Shares of coffee seller Starbucks Corp. (SBUX) are up 0.74% in midday trading, after the company announced during its annual shareholder meeting a 2-for-1 stock split, to take place on April 9, 2015. Starbucks said this will be the first stock split implemented since October 2005.
Shareholders who hold the stock as of March 30 will receive one additional share for each SBUX share held on the record date. The new shares will be payable on April 8, 2015 and begin trading on split adjusted basis on April 9.
“On behalf of our board of directors, the Starbucks leadership team and the 300,000 partners who wear the Green Apron globally, I am proud to announce this two-for-one stock split, the sixth in our 23-year history as a public company,” said Howard Schultz, Chairman and CEO of Starbucks Corporation.
SBUX shares recently gained $0.70 to $95.08. The stock is up more than 29.14% year-over-year and has gained roughly 15.46% year-to-date. In the past 52 weeks, shares of Seattle, Washington-company have traded between a low of $67.93 and a high of $95.80.
Starbucks Corporation closed Tuesday at $94.39. The name has a total market cap of $70.72 billion.