DoubleLine ETF Adviser LP Buys Shares of 26,260 Starbucks Corporation $SBUX

Key Points

• DoubleLine ETF Adviser LP recently acquired a new stake in Starbucks Corporation, purchasing 26,260 shares valued at approximately $2.58 million.
• Starbucks announced a quarterly dividend of $0.61 per share, reflecting an annualized dividend of $2.44 and a yield of 2.8%.
• Despite a revenue increase of 3.8% year-over-year, Starbucks reported earnings of $0.50 per share, missing analyst estimates by $0.14.

DoubleLine ETF Adviser LP purchased a new stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 26,260 shares of the coffee company's stock, valued at approximately $2,576,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Starbucks by 0.9% during the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company's stock valued at $10,991,923,000 after buying an additional 953,361 shares during the period. Wellington Management Group LLP increased its position in shares of Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock valued at $1,904,366,000 after buying an additional 3,545,655 shares during the period. Nuveen LLC purchased a new position in shares of Starbucks during the first quarter valued at about $1,379,619,000. Goldman Sachs Group Inc. increased its position in shares of Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock valued at $943,948,000 after buying an additional 3,589,537 shares during the period. Finally, Jennison Associates LLC purchased a new position in shares of Starbucks during the first quarter valued at about $817,759,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Stock Performance

SBUX stock traded down $1.58 during trading 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. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The business has a fifty day simple moving average of $91.54 and a 200 day simple moving average of $91.68. The stock has a market capitalization of $97.11 billion, a price-to-earnings ratio of 36.82, a P/E/G ratio of 5.09 and a beta of 1.00.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate 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 net margin of 7.18% and a negative return on equity of 36.23%. Starbucks's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.93 EPS. Research analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued 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 yield of 2.9%. Starbucks's dividend payout ratio (DPR) is presently 105.17%.

Analysts Set New Price Targets

SBUX has been the topic of a number of recent research reports. Piper Sandler set a $105.00 price objective on shares of Starbucks and gave the stock an "overweight" rating in a report on Wednesday, July 30th. UBS Group upped their target price on shares of Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. Evercore ISI reiterated an "outperform" rating and issued a $105.00 price target (up from $95.00) on shares of Starbucks in a research report on Tuesday, June 24th. Cowen reiterated a "hold" rating on shares of Starbucks in a research report on Tuesday, June 24th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Starbucks has an average rating of "Moderate Buy" and a consensus target price of $104.40.

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.