SCS Capital Management LLC Takes $470,000 Position in Starbucks Corporation $SBUX

Key Points

• SCS Capital Management LLC has acquired a new position in Starbucks Corporation worth approximately $470,000, purchasing 4,787 shares.
• Despite reporting earnings per share of $0.50 for the last quarter, Starbucks missed analyst expectations of $0.64, although revenues exceeded estimates at $9.46 billion.
• Starbucks announced a quarterly dividend of $0.61, representing a yield of 3.0%, with a current dividend payout ratio of 105.17%.

SCS Capital Management LLC bought a new stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,787 shares of the coffee company's stock, valued at approximately $470,000.

Several other hedge funds have also bought and sold shares of the business. TrinityPoint Wealth LLC boosted its stake in Starbucks by 2.7% during the fourth quarter. TrinityPoint Wealth LLC now owns 3,421 shares of the coffee company's stock worth $312,000 after acquiring an additional 89 shares in the last quarter. Benin Management CORP raised its holdings in shares of Starbucks by 0.7% during the first quarter. Benin Management CORP now owns 16,575 shares of the coffee company's stock valued at $1,626,000 after purchasing an additional 120 shares during the last quarter. Ted Buchan & Co raised its holdings in shares of Starbucks by 1.5% during the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock valued at $791,000 after purchasing an additional 120 shares during the last quarter. Alexander Labrunerie & CO. Inc. raised its holdings in shares of Starbucks by 3.5% during the first quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock valued at $349,000 after purchasing an additional 122 shares during the last quarter. Finally, Private Wealth Management Group LLC grew its position in Starbucks by 13.3% during the first quarter. Private Wealth Management Group LLC now owns 1,056 shares of the coffee company's stock valued at $104,000 after buying an additional 124 shares during the period. Institutional investors own 72.29% of the company's stock.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $82.36 on Friday. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The firm has a market cap of $93.62 billion, a PE ratio of 35.50, a PEG ratio of 4.93 and a beta of 1.00. The firm has a fifty day moving average of $90.70 and a 200 day moving average of $91.02.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the previous year, the firm posted $0.93 EPS. The company's revenue was up 3.8% compared to the same quarter last year. On average, equities analysts predict 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 was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, August 15th. Starbucks's dividend payout ratio is currently 105.17%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Barclays boosted their target price on shares of Starbucks from $106.00 to $115.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Piper Sandler set a $105.00 target price on shares of Starbucks and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. TD Cowen upped their target price on shares of Starbucks from $90.00 to $95.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Robert W. Baird raised shares of Starbucks from a "neutral" rating to an "outperform" rating and upped their price target for the company from $100.00 to $115.00 in a research note on Tuesday, August 12th. Finally, Baird R W raised shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Starbucks has a consensus rating of "Moderate Buy" and a consensus target price of $104.40.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.