BOSTON ( TheStreet) -- Starbucks (SBUX - Get Report) announced a 30% increase to its quarterly dividend as the coffee company reported fiscal third-quarter earnings that matched consensus targets, although shares lost ground during Thursday's trading session.
Starbucks upped its quarterly cash dividend to 13 cents per share from 10 cents, boosting the annualized dividend yield to 2.09% from 1.61%. The new dividend will be paid on Aug. 20 to shareholders of record at the close of business on Aug. 4.
The dividend announcement came as Starbucks reported a fiscal third-quarter profit of 29 cents a share on revenue of $2.61 billion, compared with the Thomson Reuters consensus target for revenue of 29 cents a share on revenue of $2.55 billion. Looking ahead, the company projected a full-year profit for fiscal 2010 that is below consensus targets.
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Shares of Starbucks were lately down 29 cents, or 1.2%, to $24.88.Elsewhere, Kinder Morgan Energy Partners (KMP) shares slipped 0.3% to $68.69 even as the company increased its quarterly distribution to $1.09 per share from $1.05 in the year-ago period and $1.07 in the first quarter. The distribution is payable on Aug. 13 to unitholders of record as of July 30.
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