33,252 Shares in Starbucks Corporation $SBUX Acquired by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC acquired 33,252 shares of Starbucks Corporation, valued at approximately $3,262,000, in the 1st quarter, indicating significant institutional interest in the company.
• Starbucks reported a quarterly earnings miss with $0.50 EPS against estimates of $0.64, despite revenue exceeding expectations at $9.46 billion.
• The company has declared a quarterly dividend of $0.61 per share, reflecting an annualized dividend yield of 2.9% and a high dividend payout ratio of 105.17%.

Fred Alger Management LLC purchased a new position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 33,252 shares of the coffee company's stock, valued at approximately $3,262,000.

Several other hedge funds also recently modified their holdings of SBUX. TrinityPoint Wealth LLC grew its holdings in shares of Starbucks by 2.7% during the fourth quarter. TrinityPoint Wealth LLC now owns 3,421 shares of the coffee company's stock worth $312,000 after purchasing an additional 89 shares during the last quarter. Benin Management CORP boosted its position in Starbucks by 0.7% during the 1st quarter. Benin Management CORP now owns 16,575 shares of the coffee company's stock worth $1,626,000 after buying an additional 120 shares during the period. Ted Buchan & Co grew its holdings in Starbucks by 1.5% during the 1st quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock worth $791,000 after acquiring an additional 120 shares during the last quarter. Alexander Labrunerie & CO. Inc. grew its holdings in Starbucks by 3.5% during the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock worth $349,000 after acquiring an additional 122 shares during the last quarter. Finally, Private Wealth Management Group LLC increased its position in Starbucks by 13.3% in the 1st quarter. Private Wealth Management Group LLC now owns 1,056 shares of the coffee company's stock valued at $104,000 after acquiring an additional 124 shares during the period. Institutional investors and hedge funds own 72.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. CICC Research began coverage on shares of Starbucks in a report on Monday, June 30th. They set an "outperform" rating and a $100.00 price target on the stock. Baird R W raised Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. Guggenheim upped their target price on Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Loop Capital set a $165.00 target price on shares of Starbucks in a research report on Tuesday, August 12th. Finally, Morgan Stanley restated an "overweight" rating and set a $103.00 price target (up previously from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $104.40.

Starbucks Price Performance

NASDAQ SBUX opened at $83.81 on Wednesday. The stock has a market capitalization of $95.27 billion, a P/E ratio of 36.13, a P/E/G ratio of 5.01 and a beta of 1.00. The business has a 50 day simple moving average of $91.17 and a 200 day simple moving average of $91.29. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.Starbucks's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 earnings per share. Equities analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, August 15th. Starbucks's dividend payout ratio (DPR) is presently 105.17%.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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