Narwhal Capital Management Has $6.69 Million Stock Position in Starbucks Co. (NASDAQ:SBUX)

Narwhal Capital Management boosted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 7.3% in the third quarter, Holdings Channel.com reports. The firm owned 77,906 shares of the coffee company’s stock after purchasing an additional 5,334 shares during the period. Narwhal Capital Management’s holdings in Starbucks were worth $6,694,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Starbucks by 0.5% during the second quarter. Vanguard Group Inc. now owns 91,002,442 shares of the coffee company’s stock valued at $6,696,870,000 after buying an additional 493,961 shares in the last quarter. FMR LLC raised its holdings in Starbucks by 11.2% during the second quarter. FMR LLC now owns 21,754,140 shares of the coffee company’s stock valued at $1,600,888,000 after buying an additional 2,199,811 shares in the last quarter. Morgan Stanley raised its holdings in Starbucks by 15.1% during the first quarter. Morgan Stanley now owns 16,926,014 shares of the coffee company’s stock valued at $1,112,717,000 after buying an additional 2,219,969 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Starbucks by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 11,350,031 shares of the coffee company’s stock valued at $835,247,000 after buying an additional 1,195,694 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in Starbucks by 22.4% during the second quarter. Nuveen Asset Management LLC now owns 8,191,343 shares of the coffee company’s stock valued at $602,801,000 after buying an additional 1,496,845 shares in the last quarter. Institutional investors own 68.36% of the company’s stock.

Several equities analysts have weighed in on the company. Stifel Nicolaus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a report on Monday, August 24th. ValuEngine lowered Starbucks from a “buy” rating to a “hold” rating in a research note on Wednesday, September 9th. Oppenheimer lifted their price objective on Starbucks from $85.00 to $101.00 and gave the stock an “outperform” rating in a research note on Monday, October 5th. Bank of America lifted their price objective on Starbucks from $82.00 to $88.00 and gave the stock a “neutral” rating in a research note on Monday, September 28th. Finally, Stephens lifted their price objective on Starbucks from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 29th. Fifteen analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $87.54.

In related news, CEO Kevin R. Johnson sold 107,762 shares of the business’s stock in a transaction that occurred on Friday, October 9th. The shares were sold at an average price of $90.08, for a total value of $9,707,200.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Myron E. Ullman III sold 4,252 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $84.77, for a total transaction of $360,442.04. The disclosure for this sale can be found here. Insiders sold a total of 153,764 shares of company stock valued at $13,404,656 in the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

Shares of SBUX opened at $90.05 on Wednesday. The company has a market capitalization of $105.27 billion, a P/E ratio of 81.13, a PEG ratio of 2.26 and a beta of 0.81. Starbucks Co. has a one year low of $50.02 and a one year high of $94.13. The business’s 50 day simple moving average is $87.13 and its 200-day simple moving average is $79.40.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 28th. The coffee company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.61) by $0.15. The business had revenue of $4.22 billion for the quarter, compared to the consensus estimate of $4.14 billion. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. Starbucks’s revenue was down 38.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 EPS. Sell-side analysts anticipate that Starbucks Co. will post 0.99 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Thursday, November 12th will be issued a $0.45 dividend. This is an increase from Starbucks’s previous quarterly dividend of $0.41. This represents a $1.80 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend is Tuesday, November 10th. Starbucks’s payout ratio is presently 57.95%.

Starbucks Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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