Starbucks Corporation $SBUX Shares Purchased by Merit Financial Group LLC

Key Points

• Merit Financial Group LLC increased its holdings in Starbucks by 12.1% during the second quarter, owning 82,215 shares valued at approximately $7.53 million.
• Starbucks recently declared a quarterly dividend increase from $0.61 to $0.62 per share, with a payout scheduled for November 28th.
• The company reported earnings of $0.50 per share for the last quarter, missing estimates, but its revenue was above expectations at $9.46 billion.

Merit Financial Group LLC raised its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 12.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 82,215 shares of the coffee company's stock after purchasing an additional 8,857 shares during the quarter. Merit Financial Group LLC's holdings in Starbucks were worth $7,533,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SBUX. Vanguard Group Inc. grew its position in Starbucks by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company's stock valued at $10,991,923,000 after buying an additional 953,361 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Starbucks by 22.3% in the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock worth $1,904,366,000 after acquiring an additional 3,545,655 shares during the period. Nuveen LLC purchased a new stake in shares of Starbucks in the first quarter valued at about $1,379,619,000. Goldman Sachs Group Inc. increased its stake in shares of Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock worth $943,948,000 after acquiring an additional 3,589,537 shares during the period. Finally, Jennison Associates LLC purchased a new position in Starbucks during the first quarter worth about $817,759,000. Institutional investors and hedge funds own 72.29% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Jefferies Financial Group lowered Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price objective on the stock. in a report on Thursday, July 17th. Piper Sandler set a $105.00 price objective on Starbucks and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Robert W. Baird raised Starbucks from a "neutral" rating to an "outperform" rating and raised their target price for the company from $100.00 to $115.00 in a report on Tuesday, August 12th. Guggenheim boosted their target price on shares of Starbucks from $79.00 to $90.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Finally, Royal Bank Of Canada increased their price target on shares of Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Starbucks has an average rating of "Moderate Buy" and a consensus price target of $104.00.

Starbucks Stock Down 0.3%

Shares of NASDAQ:SBUX opened at $86.42 on Monday. The company has a market cap of $98.23 billion, a P/E ratio of 37.25, a P/E/G ratio of 4.25 and a beta of 1.01. The business has a fifty day simple moving average of $87.56 and a 200-day simple moving average of $88.46. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its 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). The business had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 earnings per share. Sell-side 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 given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.9%. This is a positive change from Starbucks's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks's dividend payout ratio (DPR) is currently 105.17%.

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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