Envestnet Portfolio Solutions Inc. Reduces Stock Position in Starbucks Corporation $SBUX

Envestnet Portfolio Solutions Inc. lowered its stake in Starbucks Corporation (NASDAQ:SBUX) by 2.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 119,162 shares of the coffee company’s stock after selling 3,427 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Starbucks were worth $10,919,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBUX. Game Plan Financial Advisors LLC bought a new position in Starbucks in the second quarter worth approximately $25,000. Chelsea Counsel Co. bought a new position in Starbucks in the second quarter worth approximately $26,000. Hughes Financial Services LLC bought a new position in Starbucks in the first quarter worth approximately $27,000. CBIZ Investment Advisory Services LLC raised its position in Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock worth $28,000 after acquiring an additional 159 shares during the period. Finally, McClarren Financial Advisors Inc. bought a new position in Starbucks in the first quarter worth approximately $29,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on SBUX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Starbucks in a research report on Wednesday, October 8th. TD Securities reiterated a “hold” rating and issued a $90.00 price target on shares of Starbucks in a research report on Monday, June 23rd. Sanford C. Bernstein raised their price objective on shares of Starbucks from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. BMO Capital Markets restated an “outperform” rating and set a $115.00 price objective (up from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Finally, Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $100.00 to $115.00 in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Starbucks has an average rating of “Moderate Buy” and a consensus target price of $102.96.

Starbucks Price Performance

Shares of SBUX stock opened at $80.03 on Tuesday. The company has a market capitalization of $90.97 billion, a price-to-earnings ratio of 34.50, a PEG ratio of 3.89 and a beta of 1.01. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The company’s fifty day moving average price is $86.29 and its 200-day moving average price is $87.75.

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 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 net margin of 7.18% and a negative return on equity of 36.23%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.93 earnings per share. Equities research 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. Investors of record on Friday, November 14th will be paid 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 annualized dividend and a yield of 3.1%. Starbucks’s dividend payout ratio is 105.17%.

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.