Spirit of America Management Corp NY Takes $160,000 Position in Starbucks Corporation $SBUX

Spirit of America Management Corp NY bought a new position in shares of Starbucks Corporation (NASDAQ:SBUXFree Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,750 shares of the coffee company’s stock, valued at approximately $160,000.

A number of other hedge funds have also modified their holdings of the company. Alliance Wealth Advisors LLC increased its stake in Starbucks by 2.1% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company’s stock worth $474,000 after buying an additional 108 shares in the last quarter. Brown Lisle Cummings Inc. boosted its stake in Starbucks by 1.4% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company’s stock worth $760,000 after purchasing an additional 117 shares during the period. Diligent Investors LLC grew its holdings in 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 buying an additional 117 shares in the last quarter. Ted Buchan & Co lifted its holdings in shares of Starbucks by 1.5% in the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company’s stock worth $791,000 after buying an additional 120 shares in the last quarter. Finally, Alexander Labrunerie & CO. Inc. boosted its position in shares of Starbucks by 3.5% during the first quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company’s stock worth $349,000 after acquiring an additional 122 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on SBUX shares. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. JPMorgan Chase & Co. lifted their target price on Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Bank of America increased their price target on Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Starbucks in a research note on Wednesday, October 8th. Finally, Citigroup decreased their price objective on Starbucks from $99.00 to $84.00 and set a “neutral” rating on the stock in a report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus price target of $102.76.

View Our Latest Analysis on Starbucks

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $85.36 on Friday. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The business’s 50 day moving average is $85.72 and its two-hundred day moving average is $87.40. The stock has a market capitalization of $97.03 billion, a P/E ratio of 36.79, a PEG ratio of 4.22 and a beta of 1.01.

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

Starbucks Increases Dividend

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

About Starbucks

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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