KLP Kapitalforvaltning AS Has $37.51 Million Holdings in Starbucks Corporation $SBUX

Key Points

• KLP Kapitalforvaltning AS increased its holdings in Starbucks Corporation by 4.2%, now owning 409,373 shares valued at approximately $37.51 million.
• Starbucks announced a quarterly dividend increase to $0.62 per share, reflecting a yield of 3.1% based on an annualized amount of $2.48.
• The company's latest earnings report showed a revenue of $9.46 billion but missed EPS estimates, with actual earnings reported at $0.50 per share.

KLP Kapitalforvaltning AS boosted its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 4.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 409,373 shares of the coffee company's stock after buying an additional 16,600 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Starbucks were worth $37,511,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SBUX. Brighton Jones LLC grew its position in Starbucks by 86.5% in the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock worth $16,126,000 after purchasing an additional 81,952 shares during the last quarter. First Citizens Bank & Trust Co. grew its position in Starbucks by 2.8% in the 1st quarter. First Citizens Bank & Trust Co. now owns 19,144 shares of the coffee company's stock worth $1,878,000 after purchasing an additional 527 shares during the last quarter. Daymark Wealth Partners LLC grew its position in Starbucks by 3.3% in the 1st quarter. Daymark Wealth Partners LLC now owns 11,692 shares of the coffee company's stock worth $1,147,000 after purchasing an additional 369 shares during the last quarter. Farther Finance Advisors LLC grew its position in Starbucks by 6.3% in the 1st quarter. Farther Finance Advisors LLC now owns 43,710 shares of the coffee company's stock worth $4,294,000 after purchasing an additional 2,583 shares during the last quarter. Finally, Pallas Capital Advisors LLC grew its position in Starbucks by 99.4% in the 1st quarter. Pallas Capital Advisors LLC now owns 4,870 shares of the coffee company's stock worth $478,000 after purchasing an additional 2,428 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on SBUX. Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $100.00 to $115.00 in a research report on Tuesday, August 12th. Guggenheim raised their price objective on shares of Starbucks from $79.00 to $90.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. BTIG Research set a $105.00 price objective on shares of Starbucks in a report on Thursday, September 25th. Royal Bank Of Canada raised their price objective on shares of Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, TD Securities reaffirmed a "hold" rating and set a $90.00 price objective on shares of Starbucks in a report on Monday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $104.00.

Starbucks Trading Down 1.0%

Shares of Starbucks stock opened at $81.29 on Wednesday. The stock has a market capitalization of $92.40 billion, a price-to-earnings ratio of 35.04, a P/E/G ratio of 4.05 and a beta of 1.01. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The firm's 50-day moving average price is $87.09 and its two-hundred day moving average price is $88.30.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $9.29 billion. During the same quarter last year, the company earned $0.93 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.48 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Starbucks's previous quarterly dividend of $0.61. Starbucks's payout ratio is 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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