Washington Trust Bank Increases Position in Starbucks Corporation $SBUX

Washington Trust Bank increased its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 9.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 195,655 shares of the coffee company’s stock after purchasing an additional 16,394 shares during the quarter. Starbucks accounts for 1.5% of Washington Trust Bank’s investment portfolio, making the stock its 19th biggest holding. Washington Trust Bank’s holdings in Starbucks were worth $17,928,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. Game Plan Financial Advisors LLC acquired a new position in shares of Starbucks in the second quarter valued at approximately $25,000. Chelsea Counsel Co. purchased a new stake in shares of Starbucks in the second quarter valued at $26,000. Hughes Financial Services LLC acquired a new position in Starbucks in the first quarter valued at $27,000. CBIZ Investment Advisory Services LLC grew its holdings in Starbucks by 125.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after buying an additional 159 shares during the period. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of Starbucks during the 1st quarter valued at about $29,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on SBUX shares. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 target price on the stock. in a report on Thursday, July 17th. Stifel Nicolaus raised their target price on shares of Starbucks from $92.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, July 11th. JPMorgan Chase & Co. upped their price target on Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Finally, Piper Sandler reduced their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $100.50.

Starbucks Stock Performance

NASDAQ SBUX opened at $82.88 on Thursday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The stock has a market cap of $94.21 billion, a PE ratio of 50.54, a PEG ratio of 4.28 and a beta of 1.01. The firm has a 50-day simple moving average of $84.09 and a 200 day simple moving average of $87.47.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company posted $0.80 EPS. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. Research analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company 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 dividend of $0.62 per share. This is an increase from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.0%. Starbucks’s dividend payout ratio is 151.22%.

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.