Riverpark Capital Management LLC Increases Position in Starbucks Corporation $SBUX

Riverpark Capital Management LLC grew its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 15.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,573 shares of the coffee company’s stock after buying an additional 1,785 shares during the quarter. Starbucks accounts for about 2.0% of Riverpark Capital Management LLC’s investment portfolio, making the stock its 24th biggest position. Riverpark Capital Management LLC’s holdings in Starbucks were worth $1,244,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Choreo LLC boosted its holdings in Starbucks by 10.7% during the 2nd quarter. Choreo LLC now owns 53,699 shares of the coffee company’s stock valued at $4,921,000 after acquiring an additional 5,185 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Starbucks during the 2nd quarter valued at $593,000. Correct Capital Wealth Management lifted its holdings in shares of Starbucks by 4.6% in the 2nd quarter. Correct Capital Wealth Management now owns 3,523 shares of the coffee company’s stock worth $323,000 after buying an additional 154 shares during the period. Inceptionr LLC bought a new position in shares of Starbucks during the 2nd quarter worth $912,000. Finally, Country Trust Bank increased its stake in shares of Starbucks by 65.4% during the second quarter. Country Trust Bank now owns 1,029 shares of the coffee company’s stock valued at $94,000 after buying an additional 407 shares during the period. 72.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on SBUX. Piper Sandler lowered their price objective on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Starbucks in a research report on Monday. Citigroup cut their price objective on shares of Starbucks from $84.00 to $83.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Dbs Bank lowered Starbucks from a “hold” rating to a “strong sell” rating in a research note on Friday, November 7th. Finally, Barclays decreased their price objective on shares of Starbucks from $115.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and an average price target of $101.44.

Starbucks Trading Up 3.1%

Shares of NASDAQ:SBUX opened at $85.91 on Wednesday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The company has a market cap of $97.69 billion, a PE ratio of 52.38, a price-to-earnings-growth ratio of 4.28 and a beta of 1.02. The company’s 50 day moving average is $83.88 and its 200 day moving average is $87.71.

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

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors 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 2.9%. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio (DPR) is 151.22%.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp bought 11,700 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was purchased at an average cost of $85.00 per share, with a total value of $994,500.00. Following the acquisition, the director directly owned 53,096 shares in the company, valued at $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.09% of the stock is owned by insiders.

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.