Bennett Associates Wealth Management Purchases 878 Shares of Starbucks Corporation $SBUX

Bennett Associates Wealth Management grew its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 19.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 5,290 shares of the coffee company’s stock after acquiring an additional 878 shares during the quarter. Starbucks comprises approximately 0.4% of Bennett Associates Wealth Management’s holdings, making the stock its 28th largest holding. Bennett Associates Wealth Management’s holdings in Starbucks were worth $485,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SBUX. Hughes Financial Services LLC purchased a new position in shares of Starbucks in the 1st quarter worth $27,000. Chelsea Counsel Co. bought a new position in shares of Starbucks in the 2nd quarter valued at about $26,000. CBIZ Investment Advisory Services LLC grew its position in Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock worth $28,000 after acquiring an additional 159 shares in the last quarter. McClarren Financial Advisors Inc. bought a new stake in Starbucks during the first quarter worth approximately $29,000. Finally, Nova Wealth Management Inc. raised its position in Starbucks by 285.4% during the first quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 234 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Down 5.0%

SBUX stock opened at $82.11 on Tuesday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The firm has a market cap of $93.33 billion, a price-to-earnings ratio of 35.39, a PEG ratio of 4.25 and a beta of 1.01. The business’s fifty day simple moving average is $87.33 and its two-hundred day simple moving average is $88.35.

Starbucks (NASDAQ:SBUX) last issued its earnings results 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 analysts’ expectations 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 for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 earnings per share. Research analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s dividend payout ratio is 105.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SBUX shares. Zacks Research upgraded Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $100.00 to $115.00 in a research report on Tuesday, August 12th. Wells Fargo & Company boosted their price objective on shares of Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Loop Capital set a $165.00 target price on shares of Starbucks in a research note on Tuesday, August 12th. Finally, Bank of America raised their target price on shares of Starbucks from $101.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $104.00.

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.