Ashton Thomas Private Wealth LLC Cuts Holdings in Starbucks Corporation $SBUX

Ashton Thomas Private Wealth LLC decreased its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,820 shares of the coffee company’s stock after selling 472 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Starbucks were worth $6,214,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Starbucks by 395.1% during the second quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,730 shares of the coffee company’s stock valued at $1,353,000 after purchasing an additional 11,755 shares in the last quarter. Solstein Capital LLC lifted its holdings in shares of Starbucks by 335.2% in the 2nd quarter. Solstein Capital LLC now owns 1,384 shares of the coffee company’s stock valued at $127,000 after acquiring an additional 1,066 shares during the last quarter. MorganRosel Wealth Management LLC lifted its holdings in shares of Starbucks by 82.0% in the 2nd quarter. MorganRosel Wealth Management LLC now owns 1,110 shares of the coffee company’s stock valued at $102,000 after acquiring an additional 500 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Starbucks by 0.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,835,800 shares of the coffee company’s stock valued at $351,474,000 after acquiring an additional 14,410 shares during the last quarter. Finally, Resonant Capital Advisors LLC lifted its holdings in shares of Starbucks by 12.5% in the 2nd quarter. Resonant Capital Advisors LLC now owns 4,804 shares of the coffee company’s stock valued at $440,000 after acquiring an additional 535 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on SBUX shares. Piper Sandler set a $105.00 price target on shares of Starbucks and gave the company an “overweight” rating in a report on Wednesday, July 30th. Royal Bank Of Canada increased their price target on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Sanford C. Bernstein increased their price target on shares of Starbucks from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. BMO Capital Markets reaffirmed 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, Bank of America increased their price target on shares of Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a report on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.80.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $86.09 on Monday. The company has a market cap of $97.86 billion, a P/E ratio of 37.11, a PEG ratio of 4.32 and a beta of 1.01. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The firm has a 50-day simple moving average of $85.01 and a two-hundred day simple moving average of $87.52.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS 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 business’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business posted $0.93 earnings per share. As a group, equities research analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The business 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. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s dividend payout ratio is 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.