Putnam Investments LLC Acquires 59,704 Shares of Starbucks Co. (NASDAQ:SBUX)

Posted by Defense World Staff on Jun 13th, 2023

Putnam Investments LLC lifted its holdings in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 7.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 872,188 shares of the coffee company’s stock after acquiring an additional 59,704 shares during the period. Putnam Investments LLC owned approximately 0.08% of Starbucks worth $86,521,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in SBUX. BCK Partners Inc. bought a new position in shares of Starbucks in the 1st quarter worth about $2,640,000. American Century Companies Inc. increased its position in Starbucks by 7.3% in the 1st quarter. American Century Companies Inc. now owns 27,634 shares of the coffee company’s stock valued at $2,514,000 after buying an additional 1,872 shares in the last quarter. Roundview Capital LLC increased its position in Starbucks by 37.5% in the 1st quarter. Roundview Capital LLC now owns 7,152 shares of the coffee company’s stock valued at $651,000 after buying an additional 1,952 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Starbucks in the 1st quarter valued at about $198,000. Finally, Mather Group LLC. increased its position in Starbucks by 77.5% in the 1st quarter. Mather Group LLC. now owns 6,912 shares of the coffee company’s stock valued at $629,000 after buying an additional 3,017 shares in the last quarter. 69.16% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SBUX. BMO Capital Markets boosted their target price on Starbucks from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, February 15th. 51job reissued a “maintains” rating on shares of Starbucks in a report on Wednesday, May 3rd. Robert W. Baird boosted their price objective on Starbucks from $105.00 to $110.00 in a report on Wednesday, May 3rd. Bank of America decreased their price objective on Starbucks from $138.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 19th. Finally, JPMorgan Chase & Co. decreased their price objective on Starbucks from $114.00 to $113.00 in a report on Wednesday, May 3rd. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Starbucks presently has an average rating of “Moderate Buy” and an average price target of $110.31.

Starbucks Price Performance

Shares of SBUX stock opened at $98.46 on Tuesday. The company’s fifty day simple moving average is $104.69 and its two-hundred day simple moving average is $103.65. Starbucks Co. has a 1 year low of $70.35 and a 1 year high of $115.48. The stock has a market capitalization of $112.87 billion, a price-to-earnings ratio of 31.97, a PEG ratio of 1.69 and a beta of 0.96.

Starbucks (NASDAQ:SBUX – Get Rating) last issued its earnings results on Tuesday, May 2nd. The coffee company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.10. Starbucks had a net margin of 10.46% and a negative return on equity of 41.99%. The business had revenue of $8.72 billion for the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. Equities research analysts anticipate that Starbucks Co. will post 3.44 EPS for the current year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 26th. Stockholders of record on Friday, May 12th were issued a $0.53 dividend. The ex-dividend date was Thursday, May 11th. This represents a $2.12 annualized dividend and a dividend yield of 2.15%. Starbucks’s payout ratio is currently 68.83%.

About Starbucks

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Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: North America, International, Channel Development, and Corporate and Other. The North America segment focuses on the United States and Canada. The International segment is involved in China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and Caribbean.