Starbucks Corporation $SBUX Stock Position Boosted by Granite Group Advisors LLC

Granite Group Advisors LLC increased its holdings in Starbucks Corporation (NASDAQ:SBUX) by 26.8% during the second quarter, HoldingsChannel.com reports. The fund owned 29,127 shares of the coffee company’s stock after buying an additional 6,157 shares during the period. Starbucks makes up approximately 1.6% of Granite Group Advisors LLC’s holdings, making the stock its 9th largest holding. Granite Group Advisors LLC’s holdings in Starbucks were worth $2,669,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Narwhal Capital Management increased its position in Starbucks by 39.6% in the 2nd quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after acquiring an additional 9,282 shares during the period. PUREfi Wealth LLC purchased a new position in shares of Starbucks in the 2nd quarter valued at approximately $286,000. Napa Wealth Management acquired a new position in shares of Starbucks in the first quarter valued at approximately $1,435,000. Morningstar Investment Management LLC purchased a new stake in shares of Starbucks during the second quarter worth approximately $653,000. Finally, Pegasus Asset Management Inc. acquired a new stake in shares of Starbucks during the second quarter worth $1,289,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

SBUX opened at $81.15 on Wednesday. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The stock has a market cap of $92.24 billion, a P/E ratio of 34.98, a P/E/G ratio of 3.97 and a beta of 1.01. The stock’s 50 day simple moving average is $86.11 and its 200 day simple moving average is $87.70.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.93 earnings per share. Research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio is currently 105.17%.

Wall Street Analysts Forecast Growth

SBUX has been the topic of several recent research reports. Citigroup dropped their price objective on shares of Starbucks from $99.00 to $84.00 and set a “neutral” rating on the stock in a research note on Monday. Barclays increased their price target on shares of Starbucks from $106.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Wells Fargo & Company lifted their price objective on Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Piper Sandler set a $105.00 target price on Starbucks and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Finally, Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 price target for the company. in a report on Thursday, July 17th. 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 company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.96.

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.