Ritholtz Wealth Management Has $1.64 Million Position in Starbucks Corporation $SBUX

Ritholtz Wealth Management raised its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 2.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 17,856 shares of the coffee company’s stock after purchasing an additional 404 shares during the quarter. Ritholtz Wealth Management’s holdings in Starbucks were worth $1,636,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SBUX. Nuveen LLC acquired a new position in shares of Starbucks during the 1st quarter worth about $1,379,619,000. Jennison Associates LLC acquired a new position in shares of Starbucks in the 1st quarter valued at approximately $817,759,000. Polen Capital Management LLC acquired a new position in shares of Starbucks in the 1st quarter valued at approximately $503,539,000. Goldman Sachs Group Inc. grew its position in shares of Starbucks by 59.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after purchasing an additional 3,589,537 shares during the period. Finally, Wellington Management Group LLP grew its position 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 valued at $1,904,366,000 after purchasing an additional 3,545,655 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SBUX has been the subject of several research analyst reports. TD Securities reiterated a “hold” rating and issued a $90.00 price objective on shares of Starbucks in a research report on Monday, June 23rd. Morgan Stanley reiterated an “overweight” rating and issued a $103.00 price objective (up from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. BTIG Research set a $105.00 price objective on Starbucks in a research report on Thursday, September 25th. Finally, Barclays upped their price target on Starbucks from $106.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $102.76.

Starbucks Stock Up 1.2%

NASDAQ:SBUX opened at $85.36 on Friday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The business has a 50 day moving average price of $85.72 and a two-hundred day moving average price of $87.49. The company has a market cap of $97.03 billion, a P/E ratio of 36.79, a price-to-earnings-growth ratio of 4.17 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last announced 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 negative return on equity of 36.23% and a net margin of 7.18%.The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the company earned $0.93 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.9%. This is an increase from Starbucks’s previous quarterly dividend of $0.61. 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.