Starbucks Ups Stock Buyback Plan

by Christopher Freeburn | November 16, 2012 11:34 am

Starbucks Ups Stock Buyback Plan

Starbucks2 300x227 Starbucks Ups Stock Buyback Plan[1]Starbucks (NASDAQ:SBUX[2]) announced on Thursday that it will buy back as many as 25 million shares in addition to previously authorized share repurchases[3].

At its current share price, that means Starbucks will spend another $1.2 billion in share buybacks, Bloomberg noted.

Starbucks has repurchased 184 million shares since 2001, returning $5.1 billion to shareholders.

Earlier this month, Starbucks CEO Howard Schultz said that the coffee-shop chain planned to launch 1,200 new locations in the coming year, mostly overseas, while renovating 2,000 existing shops[4].

Despite the news, shares of Starbucks slipped fractionally in Friday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/12/Starbucks2.jpg
  2. SBUX: http://studio-5.financialcontent.com/investplace/quote?Symbol=SBUX
  3. in addition to previously authorized share repurchases: http://www.bloomberg.com/news/2012-11-16/starbucks-raises-stock-buyback-by-as-much-as-1-2-billion.html
  4. while renovating 2,000 existing shops: http://investorplace.com/2012/11/starbucks-plans-major-expansion-store-makeovers/

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