Greenwood Capital Associates LLC Invests $547,000 in Starbucks Corporation $SBUX

Greenwood Capital Associates LLC bought a new position in Starbucks Corporation (NASDAQ:SBUX) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 5,973 shares of the coffee company’s stock, valued at approximately $547,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Chelsea Counsel Co. purchased a new position in shares of Starbucks during the 2nd quarter valued at about $26,000. Hughes Financial Services LLC bought a new position in Starbucks during the first quarter valued at approximately $27,000. CBIZ Investment Advisory Services LLC grew its position in Starbucks by 125.2% during the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after acquiring an additional 159 shares during the last quarter. McClarren Financial Advisors Inc. bought a new position in Starbucks during the first quarter valued at approximately $29,000. Finally, Nova Wealth Management Inc. boosted its stake in shares of Starbucks by 285.4% in the 1st quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 234 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Cowen reissued a “hold” rating on shares of Starbucks in a research note on Tuesday, June 24th. BTIG Research set a $105.00 price target on Starbucks in a research report on Thursday, September 25th. UBS Group raised their price target on Starbucks from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 30th. Guggenheim increased their price objective on Starbucks from $79.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $95.00 price target (up from $85.00) on shares of Starbucks in a report on Thursday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $104.00.

Starbucks Stock Down 0.3%

Shares of NASDAQ SBUX opened at $86.42 on Friday. The company has a market cap of $98.23 billion, a PE ratio of 37.25, a PEG ratio of 4.26 and a beta of 1.01. The firm’s 50-day moving average price is $87.56 and its 200-day moving average price is $88.61. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.93 EPS. As a group, equities research analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks’s dividend payout ratio is presently 105.17%.

Starbucks 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.