Zurcher Kantonalbank Zurich Cantonalbank Buys 32,242 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Zurcher Kantonalbank increased its holdings in Starbucks by 6.1% in the first quarter, now owning 559,363 shares valued at approximately $54.87 million.
• Starbucks' recent earnings report revealed an EPS of $0.41, missing expectations by $0.10, with revenue of $8.76 billion, below the anticipated $8.90 billion.
• The company announced a quarterly dividend of $0.61 per share, representing a 2.58% yield, with a dividend payout ratio of 88.41%.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 6.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 559,363 shares of the coffee company's stock after purchasing an additional 32,242 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Starbucks were worth $54,868,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Cornerstone Advisory LLC lifted its holdings in Starbucks by 13.2% in the first quarter. Cornerstone Advisory LLC now owns 3,516 shares of the coffee company's stock valued at $345,000 after acquiring an additional 411 shares during the period. Bedel Financial Consulting Inc. boosted its stake in shares of Starbucks by 3.6% during the 1st quarter. Bedel Financial Consulting Inc. now owns 6,440 shares of the coffee company's stock worth $632,000 after purchasing an additional 226 shares during the last quarter. Accretive Wealth Partners LLC boosted its stake in shares of Starbucks by 18.1% during the 1st quarter. Accretive Wealth Partners LLC now owns 18,196 shares of the coffee company's stock worth $1,785,000 after purchasing an additional 2,795 shares during the last quarter. Empirical Finance LLC grew its holdings in Starbucks by 1.5% in the 1st quarter. Empirical Finance LLC now owns 39,742 shares of the coffee company's stock valued at $3,898,000 after buying an additional 573 shares during the period. Finally, Allen Investment Management LLC grew its holdings in Starbucks by 47.4% in the 1st quarter. Allen Investment Management LLC now owns 2,426,879 shares of the coffee company's stock valued at $238,053,000 after buying an additional 780,658 shares during the period. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SBUX. Sanford C. Bernstein boosted their target price on Starbucks from $90.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Robert W. Baird upped their price target on Starbucks from $88.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday. Stifel Nicolaus upped their price target on Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, July 11th. BMO Capital Markets restated an "outperform" rating and issued a $115.00 price target (up previously from $100.00) on shares of Starbucks in a report on Wednesday. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $105.00 price target (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Starbucks currently has an average rating of "Hold" and an average price target of $101.27.

Starbucks Stock Down 1.4%

Shares of SBUX traded down $1.28 during midday trading on Thursday, reaching $91.48. 7,322,795 shares of the stock were exchanged, compared to its average volume of 10,577,838. Starbucks Corporation has a 12-month low of $72.72 and a 12-month high of $117.46. The firm has a 50 day simple moving average of $91.57 and a 200-day simple moving average of $94.65. The company has a market cap of $103.95 billion, a price-to-earnings ratio of 39.48, a P/E/G ratio of 6.43 and a beta of 1.02.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.43%. The business's revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 EPS. Research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's dividend payout ratio (DPR) is currently 88.41%.

Starbucks Company 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.