Strait & Sound Wealth Management LLC Has $791,000 Stock Position in Starbucks Corporation $SBUX

Strait & Sound Wealth Management LLC reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 4.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,630 shares of the coffee company’s stock after selling 443 shares during the quarter. Strait & Sound Wealth Management LLC’s holdings in Starbucks were worth $791,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased 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 worth $10,991,923,000 after purchasing an additional 953,361 shares in the last quarter. Wellington Management Group LLP increased 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 worth $1,904,366,000 after purchasing an additional 3,545,655 shares in the last quarter. Nuveen LLC bought a new stake in Starbucks during the 1st quarter worth approximately $1,379,619,000. Goldman Sachs Group Inc. increased 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 worth $943,948,000 after purchasing an additional 3,589,537 shares in the last quarter. Finally, Jennison Associates LLC bought a new stake in Starbucks during the 1st quarter worth approximately $817,759,000. 72.29% of the stock is owned by institutional investors.

Starbucks Price Performance

NASDAQ:SBUX opened at $86.09 on Friday. The company has a market cap of $97.86 billion, a P/E ratio of 37.11, a P/E/G ratio of 4.32 and a beta of 1.01. The stock’s fifty day moving average price is $85.01 and its two-hundred day moving average price is $87.53. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

Starbucks (NASDAQ:SBUX) last posted its earnings results 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). The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 EPS. On average, analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal 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. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio (DPR) is currently 105.17%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SBUX. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Starbucks in a report on Saturday. Piper Sandler set a $105.00 target price on Starbucks and gave the company an “overweight” rating in a report on Wednesday, July 30th. Royal Bank Of Canada upped their target price on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Zacks Research raised Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. Finally, Stifel Nicolaus increased their price objective on Starbucks from $92.00 to $105.00 and gave the company a “buy” rating in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $101.80.

Starbucks Company 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.