Oppenheimer Asset Management Inc. Buys 77,648 Shares of Starbucks Corporation $SBUX

Oppenheimer Asset Management Inc. raised its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 25.8% in the 2nd quarter, Holdings Channel reports. The firm owned 378,939 shares of the coffee company’s stock after purchasing an additional 77,648 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Starbucks were worth $34,722,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Narwhal Capital Management raised its position in shares of Starbucks by 39.6% in the 2nd quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after acquiring an additional 9,282 shares in the last quarter. PUREfi Wealth LLC bought a new position in shares of Starbucks in the 2nd quarter worth about $286,000. Napa Wealth Management bought a new position in shares of Starbucks in the 1st quarter worth about $1,435,000. Morningstar Investment Management LLC bought a new position in shares of Starbucks in the 2nd quarter worth about $653,000. Finally, Pegasus Asset Management Inc. bought a new position in shares of Starbucks in the 2nd quarter worth about $1,289,000. 72.29% of the stock is owned by institutional investors.

Starbucks Trading Up 0.8%

Shares of NASDAQ SBUX opened at $86.09 on Friday. The stock has a fifty day simple moving average of $85.01 and a two-hundred day simple moving average of $87.53. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The firm has a market cap of $97.86 billion, a price-to-earnings ratio of 37.11, a price-to-earnings-growth ratio of 4.32 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last issued its 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). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the previous year, the firm earned $0.93 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. Analysts forecast that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

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

Analyst Ratings Changes

A number of analysts recently commented on the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $115.00 target price (up from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Citigroup cut their price target on Starbucks from $99.00 to $84.00 and set a “neutral” rating for the company in a research note on Monday, October 13th. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 price target for the company. in a research note on Thursday, July 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Starbucks in a research note on Saturday. Finally, Zacks Research upgraded Starbucks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus target price of $101.80.

About Starbucks

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.