Naviter Wealth LLC Raises Position in Starbucks Corporation $SBUX

Key Points

• Naviter Wealth LLC increased its ownership of Starbucks Corporation by 69.9% in the second quarter, holding a total of 11,733 shares valued at approximately $1,075,000.
• Starbucks missed analysts' earnings expectations with a reported $0.50 earnings per share for its last quarter, while revenue was higher than expected at $9.46 billion.
• The company announced a quarterly dividend increase from $0.61 to $0.62 per share, representing a 3.1% dividend yield and signaling a commitment to returning value to shareholders.

Naviter Wealth LLC grew its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 69.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,733 shares of the coffee company's stock after acquiring an additional 4,826 shares during the period. Naviter Wealth LLC's holdings in Starbucks were worth $1,075,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SBUX. Alliance Wealth Advisors LLC boosted its holdings in Starbucks by 2.1% during the second quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company's stock worth $474,000 after buying an additional 108 shares in the last quarter. Brown Lisle Cummings Inc. boosted its holdings in Starbucks by 1.4% during the second quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company's stock worth $760,000 after buying an additional 117 shares in the last quarter. Diligent Investors LLC boosted its holdings in Starbucks by 1.9% during the second quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company's stock worth $562,000 after buying an additional 117 shares in the last quarter. Ted Buchan & Co boosted its holdings in Starbucks by 1.5% during the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock worth $791,000 after buying an additional 120 shares in the last quarter. Finally, Alexander Labrunerie & CO. Inc. boosted its holdings in Starbucks by 3.5% during the first quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock worth $349,000 after buying an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Price Performance

NASDAQ:SBUX opened at $81.15 on Wednesday. The firm has a 50 day simple moving average of $86.11 and a 200-day simple moving average of $87.70. The firm has a market cap of $92.24 billion, a PE ratio of 34.98, a P/E/G ratio of 3.97 and a beta of 1.01. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted 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 firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.93 EPS. As a group, sell-side analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a $0.62 dividend. This is a boost from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, November 14th. Starbucks's dividend payout ratio (DPR) is presently 105.17%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SBUX. TD Cowen decreased their price objective on shares of Starbucks from $88.00 to $84.00 and set a "hold" rating on the stock in a report on Friday, October 10th. Weiss Ratings restated a "hold (c)" rating on shares of Starbucks in a research report on Wednesday, October 8th. Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $100.00 to $115.00 in a research report on Tuesday, August 12th. BTIG Research set a $105.00 target price on shares of Starbucks in a research report on Thursday, September 25th. Finally, Loop Capital set a $165.00 target price on shares of Starbucks in a research report on Tuesday, August 12th. 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $102.96.

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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