Marietta Wealth Management LLC Increases Position in Starbucks Corporation $SBUX

Marietta Wealth Management LLC boosted its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 3.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,734 shares of the coffee company’s stock after acquiring an additional 2,028 shares during the period. Marietta Wealth Management LLC’s holdings in Starbucks were worth $6,115,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SBUX. Hughes Financial Services LLC purchased a new stake in shares of Starbucks in the 1st quarter valued at approximately $27,000. Chelsea Counsel Co. purchased a new stake in shares of Starbucks in the 2nd quarter valued at approximately $26,000. CBIZ Investment Advisory Services LLC grew its stake in shares of Starbucks by 125.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after buying an additional 159 shares during the period. McClarren Financial Advisors Inc. purchased a new stake in shares of Starbucks in the 1st quarter valued at approximately $29,000. Finally, Nova Wealth Management Inc. grew its stake in shares of Starbucks by 285.4% in the 1st quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company’s stock valued at $31,000 after buying an additional 234 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Down 0.3%

SBUX opened at $86.42 on Friday. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46. The company has a 50 day moving average of $87.56 and a two-hundred day moving average of $88.53. The company has a market cap of $98.23 billion, a P/E ratio of 37.25, a P/E/G ratio of 4.25 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the previous year, the firm posted $0.93 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. Starbucks’s dividend payout ratio is presently 105.17%.

Analyst Ratings Changes

SBUX has been the subject of several analyst reports. Wells Fargo & Company increased their price target on shares of Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Loop Capital set a $165.00 price objective on shares of Starbucks in a research report on Tuesday, August 12th. TD Cowen reaffirmed a “hold” rating and set a $95.00 price objective on shares of Starbucks in a research report on Thursday, September 25th. JPMorgan Chase & Co. increased their price objective on shares of Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $103.00 price objective (up previously from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $104.00.

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.