Matrix Asset Advisors Inc. NY Grows Position in Starbucks Corporation $SBUX

Matrix Asset Advisors Inc. NY increased its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 8.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 222,347 shares of the coffee company’s stock after purchasing an additional 17,634 shares during the quarter. Starbucks accounts for approximately 1.7% of Matrix Asset Advisors Inc. NY’s portfolio, making the stock its 22nd biggest position. Matrix Asset Advisors Inc. NY’s holdings in Starbucks were worth $18,811,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the stock. PUREfi Wealth LLC purchased a new stake in Starbucks during the second quarter worth about $286,000. Narwhal Capital Management grew its holdings in shares of Starbucks by 39.6% in the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after purchasing an additional 9,282 shares in the last quarter. Morningstar Investment Management LLC purchased a new stake in Starbucks during the 2nd quarter worth approximately $653,000. Pegasus Asset Management Inc. purchased a new stake in Starbucks during the 2nd quarter worth approximately $1,289,000. Finally, Conning Inc. lifted its holdings in Starbucks by 22.3% during the 2nd quarter. Conning Inc. now owns 386,106 shares of the coffee company’s stock worth $35,379,000 after buying an additional 70,468 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Down 1.2%

NASDAQ:SBUX opened at $88.33 on Monday. The stock has a fifty day simple moving average of $84.63 and a 200-day simple moving average of $87.73. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46. The company has a market capitalization of $100.44 billion, a PE ratio of 53.86, a price-to-earnings-growth ratio of 1.80 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). The firm had revenue of $9.57 billion for the quarter, compared to analysts’ expectations of $9.41 billion. Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 earnings per share. As a group, equities analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, February 13th. Starbucks’s payout ratio is presently 151.22%.

Insiders Place Their Bets

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 11,700 shares of Starbucks stock in a transaction on Monday, November 10th. The shares were bought at an average price of $85.00 per share, with a total value of $994,500.00. Following the purchase, the director directly owned 53,096 shares in the company, valued at $4,513,160. This trade represents a 28.26% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SBUX. Wells Fargo & Company set a $100.00 target price on Starbucks and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Barclays cut their target price on Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 22nd. Zacks Research upgraded shares of Starbucks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. BTIG Research restated a “buy” rating and set a $105.00 target price on shares of Starbucks in a research report on Thursday, October 30th. Finally, Mizuho raised shares of Starbucks to a “hold” rating in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and an average target price of $101.44.

Starbucks Company Profile

Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.

Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.