iA Global Asset Management Inc. Raises Stock Holdings in Starbucks Corporation $SBUX

iA Global Asset Management Inc. boosted its holdings in Starbucks Corporation (NASDAQ:SBUX) by 0.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 125,870 shares of the coffee company’s stock after purchasing an additional 833 shares during the period. iA Global Asset Management Inc.’s holdings in Starbucks were worth $11,533,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Narwhal Capital Management raised its stake in Starbucks by 39.6% during the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after buying an additional 9,282 shares in the last quarter. PUREfi Wealth LLC acquired a new stake in Starbucks during the second quarter valued at approximately $286,000. Napa Wealth Management acquired a new stake in Starbucks during the first quarter valued at approximately $1,435,000. Morningstar Investment Management LLC acquired a new stake in Starbucks during the second quarter valued at approximately $653,000. Finally, Pegasus Asset Management Inc. acquired a new stake in Starbucks during the second quarter valued at approximately $1,289,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 2.7%

Shares of Starbucks stock opened at $80.87 on Friday. The business’s 50 day simple moving average is $84.43 and its 200-day simple moving average is $87.47. The stock has a market capitalization of $91.92 billion, a price-to-earnings ratio of 49.31, a PEG ratio of 4.28 and a beta of 1.01. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The business had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. During the same quarter in the prior year, the business earned $0.80 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. Sell-side analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current 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. The ex-dividend date is Friday, November 14th. This represents a $2.48 annualized dividend and a yield of 3.1%. This is an increase from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s payout ratio is 151.22%.

Analysts Set New Price Targets

SBUX has been the topic of several research reports. Bank of America upped their price objective on Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, July 18th. UBS Group set a $94.00 price objective on Starbucks and gave the company a “neutral” rating in a research note on Tuesday, October 21st. Barclays cut their price objective on Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. BTIG Research reiterated a “buy” rating and set a $105.00 price target on shares of Starbucks in a research report on Thursday. Finally, Guggenheim increased their price target on Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” 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.