Wealthspire Advisors LLC Purchases 47,805 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Wealthspire Advisors LLC increased its stake in Starbucks Corporation by 111.9% in the first quarter, owning 90,522 shares valued at approximately $8.88 million after purchasing an additional 47,805 shares.
• Starbucks recently reported earnings per share of $0.50, missing estimates by $0.14, while revenue increased 3.8% year-over-year to $9.46 billion.
• The company announced a quarterly dividend of $0.61 per share, representing an annualized yield of 2.7% and a dividend payout ratio of 105.17%.

Wealthspire Advisors LLC lifted its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 111.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,522 shares of the coffee company's stock after purchasing an additional 47,805 shares during the quarter. Wealthspire Advisors LLC's holdings in Starbucks were worth $8,879,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Starbucks by 8.2% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 4,429 shares of the coffee company's stock valued at $434,000 after purchasing an additional 336 shares during the period. Investment Counsel Co. of Nevada bought a new position in Starbucks in the first quarter valued at approximately $338,000. West Michigan Advisors LLC boosted its holdings in shares of Starbucks by 5.5% in the first quarter. West Michigan Advisors LLC now owns 3,064 shares of the coffee company's stock valued at $301,000 after buying an additional 159 shares during the period. ABC Arbitrage SA bought a new stake in shares of Starbucks during the first quarter worth $1,222,000. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Starbucks during the first quarter worth $29,000. Institutional investors and hedge funds own 72.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SBUX. Bank of America boosted their price objective on shares of Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Jefferies Financial Group lowered Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price target on the stock. in a report on Thursday, July 17th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $95.00 price objective (up from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. CICC Research assumed coverage on Starbucks in a research report on Monday, June 30th. They issued an "outperform" rating and a $100.00 target price on the stock. Finally, Wells Fargo & Company boosted their target price on Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $101.27.

Starbucks Stock Performance

Starbucks stock traded up $1.10 during midday trading on Friday, reaching $92.12. 8,032,266 shares of the company's stock were exchanged, compared to its average volume of 11,577,803. The stock's 50-day simple moving average is $92.10 and its 200 day simple moving average is $94.45. The firm has a market cap of $104.71 billion, a price-to-earnings ratio of 39.71, a P/E/G ratio of 5.19 and a beta of 1.02. Starbucks Corporation has a 52 week low of $74.75 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. During the same period in the previous year, the business earned $0.93 earnings per share. The business's quarterly revenue was up 3.8% on a year-over-year basis. Research analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's payout ratio is 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.