Starbucks Corporation $SBUX Stock Position Cut by Valley National Advisers Inc.

Valley National Advisers Inc. trimmed its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 7.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,554 shares of the coffee company’s stock after selling 291 shares during the quarter. Valley National Advisers Inc.’s holdings in Starbucks were worth $325,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. PUREfi Wealth LLC bought a new stake in Starbucks during the second quarter worth approximately $286,000. Napa Wealth Management bought a new stake in shares of Starbucks in the 1st quarter worth $1,435,000. Personal CFO Solutions LLC lifted its holdings in shares of Starbucks by 125.5% in the first quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company’s stock valued at $908,000 after buying an additional 5,151 shares during the period. First Manhattan CO. LLC. boosted its stake in Starbucks by 33.1% during the first quarter. First Manhattan CO. LLC. now owns 446,294 shares of the coffee company’s stock valued at $43,777,000 after buying an additional 111,015 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in Starbucks during the first quarter worth about $998,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on SBUX. 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. BMO Capital Markets reissued an “outperform” rating and issued a $115.00 price target (up previously from $100.00) on shares of Starbucks in a research note on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price objective on Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. CICC Research began coverage on shares of Starbucks in a research note on Monday, June 30th. They set an “outperform” rating and a $100.00 price objective for the company. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $95.00 target price (up from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $104.00.

Starbucks Stock Performance

Starbucks stock opened at $82.11 on Tuesday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The firm has a market cap of $93.33 billion, a PE ratio of 35.39, a P/E/G ratio of 4.25 and a beta of 1.01. The firm’s 50 day moving average price is $87.33 and its two-hundred day moving average price is $88.35.

Starbucks (NASDAQ:SBUX) last posted its quarterly 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). 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 company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.93 earnings per share. Equities analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.0%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. Starbucks’s dividend 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.