Raymond James Financial Inc. Acquires 359,024 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Raymond James Financial Inc. has increased its stake in Starbucks Corporation by 11.5%, owning a total of 3,474,457 shares, worth approximately $340.81 million.
• Starbucks recently reported a quarterly revenue of $9.46 billion, exceeding analysts' expectations, but the EPS of $0.50 fell short of the anticipated $0.64.
• The company also declared a quarterly dividend of $0.61 per share, with a payout ratio of 105.17%, indicating a strong commitment to returning value to shareholders despite recent earnings challenges.

Raymond James Financial Inc. raised its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 11.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,474,457 shares of the coffee company's stock after buying an additional 359,024 shares during the period. Raymond James Financial Inc. owned about 0.31% of Starbucks worth $340,810,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in SBUX. Brighton Jones LLC lifted its position in shares of Starbucks by 86.5% during the fourth 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 in the last quarter. XTX Topco Ltd bought a new position in shares of Starbucks during the fourth quarter valued at about $581,000. Gamco Investors INC. ET AL lifted its position in shares of Starbucks by 3.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,860 shares of the coffee company's stock valued at $261,000 after purchasing an additional 97 shares in the last quarter. Capital International Investors raised its position in Starbucks by 2.7% in the fourth quarter. Capital International Investors now owns 10,191,918 shares of the coffee company's stock worth $929,898,000 after acquiring an additional 267,736 shares during the period. Finally, Forum Financial Management LP raised its position in Starbucks by 155.4% in the fourth quarter. Forum Financial Management LP now owns 18,139 shares of the coffee company's stock worth $1,655,000 after acquiring an additional 11,038 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Price Performance

SBUX stock opened at $90.60 on Friday. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The stock has a market cap of $102.99 billion, a PE ratio of 39.05, a P/E/G ratio of 5.32 and a beta of 1.02. The firm has a 50 day simple moving average of $92.80 and a two-hundred day simple moving average of $94.09.

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 company had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. During the same period in the prior year, the firm earned $0.93 EPS. Starbucks's quarterly revenue was up 3.8% on a year-over-year basis. On average, research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's payout ratio is currently 105.17%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SBUX. Baird R W raised shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Piper Sandler set a $105.00 price objective on shares of Starbucks and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Stifel Nicolaus lifted their price objective on shares of Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Barclays lifted their price objective on shares of Starbucks from $106.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $103.65.

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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