First Manhattan CO. LLC. Acquires 111,015 Shares of Starbucks Corporation $SBUX

Key Points

• First Manhattan CO. LLC. has increased its holdings in Starbucks Corporation by 33.1%, acquiring an additional 111,015 shares, bringing its total to 446,294 shares valued at approximately $43.8 million.
• Starbucks recently reported earnings per share (EPS) of $0.50 for the last quarter, missing estimates and showing a year-over-year revenue growth of 3.8%.
• Analysts have mixed opinions on Starbucks, with target prices ranging from $76.00 to $115.00 and a consensus rating of "Moderate Buy".

First Manhattan CO. LLC. increased its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 33.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 446,294 shares of the coffee company's stock after purchasing an additional 111,015 shares during the period. First Manhattan CO. LLC.'s holdings in Starbucks were worth $43,777,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. 1248 Management LLC bought a new position in shares of Starbucks during the first quarter valued at approximately $48,000. One Wealth Capital Management LLC bought a new position in shares of Starbucks during the first quarter valued at approximately $518,000. Graham Capital Management L.P. bought a new position in shares of Starbucks during the first quarter valued at approximately $609,000. Retirement Planning Co of New England Inc. lifted its position in Starbucks by 2.6% during the first quarter. Retirement Planning Co of New England Inc. now owns 5,626 shares of the coffee company's stock valued at $552,000 after acquiring an additional 141 shares during the last quarter. Finally, Quarry LP lifted its position in Starbucks by 15.0% during the first quarter. Quarry LP now owns 5,618 shares of the coffee company's stock valued at $551,000 after acquiring an additional 734 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of analyst reports. Piper Sandler set a $105.00 target price on shares of Starbucks and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Citigroup decreased their target price on shares of Starbucks from $100.00 to $99.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. UBS Group increased 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. Jefferies Financial Group cut shares of Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 target price for the company. in a research report on Thursday, July 17th. Finally, Barclays increased their target price on shares of Starbucks from $106.00 to $115.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Starbucks has a consensus rating of "Moderate Buy" and an average target price of $104.40.

Starbucks Price Performance

Shares of Starbucks stock opened at $88.19 on Monday. The firm has a fifty day moving average price of $91.96 and a 200 day moving average price of $92.42. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The stock has a market cap of $100.25 billion, a PE ratio of 38.01, a price-to-earnings-growth ratio of 5.23 and a beta of 1.00.

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

Starbucks Announces Dividend

The firm also recently announced 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. This represents a $2.44 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, August 15th. Starbucks's dividend payout ratio (DPR) is 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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