Feeling The Brew! Starbucks Announces A Juicy Dividend Hike

Starbucks Corp SBUX said its Board of Directors approved a 7.5% increase in the company's quarterly cash dividend from $0.53 to $0.57 per share.

This raises the company's annual dividend rate to $2.28 per share.

The increase will be effective with the dividend payable on November 24, 2023, to shareholders of record on November 10, 2023.

Also Read: Starbucks Promotes Molly Liu To Co-CEO Of China Business

Starbucks initiated its dividend in 2010 at $0.05 per share and increased its dividend consecutively each year over the past 13 years at a CAGR of approximately 20%.

The company held $3.6 billion in cash and equivalents as of July 2, 2023.

Also Read: Starbucks Faces Competitive Pressure In China: Analyst Downgrades Stock

Price Action: SBUX shares closed lower by 0.14% at $95.16 on Wednesday.