Summit Place Financial Advisors LLC Sells 278 Shares of Starbucks Corporation $SBUX

Summit Place Financial Advisors LLC lessened its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 6.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 4,042 shares of the coffee company’s stock after selling 278 shares during the quarter. Summit Place Financial Advisors LLC’s holdings in Starbucks were worth $370,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Game Plan Financial Advisors LLC purchased a new position in shares of Starbucks during the second quarter valued at approximately $25,000. Hughes Financial Services LLC purchased a new position in shares of Starbucks during the first quarter valued at approximately $27,000. Chelsea Counsel Co. purchased a new position in shares of Starbucks during the second quarter valued at approximately $26,000. CBIZ Investment Advisory Services LLC boosted its position in shares of Starbucks by 125.2% during the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after buying an additional 159 shares during the period. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of Starbucks during the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SBUX shares. Piper Sandler set a $105.00 price target on Starbucks and gave the company an “overweight” rating in a report on Wednesday, July 30th. Zacks Research upgraded Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. TD Cowen lowered their price target on Starbucks from $88.00 to $84.00 and set a “hold” rating for the company in a report on Friday. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 price target (up previously from $100.00) on shares of Starbucks in a report on Wednesday, July 30th. Finally, Stifel Nicolaus boosted their price target on Starbucks from $92.00 to $105.00 and gave the company a “buy” rating in a report on Friday, July 11th. 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 assigned a Sell rating to the company’s stock. According to MarketBeat, Starbucks has an average rating of “Moderate Buy” and a consensus target price of $103.56.

Starbucks Stock Down 1.7%

Starbucks stock opened at $78.46 on Friday. The business has a fifty day moving average of $86.48 and a two-hundred day moving average of $88.02. The firm has a market cap of $89.19 billion, a P/E ratio of 33.82, a P/E/G ratio of 3.93 and a beta of 1.01. Starbucks Corporation has a twelve month low of $75.50 and a twelve month 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 for the quarter, missing analysts’ consensus estimates 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 firm’s quarterly 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. Equities 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 issued 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 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio (DPR) is currently 105.17%.

About Starbucks

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.