Rafferty Asset Management LLC Has $22.95 Million Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Rafferty Asset Management LLC grew its holdings in Starbucks Co. (NASDAQ:SBUX) by 16.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 251,470 shares of the coffee company’s stock after purchasing an additional 35,983 shares during the period. Rafferty Asset Management LLC’s holdings in Starbucks were worth $22,947,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Financial Life Planners bought a new stake in Starbucks during the 4th quarter worth $25,000. Graney & King LLC bought a new stake in Starbucks during the 4th quarter worth approximately $26,000. Collier Financial bought a new position in shares of Starbucks in the fourth quarter valued at approximately $27,000. Runnymede Capital Advisors Inc. bought a new position in shares of Starbucks in the fourth quarter valued at approximately $27,000. Finally, Marshall Investment Management LLC bought a new position in shares of Starbucks in the fourth quarter valued at approximately $30,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Up 0.8%

SBUX opened at $87.26 on Friday. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $117.46. The company has a 50-day moving average price of $88.43 and a 200 day moving average price of $96.58. The company has a market cap of $99.16 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). The business had revenue of $8.76 billion during 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 was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 EPS. As a group, sell-side analysts expect that Starbucks Co. will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a dividend of $0.61 per share. The ex-dividend date is Friday, May 16th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.80%. Starbucks’s payout ratio is currently 88.41%.

Analyst Upgrades and Downgrades

SBUX has been the subject of a number of recent research reports. Guggenheim decreased their target price on Starbucks from $95.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday, April 29th. UBS Group dropped their price objective on Starbucks from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Stifel Nicolaus dropped their price objective on Starbucks from $103.00 to $92.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. BMO Capital Markets dropped their price target on Starbucks from $115.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Finally, Argus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a report on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.72.

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.