Starbucks Corp (SBUX) came out with huge news last week that might have gotten lost with other news such as the health care bill.
Last Wednesday, Starbucks Corp came out with a press release that investors have never seen before. The company is declaring their first ever dividend!
Howard Schultz has completely turned this company around and back into a winning franchise again. Howard Schultz regained the CEO title back in January 2008 and vowed to make improvements. Since taking over, Starbucks Corp is up around 40%.
Starbucks Announces First Ever Cash Dividend; Authorizes Additional Share Buyback
Company to Outline its Strategy for Profitable Growth at Annual Meeting of Shareholders
Starbucks Corporation(NASDAQ:SBUX)today announced that its Board of Directors has approved the initiation of a cash dividend to its shareholders. The quarterly dividend of $0.10 per share will be paid on April 23, 2010, to shareholders of record on the close of business on April 7, 2010. While future dividends will be subject to Board approval, Starbucks announced that it is initially targeting a dividend payout range of 35 percent to 40 percent of net income.
Starbucks Board of Directors has also authorized the repurchase of 15 million shares of the Company's common stock. This authorization is in addition to 6.3 million shares that remain available for repurchase under previous authorizations. Full Press Release
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