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Target denies issuing release about $5B share buyback

After releasing a statement, Target is now denying it announced a $5 billion stock buyback boost and an increase in its dividend.

The original release posted to the retailer's website announced a 7.7 percent dividend rise along with an expansion of the company's share repurchase program to $10 billion from $5 billion.

Target's board was slated to vote Tuesday evening on the matter and a number of Web links were being tested, according to a source familiar with the matter. No votes have yet taken place on a share buyback or dividend increase making it appear the post was made inadvertently.

Target shares were little changed when CNBC reported news of the release around 3:20 p.m. ET and remained flat after the company denied the report.

Check here to see how Target shares are doing now.

The dividend hike would have been the 44th consecutive year the Minneapolis-based retailer has increased its dividend, according to the release Target has now taken down.

A Target spokesperson reiterated roughly 30 minutes after the post to the company's website that "there has been no release from Target."

The original post also included a statement from John Mulligan, Target's executive vice president and CFO, saying, "Today's announcements reinforce Target's long history of thoughtfully returning cash to shareholders through dividends and share repurchase."