Starbucks Corporation $SBUX Shares Sold by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC lowered its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 6.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,527 shares of the coffee company’s stock after selling 1,664 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Starbucks were worth $2,156,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Narwhal Capital Management grew its stake in shares of Starbucks by 39.6% during the 2nd quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after buying an additional 9,282 shares during the period. PUREfi Wealth LLC acquired a new position in Starbucks in the second quarter valued at $286,000. Napa Wealth Management purchased a new stake in Starbucks during the first quarter valued at about $1,435,000. Morningstar Investment Management LLC acquired a new stake in Starbucks during the second quarter worth about $653,000. Finally, Pegasus Asset Management Inc. purchased a new position in shares of Starbucks in the 2nd quarter worth about $1,289,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SBUX. BMO Capital Markets reiterated an “outperform” rating on shares of Starbucks in a report on Thursday, October 30th. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. Mizuho raised shares of Starbucks to a “hold” rating in a research report on Tuesday, October 28th. Royal Bank Of Canada set a $100.00 target price on shares of Starbucks and gave the company an “outperform” rating in a report on Thursday, October 30th. Finally, Zacks Research raised shares of Starbucks from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Starbucks has a consensus rating of “Hold” and an average target price of $100.50.

Starbucks Trading Up 4.1%

NASDAQ SBUX opened at $85.57 on Friday. The stock has a market cap of $97.27 billion, a P/E ratio of 52.18, a PEG ratio of 4.28 and a beta of 1.02. The company’s fifty day simple moving average is $83.92 and its 200-day simple moving average is $87.50. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The firm had revenue of $9.57 billion for the quarter, compared to analyst estimates of $9.41 billion. During the same period in the previous year, the business posted $0.80 earnings per share. Starbucks’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. Starbucks’s dividend payout ratio is presently 151.22%.

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.