Greenwood Capital Associates LLC Invests $547,000 in Starbucks Corporation $SBUX

Key Points

• Greenwood Capital Associates LLC has invested approximately $547,000 in Starbucks Corporation, acquiring nearly 6,000 shares during the 2nd quarter.
• Starbucks plans to increase its quarterly dividend to $0.62, which reflects a dividend yield of 2.9% and a payout ratio of 105.17%.
• Despite reporting a year-over-year revenue increase of 3.8%, Starbucks missed earnings expectations, posting $0.50 earnings per share against a consensus estimate of $0.64.

Greenwood Capital Associates LLC bought a new position in Starbucks Corporation (NASDAQ:SBUX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 5,973 shares of the coffee company's stock, valued at approximately $547,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Chelsea Counsel Co. purchased a new position in shares of Starbucks during the 2nd quarter valued at about $26,000. Hughes Financial Services LLC bought a new position in Starbucks during the first quarter valued at approximately $27,000. CBIZ Investment Advisory Services LLC grew its position in Starbucks by 125.2% during the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock valued at $28,000 after acquiring an additional 159 shares during the last quarter. McClarren Financial Advisors Inc. bought a new position in Starbucks during the first quarter valued at approximately $29,000. Finally, Nova Wealth Management Inc. boosted its stake in shares of Starbucks by 285.4% in the 1st quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company's stock valued at $31,000 after purchasing an additional 234 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Cowen reissued a "hold" rating on shares of Starbucks in a research note on Tuesday, June 24th. BTIG Research set a $105.00 price target on Starbucks in a research report on Thursday, September 25th. UBS Group raised their price target on Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Guggenheim increased their price objective on Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $95.00 price target (up from $85.00) on shares of Starbucks in a report on Thursday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $104.00.

Starbucks Stock Down 0.3%

Shares of NASDAQ SBUX opened at $86.42 on Friday. The company has a market cap of $98.23 billion, a PE ratio of 37.25, a PEG ratio of 4.26 and a beta of 1.01. The firm's 50-day moving average price is $87.56 and its 200-day moving average price is $88.61. 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 issued its quarterly earnings data 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 company 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%. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.93 EPS. As a group, equities research analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors 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 is an increase from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks's dividend payout ratio is presently 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.

Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Corporation (NASDAQ:SBUX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.