Starbucks (SBUX) will raise its quarterly dividend by 8.9 percent to $0.49 per share in 2021. This comes after a 9.8 percent hike to 45 cents per share announced by SBUX in 2020. This will mark the 11th consecutive year of annual dividend increases by the specialty coffee company.

The next SBUX dividend is payable November 26, 2021, to shareholders of record on November 12, 2021. A new annual rate of $1.96 per share yields 1.7% at a stock price of $112.17.

If we include this new dividend hike Starbucks will pay an estimated $2.3 billion in dividends annually to its shareholders. This year will mark the second time since 2011 that the company does not raise its dividend by double digits. Starbucks actually hiked its dividend by more than 20 percent for 8 consecutive years through 2018. The average 5-year dividend growth rate is 14.4 percent for Starbucks.

Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of specialty coffee. The company purchases and roasts high-quality coffees that are sold, along with handcrafted coffee, tea and other beverages and a variety of high-quality food items through company-operated stores. Starbucks also sells a variety of coffee and tea products and licenses its trademarks through other channels such as licensed stores, grocery and foodservice accounts. In addition to its flagship Starbucks Coffee brand, the company sells goods and services under the following brands: Teavana, Seattle’s Best Coffee, Evolution Fresh, La Boulange, Ethos, Starbucks Reserve and Princi. Starbucks Corporation was formed in 1985 and has paid a dividend every year since 2010.