AMI Asset Management Corp Has $1.13 Million Stake in Starbucks Corporation $SBUX

AMI Asset Management Corp trimmed its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 96.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,349 shares of the coffee company’s stock after selling 311,807 shares during the period. AMI Asset Management Corp’s holdings in Starbucks were worth $1,132,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Nuveen LLC bought a new stake in shares of Starbucks during the first quarter worth approximately $1,379,619,000. Jennison Associates LLC bought a new stake in shares of Starbucks during the first quarter worth approximately $817,759,000. Polen Capital Management LLC bought a new stake in shares of Starbucks during the first quarter worth approximately $503,539,000. Goldman Sachs Group Inc. raised its stake in shares of Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock worth $943,948,000 after buying an additional 3,589,537 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after buying an additional 3,545,655 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group reissued a “neutral” rating and set a $95.00 price target (up from $85.00) on shares of Starbucks in a research note on Thursday, June 12th. Piper Sandler set a $105.00 price target on shares of Starbucks and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Sanford C. Bernstein boosted their price target on shares of Starbucks from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their target price for the company from $100.00 to $115.00 in a research note on Tuesday, August 12th. Finally, JPMorgan Chase & Co. upped their target price on shares of Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $104.00.

Starbucks Stock Down 0.2%

Starbucks stock opened at $84.40 on Thursday. The stock has a market capitalization of $95.94 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 5.12 and a beta of 1.01. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The company has a 50 day moving average of $87.86 and a 200-day moving average of $88.77.

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

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio is currently 105.17%.

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.