Parr Mcknight Wealth Management Group LLC Purchases Shares of 38,098 Starbucks Co. (NASDAQ:SBUX)

Parr Mcknight Wealth Management Group LLC acquired a new position in Starbucks Co. (NASDAQ:SBUX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 38,098 shares of the coffee company’s stock, valued at approximately $3,476,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Financial Life Planners purchased a new position in shares of Starbucks during the 4th quarter worth $25,000. Graney & King LLC acquired a new position in shares of Starbucks in the 4th quarter worth approximately $26,000. Collier Financial acquired a new position in Starbucks during the fourth quarter worth $27,000. Runnymede Capital Advisors Inc. acquired a new stake in shares of Starbucks during the fourth quarter worth about $27,000. Finally, Marshall Investment Management LLC purchased a new stake in Starbucks during the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

Shares of Starbucks stock opened at $83.97 on Friday. The company has a market capitalization of $95.42 billion, a P/E ratio of 27.09, a P/E/G ratio of 3.59 and a beta of 0.99. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $117.46. The business has a 50 day moving average price of $87.06 and a 200 day moving average price of $96.13.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.10). The firm had revenue of $8.76 billion for the quarter, compared to analyst estimates of $8.90 billion. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. Starbucks’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 earnings per share. As a group, research analysts expect that Starbucks Co. will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a $0.61 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $2.44 annualized dividend and a yield of 2.91%. Starbucks’s payout ratio is currently 88.41%.

Analysts Set New Price Targets

A number of research firms have recently commented on SBUX. Argus raised Starbucks from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a report on Tuesday, March 18th. Royal Bank of Canada restated an “outperform” rating and issued a $95.00 price objective on shares of Starbucks in a research note on Friday, May 16th. Stifel Nicolaus lowered their price target on Starbucks from $103.00 to $92.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Barclays dropped their price target on Starbucks from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 30th. Finally, Guggenheim lowered their target price on Starbucks from $95.00 to $83.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 29th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Starbucks presently has an average rating of “Hold” and an average price target of $98.72.

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.