AlTi Global Inc. Purchases 793 Shares of Starbucks Corporation $SBUX

AlTi Global Inc. grew its position in Starbucks Corporation (NASDAQ:SBUX) by 4.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,213 shares of the coffee company’s stock after buying an additional 793 shares during the period. AlTi Global Inc.’s holdings in Starbucks were worth $1,761,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Game Plan Financial Advisors LLC bought a new stake in shares of Starbucks in the 2nd quarter valued at about $25,000. Hughes Financial Services LLC bought a new stake in shares of Starbucks in the 1st quarter valued at about $27,000. Chelsea Counsel Co. bought a new stake in shares of Starbucks in the 2nd quarter valued at about $26,000. CBIZ Investment Advisory Services LLC boosted its holdings in shares of 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 in the last quarter. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Starbucks in the 1st quarter valued at about $29,000. 72.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SBUX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Citigroup decreased their price objective on shares of Starbucks from $99.00 to $84.00 and set a “neutral” rating for the company in a research report on Monday, October 13th. Guggenheim increased their price objective on shares of Starbucks from $79.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Piper Sandler set a $105.00 price objective on shares of Starbucks and gave the company an “overweight” rating in a report on Wednesday, July 30th. Finally, Barclays cut their target price on Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Starbucks has an average rating of “Moderate Buy” and an average price target of $101.80.

Starbucks Price Performance

NASDAQ:SBUX opened at $86.09 on Friday. The firm has a market cap of $97.86 billion, a price-to-earnings ratio of 37.11, a price-to-earnings-growth ratio of 4.28 and a beta of 1.01. The company has a 50 day moving average price of $85.01 and a 200-day moving average price of $87.47. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. Starbucks’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm earned $0.93 earnings per share. 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 company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.62 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks’s payout ratio is presently 105.17%.

Starbucks Company 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.