Shellback Capital LP Makes New Investment in Starbucks Co. (NASDAQ:SBUX)

Shellback Capital LP acquired a new position in shares of Starbucks Co. (NASDAQ:SBUX) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 80,000 shares of the coffee company’s stock, valued at approximately $7,300,000.

Other institutional investors have also made changes to their positions in the company. Financial Life Planners acquired a new stake in Starbucks during the fourth quarter valued at $25,000. Graney & King LLC acquired a new stake in shares of Starbucks during the 4th quarter valued at about $26,000. Collier Financial acquired a new stake in shares of Starbucks during the 4th quarter valued at about $27,000. Runnymede Capital Advisors Inc. acquired a new stake in Starbucks in the fourth quarter valued at approximately $27,000. Finally, Marshall Investment Management LLC bought a new stake in Starbucks in the fourth quarter worth approximately $30,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Performance

Shares of Starbucks stock opened at $87.26 on Friday. The firm has a fifty day moving average of $88.43 and a two-hundred day moving average of $96.58. The stock has a market capitalization of $99.16 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 3.59 and a beta of 0.99. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46.

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

Starbucks Dividend Announcement

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 dividend of $0.61 per share. 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 is 88.41%.

Wall Street Analysts Forecast Growth

SBUX has been the topic of a number of recent research reports. Royal Bank of Canada cut their price target on shares of Starbucks from $100.00 to $95.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Guggenheim cut their target price on Starbucks from $95.00 to $83.00 and set a “neutral” rating on the stock in a report on Tuesday, April 29th. Baird R W downgraded Starbucks from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 7th. TD Securities lowered their price objective on Starbucks from $102.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Finally, Citigroup reduced their target price on Starbucks from $88.00 to $84.00 and set a “neutral” rating for the company in a report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and an average price target of $98.72.

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.