Lazard Asset Management LLC Sells 119,221 Shares of Starbucks Corporation $SBUX

Lazard Asset Management LLC cut its position in Starbucks Corporation (NASDAQ:SBUX) by 5.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,909,300 shares of the coffee company’s stock after selling 119,221 shares during the period. Lazard Asset Management LLC owned approximately 0.17% of Starbucks worth $174,948,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SBUX. PUREfi Wealth LLC bought a new position in shares of Starbucks in the second quarter worth about $286,000. Narwhal Capital Management increased its holdings in Starbucks by 39.6% in the 2nd quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after acquiring an additional 9,282 shares in the last quarter. Napa Wealth Management bought a new stake in Starbucks during the 1st quarter worth approximately $1,435,000. Morningstar Investment Management LLC bought a new stake in Starbucks during the 2nd quarter worth approximately $653,000. Finally, Pegasus Asset Management Inc. purchased a new position in Starbucks during the second quarter valued at approximately $1,289,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insiders Place Their Bets

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 11,700 shares of Starbucks stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average price of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the transaction, the director owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. This trade represents a 28.26% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SBUX shares. TD Cowen restated a “hold” rating and set a $84.00 price objective on shares of Starbucks in a research report on Monday, December 1st. Piper Sandler cut their price target on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. BMO Capital Markets restated an “outperform” rating on shares of Starbucks in a research report on Thursday, October 30th. Sanford C. Bernstein set a $100.00 target price on Starbucks and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Finally, UBS Group set a $94.00 target price on Starbucks and gave the company a “neutral” rating in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.44.

Starbucks Stock Up 0.7%

Shares of Starbucks stock opened at $85.35 on Friday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The business has a 50-day moving average price of $84.00 and a 200-day moving average price of $87.67. The firm has a market cap of $97.05 billion, a price-to-earnings ratio of 52.04, a PEG ratio of 1.73 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). The firm had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.Starbucks’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 earnings per share. On average, equities analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. Starbucks’s dividend payout ratio (DPR) is 151.22%.

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.