QRG Capital Management Inc. Cuts Stock Holdings in Starbucks Corporation $SBUX

QRG Capital Management Inc. trimmed its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 133,298 shares of the coffee company’s stock after selling 768 shares during the quarter. QRG Capital Management Inc.’s holdings in Starbucks were worth $12,214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of SBUX. Brighton Jones LLC boosted its holdings in Starbucks by 86.5% during the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock worth $16,126,000 after acquiring an additional 81,952 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in Starbucks by 16.8% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 5,310 shares of the coffee company’s stock worth $521,000 after acquiring an additional 765 shares during the last quarter. Vest Financial LLC boosted its holdings in shares of Starbucks by 73.5% in the 1st quarter. Vest Financial LLC now owns 15,789 shares of the coffee company’s stock worth $1,549,000 after buying an additional 6,689 shares during the last quarter. Foster Group Inc. boosted its holdings in shares of Starbucks by 14.9% in the 1st quarter. Foster Group Inc. now owns 3,314 shares of the coffee company’s stock worth $325,000 after buying an additional 429 shares during the last quarter. Finally, SeaCrest Wealth Management LLC boosted its holdings in shares of Starbucks by 7.2% in the 1st quarter. SeaCrest Wealth Management LLC now owns 12,178 shares of the coffee company’s stock worth $1,195,000 after buying an additional 823 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SBUX shares. BTIG Research set a $105.00 price target on shares of Starbucks in a report on Thursday, September 25th. Morgan Stanley reissued an “overweight” rating and issued a $103.00 price target (up from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. Piper Sandler set a $105.00 price target on shares of Starbucks and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Evercore ISI reissued an “outperform” rating and issued a $105.00 price target (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Finally, TD Cowen restated a “hold” rating and issued a $95.00 price objective on shares of Starbucks in a research note on Thursday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Starbucks presently has an average rating of “Moderate Buy” and an average target price of $104.00.

Starbucks Price Performance

Shares of SBUX opened at $86.42 on Friday. The firm has a market cap of $98.23 billion, a P/E ratio of 37.25, a P/E/G ratio of 4.25 and a beta of 1.01. The stock has a 50 day simple moving average of $87.56 and a two-hundred day simple moving average of $88.53. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

Starbucks (NASDAQ:SBUX) last issued 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 firm had revenue of $9.46 billion during 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 firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.93 EPS. On average, equities analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

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

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.