We intend to complete this share
repurchase program within approximately three years through open market transactions and other means. Under the right combination of
business results, liquidity and share price, we would expect to complete half, or more, of this program by the end of 2008. Since the
inception of this share repurchase program, we have repurchased a total of 26.5 million shares of our common stock for a total cash
investment of $1,445 million ($54.64 per share). All shares repurchased during the quarter were under the November 2007 authorization.
The table above excludes shares of common stock reacquired from team members who tendered owned shares to satisfy the exercise
price on stock option exercises or tax withholding on equity awards as part of our long-term incentive plans. In the fourth quarter of 2007, no
shares were acquired pursuant to our long-term incentive plans.
The table above includes shares reacquired upon settlement of prepaid forward contracts. In the fourth quarter of 2007, 0.8 million shares
were reacquired through these contracts. The details of our long positions in prepaid forward contracts are provided in Note 26.
The table above excludes the $331 million of net premiums paid on the purchase and sale of call options on our common stock in the fourth
quarter of 2007. Refer to Note 24 for further details of these contracts.
9
PART II