Godsey & Gibb Inc. Cuts Stake in Starbucks Corporation $SBUX

Godsey & Gibb Inc. reduced its position in Starbucks Corporation (NASDAQ:SBUX) by 17.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 615 shares of the coffee company’s stock after selling 126 shares during the quarter. Godsey & Gibb Inc.’s holdings in Starbucks were worth $56,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Starbucks by 0.9% during the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock valued at $10,991,923,000 after buying an additional 953,361 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Starbucks by 22.3% in the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after purchasing an additional 3,545,655 shares during the last quarter. Nuveen LLC purchased a new stake in Starbucks in the first quarter valued at $1,379,619,000. Goldman Sachs Group Inc. boosted its holdings in Starbucks by 59.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after purchasing an additional 3,589,537 shares during the last quarter. Finally, Jennison Associates LLC purchased a new stake in Starbucks in the first quarter valued at $817,759,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on SBUX. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 price objective (up previously from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Wells Fargo & Company increased their price objective on shares of Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Evercore ISI reissued an “outperform” rating and issued a $105.00 price target (up previously from $95.00) on shares of Starbucks in a research report on Tuesday, June 24th. Royal Bank Of Canada lifted their price target on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Starbucks in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.00.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $82.11 on Tuesday. The company’s fifty day moving average is $87.33 and its 200-day moving average is $88.35. The company has a market capitalization of $93.33 billion, a PE ratio of 35.39, a P/E/G ratio of 4.25 and a beta of 1.01. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 earnings per share. On average, analysts forecast that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders 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 represents a $2.48 annualized dividend and a yield of 3.0%. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s payout ratio is 105.17%.

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.