AlTi Global Inc. Grows Position in Starbucks Corporation $SBUX

AlTi Global Inc. lifted its stake in Starbucks Corporation (NASDAQ:SBUX) by 4.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,213 shares of the coffee company’s stock after buying an additional 793 shares during the quarter. AlTi Global Inc.’s holdings in Starbucks were worth $1,761,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SBUX. Nuveen LLC purchased a new position in shares of Starbucks in the first quarter worth $1,379,619,000. Jennison Associates LLC purchased a new stake in Starbucks during the first quarter valued at $817,759,000. Polen Capital Management LLC purchased a new stake in Starbucks during the first quarter valued at $503,539,000. Goldman Sachs Group Inc. raised its stake in Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after purchasing an additional 3,589,537 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after purchasing an additional 3,545,655 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

Shares of Starbucks stock opened at $86.09 on Friday. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The firm’s 50-day moving average is $85.01 and its two-hundred day moving average is $87.47. The stock has a market cap of $97.86 billion, a price-to-earnings ratio of 37.11, a PEG ratio of 4.28 and a beta of 1.01.

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 the consensus estimate of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the previous year, the company earned $0.93 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio (DPR) is currently 105.17%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SBUX. Loop Capital set a $165.00 price target on shares of Starbucks in a research note on Tuesday, August 12th. TD Cowen decreased their price target on shares of Starbucks from $88.00 to $84.00 and set a “hold” rating on the stock in a research note on Friday, October 10th. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. Royal Bank Of Canada increased their target price on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Finally, Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and increased their target price for the company from $100.00 to $115.00 in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and a consensus target price of $101.80.

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.