Grimes & Company Inc. Sells 544 Shares of Starbucks Corporation $SBUX

Grimes & Company Inc. decreased its position in Starbucks Corporation (NASDAQ:SBUX) by 3.0% during the second quarter, HoldingsChannel.com reports. The firm owned 17,368 shares of the coffee company’s stock after selling 544 shares during the quarter. Grimes & Company Inc.’s holdings in Starbucks were worth $1,591,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Three Bridge Wealth Advisors LLC raised its holdings in Starbucks by 11.4% in the second quarter. Three Bridge Wealth Advisors LLC now owns 9,612 shares of the coffee company’s stock worth $881,000 after buying an additional 984 shares during the last quarter. Merit Financial Group LLC increased its position in shares of Starbucks by 12.1% during the second quarter. Merit Financial Group LLC now owns 82,215 shares of the coffee company’s stock valued at $7,533,000 after acquiring an additional 8,857 shares in the last quarter. Keudell Morrison Wealth Management increased its position in shares of Starbucks by 5.5% during the second quarter. Keudell Morrison Wealth Management now owns 11,542 shares of the coffee company’s stock valued at $1,058,000 after acquiring an additional 603 shares in the last quarter. Fortitude Advisory Group L.L.C. raised its holdings in Starbucks by 2.1% in the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 7,364 shares of the coffee company’s stock worth $675,000 after acquiring an additional 153 shares during the last quarter. Finally, Marietta Wealth Management LLC lifted its position in Starbucks by 3.1% in the 2nd quarter. Marietta Wealth Management LLC now owns 66,734 shares of the coffee company’s stock valued at $6,115,000 after acquiring an additional 2,028 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Down 5.0%

Shares of SBUX opened at $82.11 on Tuesday. The business has a 50-day simple moving average of $87.33 and a two-hundred day simple moving average of $88.35. The stock has a market cap of $93.33 billion, a price-to-earnings ratio of 35.39, a PEG 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 released 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). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the previous year, the business posted $0.93 EPS. Starbucks’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal 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 paid a dividend of $0.62 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.0%. Starbucks’s dividend payout ratio is presently 105.17%.

Analyst Upgrades and Downgrades

A number of analysts have commented on SBUX shares. Sanford C. Bernstein lifted their target price on Starbucks from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, July 2nd. Evercore ISI reiterated an “outperform” rating and issued a $105.00 price objective (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. Royal Bank Of Canada raised 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. Finally, Cowen reissued a “hold” rating on shares of Starbucks in a report on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.00.

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.