Conning Inc. Purchases 70,468 Shares of Starbucks Corporation $SBUX

Key Points

• Conning Inc. increased its stake in Starbucks by **22.3%** during the second quarter, now holding a total of **386,106 shares**, valued at approximately **$35.4 million**.
• Starbucks recently declared a quarterly dividend of **$0.62** per share, representing a **3.2% yield**, up from the previous dividend of **$0.61**.
• Analysts maintain a consensus rating of **"Moderate Buy"** for Starbucks, with a target price of **$103.56** and various upgrades from several institutions in recent months.

Conning Inc. boosted its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 22.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 386,106 shares of the coffee company's stock after purchasing an additional 70,468 shares during the period. Starbucks comprises 1.2% of Conning Inc.'s holdings, making the stock its 28th largest position. Conning Inc.'s holdings in Starbucks were worth $35,379,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in SBUX. Game Plan Financial Advisors LLC bought a new position in Starbucks during the 2nd quarter worth about $25,000. Chelsea Counsel Co. acquired a new position in shares of Starbucks during the 2nd quarter worth about $26,000. Hughes Financial Services LLC acquired a new position in shares of Starbucks during the 1st quarter worth about $27,000. CBIZ Investment Advisory Services LLC boosted its stake in shares of Starbucks by 125.2% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock worth $28,000 after buying an additional 159 shares during the last quarter. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of Starbucks during the 1st quarter worth about $29,000. Institutional investors own 72.29% of the company's stock.

Analyst Ratings Changes

SBUX has been the subject of a number of recent research reports. Stifel Nicolaus increased their price objective on shares of Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Citigroup upgraded shares of Starbucks from a "neutral" rating to a "mixed" rating in a research note on Thursday. TD Securities restated a "hold" rating and set a $90.00 price objective on shares of Starbucks in a research note on Monday, June 23rd. Cowen reiterated a "hold" rating on shares of Starbucks in a research note on Tuesday, June 24th. Finally, Baird R W upgraded shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $103.56.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $78.46 on Friday. The company has a market capitalization of $89.19 billion, a P/E ratio of 33.82, a price-to-earnings-growth ratio of 3.93 and a beta of 1.01. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46. The company has a 50-day simple moving average of $86.48 and a 200 day simple moving average of $88.02.

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

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.48 annualized dividend and a yield of 3.2%. This is an increase from Starbucks's previous quarterly dividend of $0.61. Starbucks's payout ratio is currently 105.17%.

Starbucks 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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