Ritholtz Wealth Management Has $1.64 Million Position in Starbucks Corporation $SBUX

Ritholtz Wealth Management boosted its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,856 shares of the coffee company’s stock after acquiring an additional 404 shares during the quarter. Ritholtz Wealth Management’s holdings in Starbucks were worth $1,636,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Game Plan Financial Advisors LLC bought a new position in Starbucks during the second quarter valued at approximately $25,000. Hughes Financial Services LLC bought a new position in Starbucks during the first quarter valued at approximately $27,000. Chelsea Counsel Co. bought a new position in Starbucks during the second quarter valued at approximately $26,000. CBIZ Investment Advisory Services LLC raised its position in Starbucks by 125.2% during the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after acquiring an additional 159 shares in the last quarter. Finally, McClarren Financial Advisors Inc. bought a new position in Starbucks during the first quarter valued at approximately $29,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

SBUX opened at $85.36 on Friday. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The firm’s fifty day moving average price is $85.72 and its two-hundred day moving average price is $87.49. The company has a market capitalization of $97.03 billion, a P/E ratio of 36.79, a P/E/G ratio of 4.17 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data 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). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.93 earnings per share. On average, equities research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.62 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. 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. Starbucks’s dividend payout ratio (DPR) is presently 105.17%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SBUX shares. Bank of America raised their price objective on shares of Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Piper Sandler set a $105.00 price target on Starbucks and gave the company an “overweight” rating in a report on Wednesday, July 30th. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. UBS Group increased their price target on Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, July 30th. Finally, Cowen reiterated a “hold” rating on shares of Starbucks in a report on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and an average price target of $102.76.

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.