Norden Group LLC Buys 12,027 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Norden Group LLC increased its stake in Starbucks Corporation by 66.1%, acquiring an additional 12,027 shares, bringing its total holdings to 30,219 shares valued at approximately $2.96 million.
• Several institutional investors have also increased their positions in Starbucks, with ownership by institutions now at 72.29%.
• Starbucks will pay a quarterly dividend of $0.61 per share on August 29, with a dividend yield of 2.58% based on its current stock valuation.

Norden Group LLC raised its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 66.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,219 shares of the coffee company's stock after acquiring an additional 12,027 shares during the quarter. Norden Group LLC's holdings in Starbucks were worth $2,964,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC lifted its position in Starbucks by 86.5% during the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock valued at $16,126,000 after purchasing an additional 81,952 shares during the period. RiverFront Investment Group LLC grew its position in shares of Starbucks by 9.0% during the 4th quarter. RiverFront Investment Group LLC now owns 5,319 shares of the coffee company's stock worth $485,000 after buying an additional 440 shares during the period. Allstate Corp bought a new stake in shares of Starbucks in the 4th quarter valued at about $3,069,000. Allianz SE acquired a new stake in shares of Starbucks in the 4th quarter valued at approximately $406,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Starbucks during the 4th quarter worth approximately $602,000. 72.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SBUX has been the subject of several recent analyst reports. Barclays lowered their target price on shares of Starbucks from $108.00 to $106.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Jefferies Financial Group cut shares of Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price objective for the company. in a research report on Thursday, July 17th. TD Cowen reiterated a "hold" rating and set a $90.00 target price on shares of Starbucks in a report on Thursday, May 29th. Citigroup reissued a "neutral" rating and issued a $100.00 target price (up from $95.00) on shares of Starbucks in a research note on Monday, July 14th. Finally, Wall Street Zen lowered Starbucks from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Starbucks has a consensus rating of "Hold" and a consensus target price of $98.58.

Starbucks Stock Up 0.8%

Shares of Starbucks stock opened at $94.42 on Monday. The stock has a market cap of $107.30 billion, a P/E ratio of 34.21, a P/E/G ratio of 6.55 and a beta of 1.02. Starbucks Corporation has a 12-month low of $72.72 and a 12-month high of $117.46. The business's 50 day moving average is $91.05 and its 200-day moving average is $94.66.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.10). Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The firm had revenue of $8.76 billion for the quarter, compared to analyst estimates of $8.90 billion. During the same quarter in the previous year, the firm posted $0.68 earnings per share. Starbucks's quarterly revenue was up 2.3% on a year-over-year basis. On average, sell-side analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.61 per share. The ex-dividend date is Friday, August 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.58%. Starbucks's dividend payout ratio is presently 88.41%.

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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