Shellback Capital LP Takes $7.30 Million Position in Starbucks Co. (NASDAQ:SBUX)

Shellback Capital LP bought a new stake in Starbucks Co. (NASDAQ:SBUX) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 80,000 shares of the coffee company’s stock, valued at approximately $7,300,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Pines Wealth Management LLC bought a new position in shares of Starbucks during the 4th quarter worth approximately $250,000. Kathmere Capital Management LLC grew its stake in Starbucks by 9.0% in the 4th quarter. Kathmere Capital Management LLC now owns 2,550 shares of the coffee company’s stock valued at $233,000 after buying an additional 210 shares during the last quarter. Park Avenue Securities LLC raised its holdings in Starbucks by 21.2% in the 4th quarter. Park Avenue Securities LLC now owns 56,654 shares of the coffee company’s stock valued at $5,170,000 after acquiring an additional 9,901 shares during the period. Apella Capital LLC boosted its holdings in shares of Starbucks by 8.3% during the fourth quarter. Apella Capital LLC now owns 7,522 shares of the coffee company’s stock worth $686,000 after acquiring an additional 576 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of Starbucks by 20.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 4,545 shares of the coffee company’s stock valued at $415,000 after purchasing an additional 779 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SBUX. JPMorgan Chase & Co. dropped their price target on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. StockNews.com raised shares of Starbucks from a “sell” rating to a “hold” rating in a research report on Saturday, May 10th. Barclays decreased their price target on shares of Starbucks from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. TD Securities cut their price objective on shares of Starbucks from $102.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Finally, BMO Capital Markets lowered their target price on shares of Starbucks from $115.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and a consensus price target of $98.72.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $87.26 on Friday. The company has a 50 day simple moving average of $88.43 and a 200 day simple moving average of $96.58. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $117.46. The firm has a market cap of $99.16 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). The business had revenue of $8.76 billion for the quarter, compared to analyst estimates of $8.90 billion. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. Starbucks’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 EPS. As a group, research analysts anticipate that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a $0.61 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.80%. Starbucks’s dividend payout ratio (DPR) is currently 88.41%.

Starbucks 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.