Starbucks Co. (NASDAQ:SBUX) Shares Bought by Parallel Advisors LLC

Parallel Advisors LLC lifted its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 228.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 109,856 shares of the coffee company’s stock after purchasing an additional 76,451 shares during the quarter. Parallel Advisors LLC’s holdings in Starbucks were worth $10,776,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Starbucks by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 111,106,209 shares of the coffee company’s stock worth $10,138,442,000 after purchasing an additional 784,432 shares in the last quarter. Capital World Investors lifted its position in shares of Starbucks by 20.1% during the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock worth $5,011,796,000 after purchasing an additional 9,174,682 shares in the last quarter. FMR LLC lifted its position in shares of Starbucks by 27.0% during the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock worth $2,292,989,000 after purchasing an additional 5,348,790 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Starbucks by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 24,826,001 shares of the coffee company’s stock worth $2,259,516,000 after purchasing an additional 548,245 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Starbucks by 4.7% during the fourth quarter. Wellington Management Group LLP now owns 15,868,817 shares of the coffee company’s stock worth $1,448,030,000 after purchasing an additional 718,880 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analyst Upgrades and Downgrades

SBUX has been the topic of several research reports. Guggenheim reduced their price target on shares of Starbucks from $95.00 to $83.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 29th. The Goldman Sachs Group cut shares of Starbucks from a “buy” rating to a “neutral” rating and reduced their target price for the company from $103.00 to $85.00 in a report on Wednesday, April 30th. TD Securities reiterated a “hold” rating and issued a $90.00 price target on shares of Starbucks in a research note on Thursday. Stifel Nicolaus dropped their price target on shares of Starbucks from $103.00 to $92.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company dropped their price target on shares of Starbucks from $125.00 to $100.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $97.92.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $84.05 on Friday. The firm has a market capitalization of $95.51 billion, a P/E ratio of 27.11, a PEG ratio of 3.59 and a beta of 0.99. Starbucks Co. has a one year low of $71.55 and a one year high of $117.46. The company’s fifty day moving average is $85.78 and its two-hundred day moving average is $95.71.

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%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $0.68 EPS. On average, sell-side analysts forecast that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Friday, May 16th. Starbucks’s dividend payout ratio (DPR) is presently 88.41%.

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.