Balboa Wealth Partners Boosts Holdings in Starbucks Corporation $SBUX

Balboa Wealth Partners grew its holdings in Starbucks Corporation (NASDAQ:SBUX) by 8.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,236 shares of the coffee company’s stock after purchasing an additional 255 shares during the quarter. Balboa Wealth Partners’ holdings in Starbucks were worth $297,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Alliance Wealth Advisors LLC boosted its stake in shares of Starbucks by 2.1% in the second quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company’s stock valued at $474,000 after purchasing an additional 108 shares during the period. Brown Lisle Cummings Inc. boosted its stake in shares of Starbucks by 1.4% in the second quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company’s stock valued at $760,000 after purchasing an additional 117 shares during the period. Diligent Investors LLC boosted its stake in shares of Starbucks by 1.9% in the second quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company’s stock valued at $562,000 after purchasing an additional 117 shares during the period. Ted Buchan & Co boosted its stake in shares of Starbucks by 1.5% in the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company’s stock valued at $791,000 after purchasing an additional 120 shares during the period. Finally, Alexander Labrunerie & CO. Inc. lifted its stake in Starbucks by 3.5% in the first quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company’s stock worth $349,000 after acquiring an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SBUX. Royal Bank Of Canada lifted their price target on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Starbucks in a research note on Wednesday, October 8th. Morgan Stanley set a $105.00 price target on shares of Starbucks and gave the stock an “overweight” rating in a research note on Monday. Piper Sandler set a $105.00 price target on shares of Starbucks and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus lifted their price target on shares of Starbucks from $92.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.84.

Starbucks Trading Down 1.0%

SBUX stock opened at $84.53 on Tuesday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The company’s 50 day moving average is $85.57 and its two-hundred day moving average is $87.41. The stock has a market cap of $96.09 billion, a P/E ratio of 36.44, a PEG ratio of 4.22 and a beta of 1.01.

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

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio is presently 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.