Advisors Capital Management LLC Raises Stock Holdings in Starbucks Corporation $SBUX

Advisors Capital Management LLC boosted its holdings in Starbucks Corporation (NASDAQ:SBUX) by 16.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,400 shares of the coffee company’s stock after purchasing an additional 2,210 shares during the period. Advisors Capital Management LLC’s holdings in Starbucks were worth $1,411,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SBUX. Alliance Wealth Advisors LLC grew its position in Starbucks by 2.1% during the second quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company’s stock valued at $474,000 after buying an additional 108 shares during the period. Brown Lisle Cummings Inc. boosted its stake in Starbucks by 1.4% in the second quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company’s stock valued at $760,000 after acquiring an additional 117 shares during the last quarter. Diligent Investors LLC grew its position in shares of Starbucks by 1.9% during the 2nd quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company’s stock valued at $562,000 after acquiring an additional 117 shares during the period. Ted Buchan & Co increased its stake in shares of Starbucks by 1.5% during the 1st quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company’s stock worth $791,000 after purchasing an additional 120 shares during the last quarter. Finally, Avalon Trust Co increased its stake in shares of Starbucks by 5.5% during the 1st quarter. Avalon Trust Co now owns 2,384 shares of the coffee company’s stock worth $234,000 after purchasing an additional 124 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on SBUX. Citigroup dropped their price objective on Starbucks from $84.00 to $83.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Starbucks in a research report on Wednesday, October 8th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. JPMorgan Chase & Co. boosted their price objective on Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company set a $100.00 target price on shares of Starbucks and gave the stock an “overweight” rating in a research report on Thursday, October 16th. 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.44.

Starbucks Trading Down 1.9%

Shares of NASDAQ SBUX opened at $84.78 on Friday. The stock has a market cap of $96.37 billion, a price-to-earnings ratio of 51.70, a P/E/G ratio of 4.28 and a beta of 1.02. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The stock’s 50-day moving average is $83.76 and its 200 day moving average is $87.58.

Starbucks (NASDAQ:SBUX) last issued its earnings results 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). The firm had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 EPS. On average, analysts forecast that Starbucks Corporation will post 2.99 EPS for the current fiscal 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 given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, November 14th. This is a boost from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio is 151.22%.

Insiders Place Their Bets

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the stock in a transaction on Monday, November 10th. The stock was acquired at an average cost of $85.00 per share, with a total value of $994,500.00. Following the completion of the purchase, the director directly owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. This trade represents a 28.26% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.09% of the stock is owned by corporate insiders.

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.