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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, 2009, there were 18,007 shareholders of record. Dividends
declared per share and the high and low closing common stock price for each fiscal quarter during 2008 and
2007 are disclosed in Note 29 of the Notes to Consolidated Financial Statements, included in Item 8, Financial
Statements and Supplementary Data.
In November 2007, our Board of Directors authorized the repurchase of $10 billion of our common stock.
Since the inception of this share repurchase program, we have repurchased 93.7 million common shares for a
total cash investment of $4,840 million ($51.66 per share). In November 2008 we announced that, in light of
our business outlook, we were temporarily suspending our open-market share repurchase program.
The table below presents information with respect to Target common stock purchases made during the
three months ended January 31, 2009, 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 2, 2008 through
November 29, 2008 — $ — 93,334,886 $ 5,174,497,303
November 30, 2008 through
January 3, 2009 364,831 41.13 93,699,717 5,159,490,017
January 4, 2009 through
January 31, 2009 — — 93,699,717 5,159,490,017
Total 364,831 $41.13 93,699,717 $5,159,490,017
The table above includes common stock shares reacquired from team members who wish to tender owned shares to satisfy the tax
withholding on equity awards as part of our long-term incentive plans or to satisfy the exercise price on stock option exercises. In the fourth
quarter of 2008, 17,037 shares were acquired at an average per share price of $35.34 pursuant to our long-term incentive plans.
The table above includes shares reacquired upon settlement of prepaid forward contracts. For the three months ended January 31, 2009,
0.4 million shares were reacquired through these contracts. At January 31, 2009, we held asset positions in prepaid forward contracts for
2.2 million shares of our common stock, for a total cash investment of $88 million, or an average per share price of $39.98. Refer to
Notes 24 and 26 of the Notes to Consolidated Financial Statements for further details of these contracts.
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