Starbucks Corporation $SBUX Shares Sold by Meriwether Wealth & Planning LLC

Meriwether Wealth & Planning LLC reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 8.9% during the second quarter, HoldingsChannel reports. The firm owned 4,291 shares of the coffee company’s stock after selling 419 shares during the quarter. Meriwether Wealth & Planning LLC’s holdings in Starbucks were worth $393,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Starbucks by 0.9% during the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock worth $10,991,923,000 after purchasing an additional 953,361 shares in the last quarter. Wellington Management Group LLP raised its holdings in Starbucks by 22.3% in the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after acquiring an additional 3,545,655 shares in the last quarter. Nuveen LLC acquired a new stake in Starbucks in the first quarter valued at $1,379,619,000. Goldman Sachs Group Inc. raised its holdings in Starbucks by 59.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after acquiring an additional 3,589,537 shares in the last quarter. Finally, Jennison Associates LLC acquired a new stake in Starbucks in the first quarter valued at $817,759,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Trading Up 1.4%

Shares of NASDAQ SBUX opened at $84.56 on Friday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The company has a market capitalization of $96.12 billion, a price-to-earnings ratio of 36.45, a PEG ratio of 5.05 and a beta of 1.00. The firm has a 50-day moving average of $89.34 and a two-hundred day moving average of $89.59.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share 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 analyst estimates of $9.29 billion. During the same period in the previous year, the company posted $0.93 earnings per share. Starbucks’s revenue was up 3.8% compared to the same quarter last year. As a group, research analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.61 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.9%. Starbucks’s dividend payout ratio is currently 105.17%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $95.00 price target (up from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Bank of America upped their price target on shares of Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a report on Friday, July 18th. TD Cowen boosted their target price on shares of Starbucks from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Wednesday, July 30th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. Finally, Loop Capital set a $165.00 target price on shares of Starbucks in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $104.40.

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.