Oppenheimer analyst Christopher Glynn raised his price target for Grainger to $320 from $245 to reflect great benefits from tax reform, and better visibility to 2019 operating targets, and interim upside prospects, given mounting execution success. The analyst reiterates an Outperform rating on the shares.

W.W. Grainger's board of directors approved a quarterly cash dividend of $2.05 per share, an increase of 10% from the most recent company dividend of $1.86 per share. The dividend is payable on June 1, to shareholders of record on May 13. In addition, the board approved the repurchase of up to 5M shares of the company's outstanding common stock, replacing the company's existing repurchase authorization. The new repurchase authorization has no expiration date. "2024 is on track to be our 53rd consecutive year of increased dividends, upholding Grainger's long-standing commitment to our shareholders. This increase, together with our updated share repurchase authorization, reinforces our ability to continue investing in the business while also returning excess cash to shareholders," said D.G. Macpherson, Grainger CEO.