Riverpark Capital Management LLC Buys 2,925 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Riverpark Capital Management LLC increased its position in Starbucks by 33.0%, acquiring an additional 2,925 shares, bringing its total to 11,788 shares, valued at approximately $1.156 million.
• Analysts have raised their price targets for Starbucks, with expectations ranging from $100.00 to $115.00, while the stock currently has an average rating of "Hold."
• Starbucks reported a quarterly EPS of $0.50, missing estimates, alongside a revenue of $9.46 billion, a 3.8% year-over-year increase, and declared a quarterly dividend of $0.61 per share.

Riverpark Capital Management LLC increased its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 33.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,788 shares of the coffee company's stock after buying an additional 2,925 shares during the period. Starbucks accounts for approximately 2.1% of Riverpark Capital Management LLC's portfolio, making the stock its 23rd largest holding. Riverpark Capital Management LLC's holdings in Starbucks were worth $1,156,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. University of Texas Texas AM Investment Management Co. purchased a new stake in Starbucks during the fourth quarter valued at about $25,000. Hughes Financial Services LLC purchased a new stake in Starbucks during the first quarter valued at about $27,000. McClarren Financial Advisors Inc. purchased a new stake in Starbucks during the first quarter valued at about $29,000. Kapitalo Investimentos Ltda purchased a new stake in Starbucks during the fourth quarter valued at about $32,000. Finally, Ball & Co Wealth Management Inc. purchased a new stake in Starbucks during the fourth quarter valued at about $41,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Jefferies Financial Group cut Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price objective on the stock. in a research note on Thursday, July 17th. Piper Sandler set a $105.00 price objective on Starbucks and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Morgan Stanley reaffirmed an "overweight" rating and set a $103.00 price objective (up from $95.00) on shares of Starbucks in a research note on Wednesday, July 30th. Stifel Nicolaus raised their price objective on Starbucks from $92.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Wall Street Zen cut Starbucks from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $101.27.

Starbucks Trading Up 1.2%

Shares of SBUX stock traded up $1.10 during midday trading on Friday, reaching $92.12. 8,032,266 shares of the stock were exchanged, compared to its average volume of 11,662,578. Starbucks Corporation has a 1 year low of $74.75 and a 1 year high of $117.46. The firm has a market cap of $104.71 billion, a PE ratio of 39.71, a price-to-earnings-growth ratio of 5.25 and a beta of 1.02. The company's 50 day moving average is $92.27 and its two-hundred day moving average is $94.37.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its 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). The firm had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 EPS. As a group, equities analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders 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 dividend yield of 2.6%. The ex-dividend date is Friday, August 15th. Starbucks's dividend payout ratio (DPR) is presently 105.17%.

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.