Keudell Morrison Wealth Management Grows Holdings in Starbucks Corporation $SBUX

Keudell Morrison Wealth Management raised its position in Starbucks Corporation (NASDAQ:SBUX) by 5.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,542 shares of the coffee company’s stock after purchasing an additional 603 shares during the period. Keudell Morrison Wealth Management’s holdings in Starbucks were worth $1,058,000 at the end of the most recent reporting period.

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

Starbucks Stock Down 0.3%

Shares of NASDAQ SBUX opened at $86.42 on Friday. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The firm’s 50-day simple moving average is $87.56 and its 200 day simple moving average is $88.53. The stock has a market cap of $98.23 billion, a P/E ratio of 37.25, a P/E/G ratio of 4.25 and a beta of 1.01.

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). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the firm earned $0.93 earnings per share. Starbucks’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a dividend of $0.62 per share. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio (DPR) is presently 105.17%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $100.00 to $115.00 in a report on Tuesday, August 12th. TD Cowen reiterated a “hold” rating and set a $95.00 price objective on shares of Starbucks in a report on Thursday, September 25th. Royal Bank Of Canada increased their price objective on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Starbucks in a report on Saturday, September 27th. Finally, Bank of America increased their price objective on shares of Starbucks from $101.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $104.00.

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.