Townsquare Capital LLC Acquires 126,997 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Townsquare Capital LLC increased its stake in Starbucks Corporation by 71.0%, acquiring an additional 126,997 shares to reach a total of 305,789 shares, valued at nearly $30 million.
• Starbucks reported earnings per share of $0.50, missing the consensus estimate of $0.64, while revenues were up by 3.8% year-over-year.
• The company announced a quarterly dividend of $0.61 per share, with a dividend yield of 2.7%, set to be paid on August 29th.

Townsquare Capital LLC raised its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 71.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 305,789 shares of the coffee company's stock after acquiring an additional 126,997 shares during the period. Townsquare Capital LLC's holdings in Starbucks were worth $29,995,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. acquired a new position in Starbucks in the fourth quarter worth $25,000. Hughes Financial Services LLC acquired a new position in Starbucks in the first quarter worth $27,000. McClarren Financial Advisors Inc. acquired a new position in Starbucks in the first quarter worth $29,000. Kapitalo Investimentos Ltda acquired a new position in Starbucks in the fourth quarter worth $32,000. Finally, Ball & Co Wealth Management Inc. acquired a new position in Starbucks in the fourth quarter worth $41,000. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Up 1.2%

Shares of NASDAQ:SBUX traded up $1.10 during mid-day trading on Friday, reaching $92.12. 8,032,266 shares of the stock were exchanged, compared to its average volume of 11,577,803. The company has a market cap of $104.71 billion, a P/E ratio of 39.71, a P/E/G ratio of 5.25 and a beta of 1.02. Starbucks Corporation has a one year low of $74.75 and a one year high of $117.46. The stock's 50 day simple moving average is $92.27 and its 200-day simple moving average is $94.39.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS 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 analyst estimates of $9.29 billion. During the same period last year, the company posted $0.93 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. Analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 annualized dividend and a yield of 2.6%. Starbucks's dividend payout ratio is 105.17%.

Analyst Ratings Changes

A number of equities analysts have commented on SBUX shares. Robert W. Baird boosted their price objective on Starbucks from $88.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. Evercore ISI reaffirmed an "outperform" rating and set a $105.00 price target (up previously from $95.00) on shares of Starbucks in a research note on Tuesday, June 24th. JPMorgan Chase & Co. upped their price target on Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Wall Street Zen lowered Starbucks from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Stifel Nicolaus upped their price target on Starbucks from $92.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Four equities research 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 company currently has an average rating of "Hold" and an average target price of $101.27.

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.