Parr Mcknight Wealth Management Group LLC Takes $3.48 Million Position in Starbucks Co. (NASDAQ:SBUX)

Parr Mcknight Wealth Management Group LLC bought a new position in Starbucks Co. (NASDAQ:SBUX - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 38,098 shares of the coffee company's stock, valued at approximately $3,476,000.

A number of other large investors also recently added to or reduced their stakes in the business. Strategic Financial Concepts LLC bought a new position in shares of Starbucks in the fourth quarter worth approximately $62,000. Arizona State Retirement System grew its holdings in Starbucks by 0.8% in the 4th quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company's stock worth $29,881,000 after acquiring an additional 2,722 shares during the last quarter. West Michigan Advisors LLC bought a new stake in Starbucks in the 4th quarter worth $265,000. Wernau Asset Management Inc. purchased a new position in shares of Starbucks in the fourth quarter valued at about $258,000. Finally, Vanguard Capital Wealth Advisors bought a new position in shares of Starbucks during the fourth quarter valued at about $285,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on SBUX. BMO Capital Markets cut their target price on Starbucks from $115.00 to $100.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Barclays dropped their price objective on Starbucks from $106.00 to $98.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Jefferies Financial Group raised Starbucks from an "underperform" rating to a "hold" rating and set a $76.00 target price on the stock in a research note on Wednesday, April 9th. TD Securities dropped their price target on Starbucks from $102.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Finally, Wedbush lifted their price target on shares of Starbucks from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Starbucks presently has a consensus rating of "Hold" and a consensus target price of $98.72.

Starbucks Price Performance

SBUX stock traded up $2.61 on Tuesday, reaching $87.01. 10,894,821 shares of the company traded hands, compared to its average volume of 11,115,719. The firm has a fifty day simple moving average of $86.48 and a 200-day simple moving average of $95.95. Starbucks Co. has a one year low of $71.55 and a one year high of $117.46. The company has a market cap of $98.88 billion, a P/E ratio of 28.07, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.10). Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. The company had revenue of $8.76 billion for the quarter, compared to the consensus estimate of $8.90 billion. During the same quarter in the previous year, the business earned $0.68 earnings per share. Starbucks's revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts forecast that Starbucks Co. will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, May 16th. Starbucks's payout ratio is 88.41%.

About Starbucks

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.