Starbucks Corporation $SBUX is Granite Group Advisors LLC's 9th Largest Position

Key Points

• Granite Group Advisors LLC has increased its position in Starbucks Corporation (NASDAQ:SBUX) by 26.8%, now holding 29,127 shares, making it the firm's 9th largest investment at a value of approximately $2.67 million.
• Starbucks reported a quarterly earnings per share of $0.50, which missed the analysts' expectations of $0.64, despite generating $9.46 billion in revenue.
• The company has declared a dividend increase to $0.62 per share, with an annualized yield of 3.1%, reflecting a payout ratio of 105.17%.

Granite Group Advisors LLC grew its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 26.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,127 shares of the coffee company's stock after buying an additional 6,157 shares during the quarter. Starbucks accounts for 1.6% of Granite Group Advisors LLC's holdings, making the stock its 9th largest holding. Granite Group Advisors LLC's holdings in Starbucks were worth $2,669,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Alliance Wealth Advisors LLC lifted its position in shares of Starbucks by 2.1% during the second quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company's stock worth $474,000 after purchasing an additional 108 shares in the last quarter. Brown Lisle Cummings Inc. grew its holdings in shares of Starbucks by 1.4% in the second quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company's stock valued at $760,000 after purchasing an additional 117 shares in the last quarter. Diligent Investors LLC increased its stake in Starbucks by 1.9% during the 2nd quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company's stock worth $562,000 after buying an additional 117 shares during the period. Ted Buchan & Co increased its stake in Starbucks by 1.5% during the 1st quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock worth $791,000 after buying an additional 120 shares during the period. Finally, Alexander Labrunerie & CO. Inc. lifted its holdings in Starbucks by 3.5% during the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock worth $349,000 after buying an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Price Performance

Starbucks stock opened at $81.15 on Wednesday. The stock has a market cap of $92.24 billion, a PE ratio of 34.98, a P/E/G ratio of 3.97 and a beta of 1.01. The stock's fifty day moving average is $86.11 and its two-hundred day moving average is $87.70. Starbucks Corporation has a 1-year low of $75.50 and a 1-year 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 the consensus estimate of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the prior year, the company posted $0.93 earnings per share. The company's revenue was up 3.8% compared to the same quarter last year. On average, research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a dividend of $0.62 per share. The ex-dividend date is Friday, November 14th. This represents a $2.48 annualized dividend and a yield of 3.1%. This is an increase from Starbucks's previous quarterly dividend of $0.61. Starbucks's dividend payout ratio (DPR) is 105.17%.

Analyst Upgrades and Downgrades

Several research firms have commented on SBUX. UBS Group boosted their price target on shares of Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. Bank of America lifted their target price on Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a report on Friday, July 18th. JPMorgan Chase & Co. boosted their target price on Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Royal Bank Of Canada upped their price target on Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, Cowen reiterated a "hold" rating on shares of Starbucks in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $102.96.

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.

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