BOSTON ( TheStreet) -- Starbucks ( SBUX) 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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Targa Resources ( NGLS) said it has also upped its quarterly cash distribution by 2% to 52.75 cents per share. The distribution will be paid Aug. 13 to holders of record as of the close of business on Aug. 6.
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In other dividend news, Lance ( LNCE) shares surged 27.6% to $20.41 after the company announced a the stock-for-stock merger of equals with snack food company Snyder's of Hanover. As part of the transaction, Lance will pay a special dividend of $3.75 to per share to shareholders of record immediately prior to the merger.

The announcement came as Lance posted second-quarter adjusted earnings of 44 cents a share, which topped the Thomson Reuters consensus estimate for earnings of 28 cents a share.

On the downside, Diamond Offshore ( DO) said it has cut its special dividend to 75 cents per share from $1.38, citing uncertainty on the drilling moratorium following the Gulf of Mexico oil spill.

The special dividend announcement came as Diamond Offshore reported a second-quarter profit of $1.61 a share, falling short of the consensus target of $1.78 a share.
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-- Written by Robert Holmes in Boston.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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