Boothbay Fund Management LLC Boosts Position in Starbucks Corporation $SBUX

Key Points

• Boothbay Fund Management LLC significantly increased its stake in Starbucks Corporation, raising it by 289% in the first quarter, acquiring an additional 75,874 shares valued at approximately $10.02 million.
• Starbucks recently announced a quarterly dividend of $0.61 per share, yielding around 2.8%, despite a payout ratio above 100%.
• Wall Street analysts have generally positive forecasts for Starbucks, with a consensus rating of "Moderate Buy" and an average target price of $104.40.

Boothbay Fund Management LLC grew its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 289.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 102,126 shares of the coffee company's stock after buying an additional 75,874 shares during the period. Boothbay Fund Management LLC's holdings in Starbucks were worth $10,018,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Bwcp LP purchased a new position in Starbucks in the first quarter worth about $20,152,000. Banque Transatlantique SA raised its holdings in shares of Starbucks by 848.6% during the first quarter. Banque Transatlantique SA now owns 13,698 shares of the coffee company's stock valued at $1,242,000 after purchasing an additional 12,254 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Starbucks by 47.2% during the first quarter. AQR Capital Management LLC now owns 138,167 shares of the coffee company's stock valued at $13,330,000 after purchasing an additional 44,272 shares during the last quarter. Aprio Wealth Management LLC raised its holdings in shares of Starbucks by 28.9% during the first quarter. Aprio Wealth Management LLC now owns 3,965 shares of the coffee company's stock valued at $389,000 after purchasing an additional 888 shares during the last quarter. Finally, 5th Street Advisors LLC purchased a new position in shares of Starbucks during the first quarter valued at approximately $212,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SBUX. TD Securities reissued a "hold" rating and set a $90.00 price objective on shares of Starbucks in a report on Monday, June 23rd. Piper Sandler set a $105.00 price objective on shares of Starbucks and gave the company an "overweight" rating in a report on Wednesday, July 30th. Bank of America boosted their price objective on shares of Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a report on Friday, July 18th. Cowen reissued a "hold" rating on shares of Starbucks in a report on Tuesday, June 24th. Finally, UBS Group boosted their target price on shares of Starbucks from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks Trading Down 1.8%

NASDAQ SBUX traded down $1.58 during trading hours on Friday, hitting $85.43. 9,037,892 shares of the company's stock traded hands, compared to its average volume of 7,728,275. The business's fifty day moving average price is $91.54 and its two-hundred day moving average price is $91.68. The firm has a market capitalization of $97.11 billion, a P/E ratio of 36.82, a P/E/G ratio of 5.09 and a beta of 1.00. Starbucks Corporation has a 52 week low of $75.50 and a 52 week 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 for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). The firm had revenue of $9.46 billion during 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%.The business's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.93 earnings per share. On average, sell-side analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a dividend of $0.61 per share. The ex-dividend date was Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.9%. Starbucks's dividend payout ratio is currently 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.