Parvin Asset Management LLC Takes Position in Starbucks Co. (NASDAQ:SBUX)

Parvin Asset Management LLC acquired a new position in shares of Starbucks Co. (NASDAQ:SBUX) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,780 shares of the coffee company’s stock, valued at approximately $254,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Norges Bank bought a new position in shares of Starbucks during the 4th quarter worth about $1,244,812,000. Capital World Investors lifted its holdings in shares of Starbucks by 20.1% during the 4th quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock worth $5,011,796,000 after acquiring an additional 9,174,682 shares during the period. FMR LLC lifted its holdings in shares of Starbucks by 27.0% during the 4th quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock worth $2,292,989,000 after acquiring an additional 5,348,790 shares during the period. Capital Research Global Investors lifted its holdings in shares of Starbucks by 167.6% during the 4th quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company’s stock worth $519,230,000 after acquiring an additional 3,563,942 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Starbucks during the 4th quarter worth about $284,283,000. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $84.85 on Wednesday. The stock has a market cap of $96.38 billion, a P/E ratio of 27.37, a P/E/G ratio of 3.59 and a beta of 1.00. The firm has a 50 day moving average price of $95.08 and a 200 day moving average price of $97.66. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $117.46.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). The firm had revenue of $8.76 billion for the quarter, compared to analyst estimates of $8.90 billion. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.68 EPS. Analysts predict that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, May 16th. Starbucks’s payout ratio is currently 78.71%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SBUX. Argus raised shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price target for the company in a report on Tuesday, March 18th. Citigroup cut their price target on shares of Starbucks from $100.00 to $88.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Wells Fargo & Company cut their price target on shares of Starbucks from $125.00 to $100.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. UBS Group cut their price target on shares of Starbucks from $105.00 to $90.00 and set a “neutral” rating for the company in a report on Monday. Finally, Jefferies Financial Group raised shares of Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price target for the company in a report on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $101.60.

Starbucks 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.