Moors & Cabot Inc. Buys 3,833 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Moors & Cabot Inc. increased its holdings in Starbucks Corporation by 29.8% during the 1st quarter, owning 16,699 shares valued at $1,638,000.
• Starbucks recently had a disappointing earnings report, with a 0.50 EPS that missed estimates by $0.14, despite revenue rising to $9.46 billion.
• The company declared a quarterly dividend of $0.61, with an annualized yield of 2.8% and a high payout ratio of 105.17%.

Moors & Cabot Inc. grew its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 29.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,699 shares of the coffee company's stock after buying an additional 3,833 shares during the period. Moors & Cabot Inc.'s holdings in Starbucks were worth $1,638,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SBUX. University of Texas Texas AM Investment Management Co. bought a new stake in Starbucks in the 4th quarter valued at $25,000. Hughes Financial Services LLC bought a new stake in Starbucks during the 1st quarter worth $27,000. Kapitalo Investimentos Ltda acquired a new position in Starbucks during the 4th quarter worth about $32,000. Ball & Co Wealth Management Inc. acquired a new position in Starbucks during the 4th quarter worth about $41,000. Finally, Accredited Wealth Management LLC acquired a new position in Starbucks during the 4th quarter worth about $44,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SBUX. Guggenheim boosted their price objective on Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a research note on Thursday. Wells Fargo & Company upped their price objective on Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday. Evercore ISI reiterated an "outperform" rating and set a $105.00 price objective (up from $95.00) on shares of Starbucks in a research note on Tuesday, June 24th. The Goldman Sachs Group reissued a "neutral" rating and set a $95.00 price objective (up previously from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Finally, Barclays lifted their price target on Starbucks from $106.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Starbucks has an average rating of "Hold" and a consensus price target of $101.27.

Starbucks Stock Down 2.6%

Shares of NASDAQ:SBUX traded down $2.30 during trading on Friday, hitting $86.86. The stock had a trading volume of 16,215,272 shares, compared to its average volume of 11,091,786. The firm's fifty day moving average is $91.73 and its 200 day moving average is $94.59. The company has a market capitalization of $98.73 billion, a PE ratio of 37.44, a PEG ratio of 4.95 and a beta of 1.02. Starbucks Corporation has a 12 month low of $72.72 and a 12 month high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued 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 company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the previous year, the business earned $0.93 earnings per share. Starbucks's revenue was up 3.8% compared to the same quarter last year. Equities research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders 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 dividend on an annualized basis and a yield of 2.8%. Starbucks's payout ratio is currently 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.