IFP Advisors Inc Trims Holdings in Starbucks Corporation $SBUX

IFP Advisors Inc trimmed its position in Starbucks Corporation (NASDAQ:SBUX) by 5.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,012 shares of the coffee company’s stock after selling 2,380 shares during the quarter. IFP Advisors Inc’s holdings in Starbucks were worth $4,148,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Starbucks by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock valued at $10,991,923,000 after buying an additional 953,361 shares in the last quarter. Wellington Management Group LLP grew its holdings in Starbucks by 22.3% during the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after buying an additional 3,545,655 shares in the last quarter. Nuveen LLC purchased a new stake in Starbucks during the 1st quarter valued at approximately $1,379,619,000. Goldman Sachs Group Inc. grew its holdings in Starbucks by 59.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after buying an additional 3,589,537 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in Starbucks during the 1st quarter valued at approximately $817,759,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SBUX shares. Zacks Research raised shares of Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. TD Cowen cut their price objective on shares of Starbucks from $88.00 to $84.00 and set a “hold” rating for the company in a report on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Starbucks in a report on Wednesday. BTIG Research set a $105.00 target price on shares of Starbucks in a report on Thursday, September 25th. Finally, Piper Sandler set a $105.00 target price on shares of Starbucks and gave the company an “overweight” rating in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Starbucks has an average rating of “Moderate Buy” and an average target price of $103.56.

Starbucks Stock Performance

SBUX stock opened at $78.46 on Friday. The firm has a market cap of $89.19 billion, a PE ratio of 33.82, a price-to-earnings-growth ratio of 3.93 and a beta of 1.01. The firm has a fifty day moving average price of $86.48 and a 200 day moving average price of $88.02. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46.

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

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a $0.62 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio is 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.