Starbucks Corporation late Wednesday announced that its board of directors had approved an 8% increase in the company’s quarterly cash dividend from $0.53 to $0.57 per share, which equates to an annual dividend of $2.28 per share.
The specialty beverage retailer said the increase will be effective with the dividend payable on November 24, 2023, to shareholders of record on November 10, 2023.
Starbucks has increased its dividend by more than 1000% since initiating its investor payout in 2010, representing a compound annual growth rate (CAGR) of about 20% over the past 13 years.
Shares of Starbucks were flat in pre-market trading on Thursday and have fallen 6% year to date.
Contact Sean at sean@proactiveinvestors.com