K.J. Harrison & Partners Inc Invests $459,000 in Starbucks Corporation $SBUX

K.J. Harrison & Partners Inc purchased a new position in Starbucks Corporation (NASDAQ:SBUX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,004 shares of the coffee company’s stock, valued at approximately $459,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Narwhal Capital Management grew its position in Starbucks by 39.6% during the second 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 last quarter. PUREfi Wealth LLC bought a new position in Starbucks during the second quarter valued at approximately $286,000. Napa Wealth Management bought a new position in Starbucks during the first quarter valued at approximately $1,435,000. Morningstar Investment Management LLC bought a new position in Starbucks during the second quarter valued at approximately $653,000. Finally, Pegasus Asset Management Inc. bought a new position in Starbucks during the second quarter valued at approximately $1,289,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Up 0.1%

Shares of SBUX stock opened at $80.96 on Tuesday. The stock has a fifty day moving average of $84.33 and a 200 day moving average of $87.51. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The firm has a market capitalization of $92.03 billion, a price-to-earnings ratio of 49.37, a PEG ratio of 4.28 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The business had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. During the same period in the previous year, the business earned $0.80 EPS. The business’s revenue was up 5.5% compared to the same quarter last year. Equities research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a dividend of $0.62 per share. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s payout ratio is 151.22%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SBUX. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and increased their price target for the company from $100.00 to $115.00 in a research report on Tuesday, August 12th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. JPMorgan Chase & Co. raised their target price on shares of Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Sanford C. Bernstein set a $100.00 target price on shares of Starbucks and gave the stock an “outperform” rating in a report on Thursday. Finally, Morgan Stanley set a $105.00 target price on shares of Starbucks and gave the stock an “overweight” rating in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.50.

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.