LGT Fund Management Co Ltd. Sells 428 Shares of Starbucks Corporation (NASDAQ:SBUX)

LGT Fund Management Co Ltd. reduced its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 15.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,393 shares of the coffee company’s stock after selling 428 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Starbucks were worth $235,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Starbucks in the 4th quarter valued at approximately $25,000. Hughes Financial Services LLC acquired a new stake in Starbucks during the 1st quarter valued at $27,000. McClarren Financial Advisors Inc. acquired a new stake in Starbucks during the 1st quarter valued at $29,000. Kapitalo Investimentos Ltda acquired a new stake in Starbucks during the 4th quarter valued at $32,000. Finally, Ball & Co Wealth Management Inc. acquired a new stake in Starbucks during the 4th quarter valued at $41,000. 72.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SBUX shares. Bank of America raised their price target on Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a report on Friday, July 18th. TD Cowen lifted their target price on Starbucks from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Wednesday, July 30th. TD Securities reissued a “hold” rating and set a $90.00 target price on shares of Starbucks in a report on Monday, June 23rd. The Goldman Sachs Group reissued a “neutral” rating and set a $95.00 target price (up previously from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Finally, Guggenheim lifted their target price on Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $104.19.

Starbucks Stock Up 1.8%

Starbucks stock opened at $93.37 on Wednesday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The business’s 50-day moving average price is $92.53 and its two-hundred day moving average price is $94.31. The stock has a market cap of $106.13 billion, a PE ratio of 40.25, a P/E/G ratio of 5.23 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. The business’s revenue was up 3.8% on a year-over-year basis. As a group, analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, August 15th. Starbucks’s payout ratio is currently 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.