Invesco Ltd. Raises Stock Position in Starbucks Corporation $SBUX

Invesco Ltd. lifted its position in Starbucks Corporation (NASDAQ:SBUX) by 11.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,757,954 shares of the coffee company’s stock after purchasing an additional 1,286,451 shares during the period. Invesco Ltd. owned 1.12% of Starbucks worth $1,169,011,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. PUREfi Wealth LLC purchased a new position in Starbucks during the 2nd quarter valued at about $286,000. Narwhal Capital Management increased its holdings 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 buying an additional 9,282 shares during the period. Napa Wealth Management bought a new position in Starbucks in the first quarter worth approximately $1,435,000. Morningstar Investment Management LLC purchased a new stake in Starbucks during the second quarter worth $653,000. Finally, Pegasus Asset Management Inc. purchased a new stake in Starbucks during the second quarter worth $1,289,000. Institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SBUX shares. Morgan Stanley set a $105.00 price target on Starbucks and gave the stock an “overweight” rating in a research report on Monday, October 20th. Barclays cut their target price on Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. TD Cowen reissued a “hold” rating and set a $84.00 price target on shares of Starbucks in a research report on Monday. Wells Fargo & Company set a $100.00 price objective on shares of Starbucks and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, Piper Sandler reduced 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. One investment 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $101.44.

Insider Activity

In other Starbucks news, Director Jorgen Vig Knudstorp bought 11,700 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the transaction, the director directly owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. This trade represents a 28.26% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.09% of the stock is currently owned by company insiders.

Starbucks Stock Performance

Shares of SBUX stock opened at $85.20 on Wednesday. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The firm has a market capitalization of $96.88 billion, a PE ratio of 51.95, a P/E/G ratio of 4.28 and a beta of 1.02. The stock’s 50-day simple moving average is $84.04 and its 200-day simple moving average is $87.70.

Starbucks (NASDAQ:SBUX) last released its 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 firm had revenue of $9.57 billion for the quarter, compared to analyst estimates of $9.41 billion. During the same period last year, the firm earned $0.80 EPS. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. Sell-side analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be paid a $0.62 dividend. The ex-dividend date is Friday, February 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. Starbucks’s dividend payout ratio is presently 151.22%.

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.