Mechanics Financial Corp Boosts Position in Starbucks Co. (NASDAQ:SBUX)

Mechanics Financial Corp increased its stake in Starbucks Co. (NASDAQ:SBUXGet Rating) by 12.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 9,829 shares of the coffee company’s stock after acquiring an additional 1,072 shares during the quarter. Mechanics Financial Corp’s holdings in Starbucks were worth $894,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Starbucks during the 4th quarter valued at about $1,189,240,000. BlackRock Inc. increased its position in Starbucks by 10.3% during the 4th quarter. BlackRock Inc. now owns 82,463,592 shares of the coffee company’s stock valued at $9,645,766,000 after purchasing an additional 7,672,037 shares during the period. Vanguard Group Inc. increased its position in Starbucks by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 101,414,654 shares of the coffee company’s stock valued at $9,225,691,000 after purchasing an additional 2,733,608 shares during the period. Renaissance Technologies LLC purchased a new position in Starbucks during the 1st quarter valued at about $190,270,000. Finally, Massachusetts Financial Services Co. MA increased its position in Starbucks by 26.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 8,289,084 shares of the coffee company’s stock valued at $754,057,000 after purchasing an additional 1,720,497 shares during the period. Hedge funds and other institutional investors own 67.97% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on SBUX shares. Morgan Stanley raised their target price on shares of Starbucks from $87.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Barclays lifted their target price on shares of Starbucks from $94.00 to $96.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 3rd. Piper Sandler lifted their price objective on shares of Starbucks from $80.00 to $84.00 and gave the company a “neutral” rating in a research note on Monday, July 18th. Robert W. Baird restated a “neutral” rating and set a $83.00 price objective on shares of Starbucks in a research note on Thursday, August 4th. Finally, Wedbush lifted their price objective on shares of Starbucks from $81.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Fifteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $103.15.

Starbucks Stock Performance

SBUX stock opened at $88.69 on Friday. The company’s 50 day moving average price is $83.99 and its 200 day moving average price is $81.51. Starbucks Co. has a fifty-two week low of $68.39 and a fifty-two week high of $120.76. The firm has a market capitalization of $101.76 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 2.75 and a beta of 0.94.

Starbucks (NASDAQ:SBUXGet Rating) last announced its earnings results on Tuesday, August 2nd. The coffee company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. Starbucks had a net margin of 13.03% and a negative return on equity of 47.28%. During the same quarter last year, the firm earned $1.01 EPS. Equities analysts forecast that Starbucks Co. will post 2.88 EPS for the current fiscal year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Thursday, August 11th. Starbucks’s dividend payout ratio is currently 55.21%.

Starbucks Profile

(Get Rating)

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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