Starbucks Corporation $SBUX Shares Sold by Kennon Green & Company LLC

Kennon Green & Company LLC decreased its position in Starbucks Corporation (NASDAQ:SBUX) by 9.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,985 shares of the coffee company’s stock after selling 2,367 shares during the quarter. Starbucks accounts for approximately 1.7% of Kennon Green & Company LLC’s holdings, making the stock its 22nd largest position. Kennon Green & Company LLC’s holdings in Starbucks were worth $2,087,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Game Plan Financial Advisors LLC acquired a new position in shares of Starbucks in the 2nd quarter valued at about $25,000. Chelsea Counsel Co. bought a new position in Starbucks in the second quarter worth about $26,000. Hughes Financial Services LLC acquired a new position in Starbucks in the first quarter valued at approximately $27,000. CBIZ Investment Advisory Services LLC boosted its stake in Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after acquiring an additional 159 shares during the period. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Starbucks during the 1st quarter worth approximately $29,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Stock Up 1.4%

SBUX stock opened at $81.15 on Wednesday. The company has a market capitalization of $92.24 billion, a P/E ratio of 34.98, a PEG ratio of 3.97 and a beta of 1.01. The company has a 50-day simple moving average of $86.11 and a 200 day simple moving average of $87.70. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46.

Starbucks (NASDAQ:SBUX) last released its 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). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the previous year, the business posted $0.93 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued 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 presently 105.17%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Bank of America boosted their price objective on Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, July 18th. JPMorgan Chase & Co. boosted their price target on shares of Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Evercore ISI restated an “outperform” rating and set a $105.00 price target (up previously from $95.00) on shares of Starbucks in a research report on Tuesday, June 24th. CICC Research began coverage on shares of Starbucks in a research report on Monday, June 30th. They issued an “outperform” rating and a $100.00 price objective on the stock. Finally, Zacks Research upgraded shares of Starbucks from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $102.96.

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.