Allstate Corp Grows Position in Starbucks Corporation $SBUX

Key Points

• Allstate Corp increased its holdings in Starbucks Corporation by 17.5% during the 1st quarter, owning 39,503 shares worth approximately $3.88 million.
• Analyst ratings for Starbucks show mixed sentiment, with a consensus rating of "Moderate Buy" and an average price target of $104.40.
• Starbucks recently announced a quarterly dividend of $0.61 per share, with a dividend yield of 2.8%, set to be paid on August 29th.

Allstate Corp increased its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 17.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,503 shares of the coffee company's stock after buying an additional 5,874 shares during the quarter. Allstate Corp's holdings in Starbucks were worth $3,875,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. University of Texas Texas AM Investment Management Co. bought a new position in shares of Starbucks during the fourth quarter valued at about $25,000. Hughes Financial Services LLC purchased a new position in Starbucks during the 1st quarter valued at about $27,000. McClarren Financial Advisors Inc. bought a new position in Starbucks during the 1st quarter valued at approximately $29,000. Kapitalo Investimentos Ltda purchased a new stake in Starbucks in the 4th quarter worth approximately $32,000. Finally, Ball & Co Wealth Management Inc. bought a new position in shares of Starbucks during the fourth quarter valued at approximately $41,000. 72.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SBUX has been the topic of several recent analyst reports. TD Securities reiterated a "hold" rating and issued a $90.00 price target on shares of Starbucks in a report on Monday, June 23rd. Barclays raised their target price on shares of Starbucks from $106.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Wall Street Zen cut shares of Starbucks from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. The Goldman Sachs Group restated a "neutral" rating and issued a $95.00 price objective (up from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $103.00 target price (up previously from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Starbucks presently has an average rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks Stock Down 1.1%

SBUX stock opened at $88.56 on Friday. The business has a 50 day moving average of $92.59 and a 200 day moving average of $93.70. The firm has a market cap of $100.67 billion, a PE ratio of 38.17, a price-to-earnings-growth ratio of 5.31 and a beta of 1.02. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46.

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

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.8%. Starbucks's dividend payout ratio (DPR) is 105.17%.

About Starbucks

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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