Sonata Capital Group Inc. Sells 1,000 Shares of Starbucks Corporation $SBUX

Sonata Capital Group Inc. trimmed its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 14.7% during the second quarter, HoldingsChannel reports. The firm owned 5,824 shares of the coffee company’s stock after selling 1,000 shares during the quarter. Sonata Capital Group Inc.’s holdings in Starbucks were worth $534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Starbucks during the 1st quarter valued at approximately $1,379,619,000. Jennison Associates LLC purchased a new position in Starbucks in the first quarter valued at approximately $817,759,000. Polen Capital Management LLC bought a new position in Starbucks during the first quarter valued at $503,539,000. Goldman Sachs Group Inc. increased its position in Starbucks by 59.5% in 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% in the first 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 during the period. Institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Barclays decreased their price objective on Starbucks from $115.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday. Sanford C. Bernstein raised their price objective on shares of Starbucks from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, July 2nd. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $100.00 to $115.00 in a report on Tuesday, August 12th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. Finally, TD Cowen reduced their price target on Starbucks from $88.00 to $84.00 and set a “hold” rating for the company in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $101.80.

Starbucks Price Performance

SBUX opened at $85.50 on Thursday. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The firm has a market capitalization of $97.19 billion, a P/E ratio of 36.85, a price-to-earnings-growth ratio of 4.31 and a beta of 1.01. The company has a fifty day moving average price of $85.25 and a 200-day moving average price of $87.39.

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

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, November 14th. This is a boost from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 2.9%. Starbucks’s dividend payout ratio (DPR) is presently 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.