Starbucks Corporation $SBUX Shares Acquired by 1ST Source Bank

1ST Source Bank grew its stake in Starbucks Corporation (NASDAQ:SBUX) by 13.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,712 shares of the coffee company’s stock after buying an additional 3,763 shares during the period. 1ST Source Bank’s holdings in Starbucks were worth $2,997,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Narwhal Capital Management lifted its position in shares of Starbucks by 39.6% in the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after acquiring an additional 9,282 shares in the last quarter. PUREfi Wealth LLC acquired a new stake in Starbucks during the 2nd quarter worth $286,000. Napa Wealth Management purchased a new stake in shares of Starbucks during the first quarter worth $1,435,000. Morningstar Investment Management LLC acquired a new stake in shares of Starbucks in the second quarter valued at about $653,000. Finally, Pegasus Asset Management Inc. purchased a new position in shares of Starbucks in the second quarter worth about $1,289,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Price Performance

NASDAQ:SBUX opened at $85.57 on Friday. The firm has a market cap of $97.27 billion, a price-to-earnings ratio of 52.18, a price-to-earnings-growth ratio of 4.28 and a beta of 1.02. The firm’s fifty day moving average price is $83.92 and its 200 day moving average price is $87.50. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). The firm had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The business’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. As a group, analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, November 14th. 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. Starbucks’s dividend payout ratio (DPR) is presently 151.22%.

Wall Street Analyst Weigh In

SBUX has been the topic of a number of research reports. Guggenheim raised their target price on shares of Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. UBS Group set a $94.00 target price on Starbucks and gave the stock a “neutral” rating in a research note on Tuesday, October 21st. Piper Sandler reduced their price target on Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Finally, Royal Bank Of Canada set a $100.00 price objective on shares of Starbucks and gave the company an “outperform” rating in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Starbucks has an average rating of “Hold” and a consensus price target of $100.50.

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.