Starbucks Corporation $SBUX Shares Purchased by Summit Financial LLC

Summit Financial LLC increased its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 5.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,124 shares of the coffee company’s stock after acquiring an additional 1,801 shares during the quarter. Summit Financial LLC’s holdings in Starbucks were worth $3,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nuveen LLC acquired a new position in Starbucks in the first quarter valued at about $1,379,619,000. Jennison Associates LLC acquired a new position in Starbucks in the first quarter valued at about $817,759,000. Polen Capital Management LLC acquired a new position in Starbucks in the first quarter valued at about $503,539,000. Goldman Sachs Group Inc. lifted its position in Starbucks by 59.5% in 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 buying an additional 3,589,537 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Starbucks by 22.3% in 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 buying an additional 3,545,655 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $88.56 on Friday. The firm has a market capitalization of $100.67 billion, a PE ratio of 38.17, a price-to-earnings-growth ratio of 5.31 and a beta of 1.02. The firm’s 50-day moving average is $92.59 and its two-hundred day moving average is $93.70. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

Starbucks (NASDAQ:SBUX) last issued its quarterly 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 business 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% on a year-over-year basis. During the same quarter last year, the company earned $0.93 earnings per share. Analysts expect that Starbucks Corporation 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, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, August 15th. Starbucks’s dividend payout ratio is presently 105.17%.

Analyst Ratings Changes

A number of research analysts have commented on SBUX shares. Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 target price on the stock. in a research report on Thursday, July 17th. Sanford C. Bernstein upped their target price on shares of Starbucks from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. UBS Group upped their target price on shares of Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, July 30th. Finally, Barclays boosted their price target on shares of Starbucks from $106.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $104.40.

Starbucks 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.