Pettyjohn Wood & White Inc. Raises Stock Position in Starbucks Corporation $SBUX

Pettyjohn Wood & White Inc. raised its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 2.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,278 shares of the coffee company’s stock after purchasing an additional 940 shares during the period. Pettyjohn Wood & White Inc.’s holdings in Starbucks were worth $3,141,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. PUREfi Wealth LLC purchased a new position in shares of Starbucks in the second quarter worth about $286,000. Narwhal Capital Management lifted its stake in 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 purchasing an additional 9,282 shares in the last quarter. Napa Wealth Management acquired a new position in shares of Starbucks during the 1st quarter worth approximately $1,435,000. Morningstar Investment Management LLC purchased a new stake in shares of Starbucks in the second quarter valued at approximately $653,000. Finally, Pegasus Asset Management Inc. acquired a new stake in shares of Starbucks in the second quarter valued at approximately $1,289,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 3.3%

NASDAQ:SBUX opened at $85.35 on Friday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The firm has a market cap of $97.05 billion, a PE ratio of 52.04, a price-to-earnings-growth ratio of 4.28 and a beta of 1.02. The stock has a fifty day moving average price of $83.83 and a 200 day moving average price of $87.63.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The company had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. During the same quarter in the previous year, the business posted $0.80 EPS. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities 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. Investors of record on Friday, November 14th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.9%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s dividend payout ratio is currently 151.22%.

Wall Street Analyst Weigh In

Several analysts have issued reports on SBUX shares. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. Guggenheim raised their price objective on shares of Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Zacks Research raised shares of Starbucks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Loop Capital set a $165.00 price target on shares of Starbucks in a research note on Tuesday, August 12th. Finally, Mizuho raised shares of Starbucks to a “hold” rating in a research report on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and an average price target of $101.44.

Insider Activity

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 11,700 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were acquired at an average price of $85.00 per share, for a total transaction of $994,500.00. Following the acquisition, the director owned 53,096 shares in the company, valued at $4,513,160. The trade was a 28.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.09% of the company’s stock.

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.