Target Corp. said Thursday it was raising its quarterly dividend by 3.1%, to 66 cents a share from 64 cents. The new dividend will be payable Sept. 10 to shareholders of record on Aug. 21. Based on Wednesday's stock closing price of $88.26, the new annual dividend rate implies a dividend yield of 2.99%, compared with the dividend yield on rival Walmart Inc.'s stock of 1.95% and the implied yield for the Dow Jones Industrial Average of 2.08%. Target said 2019 would be the 48th consecutive year that the dividend was increased. Target's stock has gained 13.1% over the past 12 months, while Walmart shares have rallied 29.4%, the SPDR S&P Retail ETF has lost 16.0% and the Dow has edged up 3.2%.