Starbucks Corporation $SBUX Stock Holdings Lowered by MainStreet Investment Advisors LLC

MainStreet Investment Advisors LLC cut its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 34.5% in the 2nd quarter, Holdings Channel reports. The firm owned 8,608 shares of the coffee company’s stock after selling 4,542 shares during the period. MainStreet Investment Advisors LLC’s holdings in Starbucks were worth $789,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. PUREfi Wealth LLC purchased a new stake in Starbucks in the 2nd quarter worth approximately $286,000. Narwhal Capital Management increased its stake in shares of Starbucks by 39.6% in the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after acquiring an additional 9,282 shares during the last quarter. Napa Wealth Management acquired a new position in shares of Starbucks in the first quarter worth $1,435,000. Morningstar Investment Management LLC acquired a new stake in Starbucks during the second quarter valued at $653,000. Finally, Pegasus Asset Management Inc. acquired a new position in Starbucks in the 2nd quarter worth about $1,289,000. 72.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SBUX. Weiss Ratings reissued a “hold (c)” rating on shares of Starbucks in a research note on Wednesday, October 8th. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. UBS Group set a $94.00 target price on shares of Starbucks and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. Piper Sandler reduced their price target on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Finally, Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $101.44.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp bought 11,700 shares of the stock in a transaction dated Monday, November 10th. The stock was bought at an average cost of $85.00 per share, with a total value of $994,500.00. Following the purchase, the director owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. This represents a 28.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.09% of the company’s stock.

Starbucks Stock Performance

NASDAQ:SBUX opened at $83.69 on Tuesday. The company has a 50-day moving average of $83.75 and a 200-day moving average of $87.64. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The company has a market capitalization of $95.13 billion, a price-to-earnings ratio of 51.03, a PEG ratio of 4.28 and a beta of 1.02.

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

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio is 151.22%.

Starbucks Company 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.