PNC Financial Services Group Inc. Acquires 5,483 Shares of Starbucks Corporation $SBUX

PNC Financial Services Group Inc. grew its stake in Starbucks Corporation (NASDAQ:SBUX) by 0.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 971,342 shares of the coffee company’s stock after buying an additional 5,483 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Starbucks were worth $89,004,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alliance Wealth Advisors LLC increased its stake in shares of Starbucks by 2.1% in the second quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company’s stock worth $474,000 after purchasing an additional 108 shares in the last quarter. Brown Lisle Cummings Inc. increased its stake in Starbucks by 1.4% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company’s stock worth $760,000 after buying an additional 117 shares in the last quarter. Diligent Investors LLC raised its holdings in Starbucks by 1.9% during the second quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company’s stock valued at $562,000 after acquiring an additional 117 shares during the period. Ted Buchan & Co grew its position in shares of Starbucks by 1.5% during the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company’s stock worth $791,000 after purchasing an additional 120 shares in the last quarter. Finally, Alexander Labrunerie & CO. Inc. boosted its stake in Starbucks by 3.5% in the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company’s stock worth $349,000 after purchasing an additional 122 shares during the period. Institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Barclays reduced their price objective on shares of Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 22nd. Piper Sandler decreased their price target on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Sanford C. Bernstein set a $100.00 price objective on shares of Starbucks and gave the company an “outperform” rating in a report on Thursday, October 30th. BTIG Research reaffirmed a “buy” rating and issued a $105.00 target price on shares of Starbucks in a report on Thursday, October 30th. Finally, Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 target price on the stock. in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $101.44.

Starbucks Trading Up 1.0%

Shares of NASDAQ SBUX opened at $87.26 on Thursday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The firm’s 50-day moving average price is $83.79 and its 200-day moving average price is $87.56. The stock has a market capitalization of $99.19 billion, a price-to-earnings ratio of 53.21, a P/E/G ratio of 4.28 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The company had revenue of $9.57 billion for the quarter, compared to the consensus estimate of $9.41 billion. During the same period in the previous year, the firm earned $0.80 earnings per share. The company’s revenue was up 5.5% compared to the same quarter last year. On average, equities analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared 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. This represents a $2.48 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, November 14th. This is a boost from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s payout ratio is currently 151.22%.

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.