shares of target corp tgt rallied 11 in premarket trading thursday after the discount retailer said it raised its quarterly dividend by 20 to 108 a share from 90 cents a share the new dividend will be payable sept 10 to shareholders of record on aug 17 based on wednesdays stock closing price of 15670 the new annual dividend rate implies a dividend yield of 278 which compares with the yield for rival walmart incs stock wmt of 183 and the implied yield for the sp 500 spx of 156 targets dividend hike comes after target lowered its operating margin guidance earlier this week for the second time in less than a month targets stock has tumbled 323 year to date through wednesday while walmart shares have shed 155 and the sp 500 has lost 137