Logan Capital Management Inc. Lowers Stake in Starbucks Corporation $SBUX

Logan Capital Management Inc. reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 175,433 shares of the coffee company’s stock after selling 1,943 shares during the quarter. Logan Capital Management Inc.’s holdings in Starbucks were worth $17,208,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Starbucks by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock valued at $10,991,923,000 after buying an additional 953,361 shares in the last quarter. Wellington Management Group LLP lifted its stake in Starbucks by 22.3% in the 1st 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 in the last quarter. Nuveen LLC purchased a new position in Starbucks in the 1st quarter valued at about $1,379,619,000. Goldman Sachs Group Inc. lifted its stake in Starbucks by 59.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after buying an additional 3,589,537 shares in the last quarter. Finally, Jennison Associates LLC purchased a new position in Starbucks in the 1st quarter valued at about $817,759,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 price target on the stock. in a research note on Thursday, July 17th. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. Stifel Nicolaus raised their target price on shares of Starbucks from $92.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Finally, TD Cowen raised their target price on shares of Starbucks from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $104.40.

Starbucks Stock Performance

SBUX stock opened at $84.17 on Tuesday. The firm has a market cap of $95.68 billion, a PE ratio of 36.28, a PEG ratio of 5.09 and a beta of 1.00. The firm’s 50 day moving average price is $91.39 and its 200-day moving average price is $91.34. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.93 EPS. Equities research analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, August 15th. Starbucks’s payout ratio is presently 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.