Miracle Mile Advisors LLC Sells 2,024 Shares of Starbucks Co. (NASDAQ:SBUX)

Miracle Mile Advisors LLC lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 97,799 shares of the coffee company’s stock after selling 2,024 shares during the period. Miracle Mile Advisors LLC’s holdings in Starbucks were worth $9,593,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. TrinityPoint Wealth LLC raised its stake in Starbucks by 2.7% in the 4th quarter. TrinityPoint Wealth LLC now owns 3,421 shares of the coffee company’s stock valued at $312,000 after acquiring an additional 89 shares during the period. Pioneer Trust Bank N A OR raised its stake in Starbucks by 0.8% in the 4th quarter. Pioneer Trust Bank N A OR now owns 11,312 shares of the coffee company’s stock valued at $1,032,000 after acquiring an additional 92 shares during the period. Wintrust Investments LLC raised its stake in Starbucks by 7.1% in the 4th quarter. Wintrust Investments LLC now owns 1,411 shares of the coffee company’s stock valued at $128,000 after acquiring an additional 94 shares during the period. Kuhn & Co Investment Counsel raised its stake in Starbucks by 2.3% in the 4th quarter. Kuhn & Co Investment Counsel now owns 4,240 shares of the coffee company’s stock valued at $387,000 after acquiring an additional 96 shares during the period. Finally, Foster Dykema Cabot & Partners LLC raised its stake in Starbucks by 10.6% in the 4th quarter. Foster Dykema Cabot & Partners LLC now owns 1,014 shares of the coffee company’s stock valued at $93,000 after acquiring an additional 97 shares during the period. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $89.64 on Friday. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46. The stock has a market capitalization of $101.87 billion, a P/E ratio of 28.92, a PEG ratio of 3.59 and a beta of 1.00. The stock’s fifty day moving average is $84.45 and its 200 day moving average is $95.17.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. The business had revenue of $8.76 billion during the quarter, compared to the consensus estimate of $8.90 billion. During the same quarter in the prior year, the firm earned $0.68 EPS. The business’s revenue was up 2.3% on a year-over-year basis. Equities research analysts forecast that Starbucks Co. will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Friday, May 16th. Starbucks’s dividend payout ratio is presently 88.41%.

Analysts Set New Price Targets

A number of research firms recently weighed in on SBUX. Jefferies Financial Group upgraded Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price target on the stock in a research note on Wednesday, April 9th. Cowen cut Starbucks from a “buy” rating to a “hold” rating in a research report on Thursday, May 29th. Guggenheim lowered their price objective on Starbucks from $95.00 to $83.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 29th. Wall Street Zen cut Starbucks from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Finally, Citigroup lowered their price objective on Starbucks from $88.00 to $84.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $97.92.

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.