CHICAGO (AP) — Starbucks plans to begin begin paying a 10-cents-per-share cash dividend to investors.
The coffee giant also says its board approved a plan to buy back 15 million shares. That’s on top of the 6.3 million shares the company still has remaining to buy under a previous buyback program.
Wednesday’s news comes as the Seattle company prepares to hold its annual shareholder meeting in Seattle.
Starbucks says its dividend is its first paid in cash to investors. It will be paid on April 23 to shareholders who own stock April 7.
Future dividends will need approval from company’s board of directors. But executives say they hope future payouts will range from 35 to 40 percent of its net income.
