Naviter Wealth LLC Grows Position in Starbucks Corporation $SBUX

Naviter Wealth LLC boosted its stake in Starbucks Corporation (NASDAQ:SBUX) by 69.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,733 shares of the coffee company’s stock after purchasing an additional 4,826 shares during the quarter. Naviter Wealth LLC’s holdings in Starbucks were worth $1,075,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Cornerstone Wealth Group LLC grew its holdings in Starbucks by 6.1% in the second quarter. Cornerstone Wealth Group LLC now owns 5,665 shares of the coffee company’s stock valued at $519,000 after purchasing an additional 328 shares during the period. Verdence Capital Advisors LLC grew its holdings in Starbucks by 40.2% in the second quarter. Verdence Capital Advisors LLC now owns 15,628 shares of the coffee company’s stock valued at $1,432,000 after purchasing an additional 4,481 shares during the period. Cascade Investment Advisors Inc. grew its holdings in Starbucks by 5.1% in the second quarter. Cascade Investment Advisors Inc. now owns 20,628 shares of the coffee company’s stock valued at $1,890,000 after purchasing an additional 993 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Starbucks by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 98,165 shares of the coffee company’s stock valued at $8,995,000 after purchasing an additional 600 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in Starbucks by 10.8% in the second quarter. Sequoia Financial Advisors LLC now owns 44,413 shares of the coffee company’s stock valued at $4,070,000 after purchasing an additional 4,340 shares during the period. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Trading Up 1.4%

NASDAQ SBUX opened at $81.15 on Wednesday. The company’s fifty day simple moving average is $86.11 and its 200-day simple moving average is $87.70. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The stock has a market cap of $92.24 billion, a P/E ratio of 34.98, a PEG ratio of 3.97 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 29th. The coffee company reported $0.50 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 firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the previous year, the firm posted $0.93 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.1%. Starbucks’s dividend payout ratio is presently 105.17%.

Analyst Upgrades and Downgrades

SBUX has been the subject of a number of recent analyst reports. Guggenheim boosted their target price on shares of Starbucks from $79.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, July 31st. Zacks Research upgraded shares of Starbucks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Starbucks in a research note on Wednesday, October 8th. 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, ten have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.96.

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.