Redwood Investment Management LLC Acquires New Shares in Starbucks Corporation $SBUX

Redwood Investment Management LLC bought a new position in Starbucks Corporation (NASDAQ:SBUX) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,798 shares of the coffee company’s stock, valued at approximately $274,000.

Other hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Starbucks during the first quarter worth about $1,379,619,000. Jennison Associates LLC acquired a new position in Starbucks during the 1st quarter valued at about $817,759,000. Polen Capital Management LLC bought a new position in Starbucks in the 1st quarter worth about $503,539,000. Goldman Sachs Group Inc. increased its stake in shares of Starbucks by 59.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after purchasing an additional 3,589,537 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Starbucks by 22.3% in the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after purchasing an additional 3,545,655 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Up 1.2%

Shares of SBUX stock opened at $87.66 on Thursday. The stock has a 50-day simple moving average of $92.15 and a 200 day simple moving average of $93.02. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The stock has a market capitalization of $99.64 billion, a P/E ratio of 37.78, a P/E/G ratio of 5.14 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter last year, the firm posted $0.93 earnings per share. Starbucks’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 annualized dividend and a yield of 2.8%. Starbucks’s dividend payout ratio is currently 105.17%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SBUX shares. Morgan Stanley reiterated an “overweight” rating and set a $103.00 price objective (up from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. The Goldman Sachs Group reiterated a “neutral” rating and set a $95.00 price target (up previously from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. JPMorgan Chase & Co. increased their price target on Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. BMO Capital Markets reissued an “outperform” rating and set a $115.00 price target (up from $100.00) on shares of Starbucks in a report on Wednesday, July 30th. Finally, Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and an average price target of $104.40.

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.