Starbucks Corporation $SBUX Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC raised its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,846,634 shares of the coffee company’s stock after purchasing an additional 99,983 shares during the period. Geode Capital Management LLC’s holdings in Starbucks were worth $2,357,815,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SBUX. PUREfi Wealth LLC acquired a new stake in Starbucks in the second quarter worth approximately $286,000. Narwhal Capital Management lifted its holdings in shares of Starbucks by 39.6% in the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after buying an additional 9,282 shares during the period. Napa Wealth Management bought a new position in Starbucks during the first quarter valued at about $1,435,000. Morningstar Investment Management LLC acquired a new position in Starbucks during the second quarter worth about $653,000. Finally, Pegasus Asset Management Inc. acquired a new stake in Starbucks in the 2nd quarter valued at about $1,289,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analyst Upgrades and Downgrades

SBUX has been the subject of several recent research reports. TD Cowen reissued a “hold” rating and set a $84.00 target price on shares of Starbucks in a research note on Thursday, October 30th. JPMorgan Chase & Co. raised their price objective on Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Royal Bank Of Canada set a $100.00 target price on shares of Starbucks and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Sanford C. Bernstein set a $100.00 price objective on Starbucks and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Finally, Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $100.50.

Starbucks Trading Up 2.2%

NASDAQ SBUX opened at $86.42 on Wednesday. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The company has a market capitalization of $98.23 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 4.28 and a beta of 1.02. The stock’s 50 day moving average is $83.79 and its two-hundred day moving average is $87.56.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The company had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. During the same period in the prior year, the firm earned $0.80 EPS. Starbucks’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.62 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s payout ratio is currently 151.22%.

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.