Cidel Asset Management Inc. Lowers Stock Holdings in Starbucks Corporation $SBUX

Cidel Asset Management Inc. reduced its position in Starbucks Corporation (NASDAQ:SBUX) by 5.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 6,571 shares of the coffee company’s stock after selling 410 shares during the period. Cidel Asset Management Inc.’s holdings in Starbucks were worth $602,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Narwhal Capital Management boosted its holdings in shares of Starbucks by 39.6% in the 2nd quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after purchasing an additional 9,282 shares during the last quarter. PUREfi Wealth LLC acquired a new position in shares of Starbucks in the 2nd quarter valued at $286,000. Napa Wealth Management acquired a new position in shares of Starbucks in the 1st quarter valued at $1,435,000. Morningstar Investment Management LLC acquired a new position in shares of Starbucks in the 2nd quarter valued at $653,000. Finally, Pegasus Asset Management Inc. acquired a new position in shares of Starbucks in the 2nd quarter valued at $1,289,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SBUX. UBS Group lifted their price target on shares of Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, July 30th. Loop Capital set a $165.00 target price on shares of Starbucks in a report on Tuesday, August 12th. Barclays lifted their target price on shares of Starbucks from $106.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Royal Bank Of Canada lifted their target price on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Finally, CICC Research started coverage on shares of Starbucks in a report on Monday, June 30th. They set an “outperform” rating and a $100.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and a consensus target price of $102.76.

Starbucks Price Performance

Starbucks stock opened at $85.36 on Monday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The company has a market capitalization of $97.03 billion, a price-to-earnings ratio of 36.79, a price-to-earnings-growth ratio of 4.22 and a beta of 1.01. The firm’s fifty day moving average price is $85.72 and its 200 day moving average price is $87.40.

Starbucks (NASDAQ:SBUX) last released its quarterly 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). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.29 billion. During the same period last year, the firm earned $0.93 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently declared 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. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.48 annualized dividend and a yield of 2.9%. 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.