Meridian Wealth Management LLC boosted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 98.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,522 shares of the coffee company’s stock after buying an additional 1,750 shares during the period. Meridian Wealth Management LLC’s holdings in Starbucks were worth $295,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Starbucks during the 4th quarter worth approximately $807,368,000. FMR LLC grew its position in shares of Starbucks by 19.8% during the 1st quarter. FMR LLC now owns 10,424,208 shares of the coffee company’s stock worth $774,936,000 after buying an additional 1,720,231 shares during the period. Legal & General Group Plc grew its position in shares of Starbucks by 1.4% during the 4th quarter. Legal & General Group Plc now owns 6,545,000 shares of the coffee company’s stock worth $421,405,000 after buying an additional 91,187 shares during the period. Two Sigma Advisers LP acquired a new stake in shares of Starbucks during the 4th quarter worth approximately $352,796,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Starbucks by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,100,583 shares of the coffee company’s stock worth $264,063,000 after buying an additional 20,719 shares during the period. 71.84% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on the stock. KeyCorp lifted their price target on shares of Tempur Sealy International from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Citigroup reiterated a “hold” rating on shares of AbbVie in a research report on Wednesday, June 26th. Goldman Sachs Group upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Monday. JPMorgan Chase & Co. set a €7.50 ($8.72) price target on shares of Schaeffler and gave the stock a “sell” rating in a research report on Monday. Finally, Mizuho set a $75.00 price target on shares of Starbucks and gave the stock a “buy” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Starbucks currently has a consensus rating of “Buy” and an average target price of $89.53.
NASDAQ SBUX traded down $0.72 during trading on Wednesday, reaching $95.93. 2,509,945 shares of the stock traded hands, compared to its average volume of 6,883,923. The company has a market capitalization of $117.06 billion, a price-to-earnings ratio of 39.64, a price-to-earnings-growth ratio of 2.73 and a beta of 0.55. The firm’s 50-day moving average is $87.80. Starbucks Co. has a fifty-two week low of $51.19 and a fifty-two week high of $99.72.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.06. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Starbucks had a net margin of 13.63% and a negative return on equity of 154.96%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.62 earnings per share. On average, research analysts expect that Starbucks Co. will post 2.82 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, August 8th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Wednesday, August 7th. Starbucks’s dividend payout ratio is currently 59.50%.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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