Starbucks Corporation $SBUX Shares Bought by RNC Capital Management LLC

RNC Capital Management LLC lifted its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 3.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 24,910 shares of the coffee company’s stock after buying an additional 819 shares during the quarter. RNC Capital Management LLC’s holdings in Starbucks were worth $2,282,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Narwhal Capital Management boosted its stake in shares of Starbucks by 39.6% during the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after buying an additional 9,282 shares during the period. PUREfi Wealth LLC acquired a new stake in shares of Starbucks during the second quarter worth about $286,000. Napa Wealth Management acquired a new stake in shares of Starbucks during the first quarter worth about $1,435,000. Morningstar Investment Management LLC acquired a new stake in shares of Starbucks during the second quarter worth about $653,000. Finally, Pegasus Asset Management Inc. acquired a new stake in shares of Starbucks during the second quarter worth about $1,289,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Trading Down 0.5%

SBUX stock opened at $85.50 on Thursday. The firm has a 50 day moving average of $85.25 and a 200-day moving average of $87.39. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The company has a market cap of $97.19 billion, a price-to-earnings ratio of 36.85, a PEG ratio of 4.31 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results 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 company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same quarter in the previous year, the business posted $0.93 earnings per share. Starbucks’s revenue was up 3.8% on a year-over-year basis. Sell-side analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared 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. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s payout ratio is 105.17%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SBUX. BTIG Research set a $105.00 target price on shares of Starbucks in a research note on Thursday, September 25th. CICC Research began coverage on shares of Starbucks in a research report on Monday, June 30th. They issued an “outperform” rating and a $100.00 price objective for the company. Loop Capital set a $165.00 price objective on shares of Starbucks in a research report on Tuesday, August 12th. JPMorgan Chase & Co. raised their price objective on shares of Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Finally, Stifel Nicolaus raised their price objective on shares of Starbucks from $92.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.80.

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.