(CercleFinance.com) – Starbucks is losing ground on Wall Street early Thursday morning despite the announcement of a 7.5% increase in its quarterly dividend.
After a little over an hour of trading, the coffee chain’s action lost 0.6%, while the S&P 500, the benchmark index of the American stock market, lost 0.9% at the same time. .
The Seattle group, which has more than 37,000 points of sale worldwide, announced last night that it had decided to increase its quarterly dividend by four cents, from 53 to 57 cents per ordinary share.
This increase, which will be proposed on November 24 to shareholders registered on November 10, will bring the annual dividend to $2.28.
Founded in 1971, Starbucks did not begin paying dividends until fiscal 2010, but then grew its dividend at an average rate of 20% per year.
The increase in the dividend announced on Wednesday is, however, lower than the growth in its net profit share of the group over the past quarter, which exceeds 25%, which seems to be at the origin of the market disappointment.
At the current closing price, Starbucks is valued at almost $108 billion, making it the 72nd largest market capitalization on Wall Street today.
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