Norway Savings Bank Increases Stock Position in Starbucks Corporation $SBUX

Norway Savings Bank increased its position in Starbucks Corporation (NASDAQ:SBUX) by 10.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,029 shares of the coffee company’s stock after acquiring an additional 1,011 shares during the period. Norway Savings Bank’s holdings in Starbucks were worth $1,011,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. purchased a new position in Starbucks in the 4th quarter worth approximately $25,000. Hughes Financial Services LLC purchased a new position in Starbucks in the 1st quarter worth approximately $27,000. CBIZ Investment Advisory Services LLC raised its holdings in Starbucks by 125.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock worth $28,000 after acquiring an additional 159 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new position in Starbucks in the 1st quarter worth approximately $29,000. Finally, Nova Wealth Management Inc. raised its holdings in Starbucks by 285.4% in the 1st quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company’s stock worth $31,000 after acquiring an additional 234 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SBUX shares. Royal Bank Of Canada boosted their target price on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Citigroup decreased their target price on shares of Starbucks from $100.00 to $99.00 and set a “neutral” rating for the company in a research note on Wednesday, July 30th. The Goldman Sachs Group reiterated a “neutral” rating and set a $95.00 target price (up from $85.00) on shares of Starbucks in a research note on Thursday, June 12th. Wells Fargo & Company boosted their target price on shares of Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Finally, Cowen reiterated a “hold” rating on shares of Starbucks in a research note on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and a consensus target price of $104.40.

Starbucks Price Performance

Shares of SBUX stock opened at $81.90 on Friday. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The firm has a fifty day moving average price of $90.45 and a 200-day moving average price of $90.79. The company has a market cap of $93.10 billion, a price-to-earnings ratio of 35.30, a PEG ratio of 4.92 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last issued 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 for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the previous year, the firm earned $0.93 EPS. The company’s revenue was up 3.8% on a year-over-year basis. Equities research analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.61 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.44 annualized dividend and a yield of 3.0%. Starbucks’s dividend payout ratio is currently 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.