High Note Wealth LLC Trims Stock Holdings in Starbucks Corporation $SBUX

High Note Wealth LLC trimmed its position in Starbucks Corporation (NASDAQ:SBUX) by 6.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,759 shares of the coffee company’s stock after selling 522 shares during the quarter. High Note Wealth LLC’s holdings in Starbucks were worth $711,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Shell Asset Management Co. increased its stake in shares of Starbucks by 69.0% in the second quarter. Shell Asset Management Co. now owns 41,849 shares of the coffee company’s stock worth $3,835,000 after purchasing an additional 17,092 shares in the last quarter. Joel Isaacson & Co. LLC lifted its position in shares of Starbucks by 10.5% in the second quarter. Joel Isaacson & Co. LLC now owns 9,333 shares of the coffee company’s stock valued at $855,000 after acquiring an additional 890 shares in the last quarter. KLP Kapitalforvaltning AS boosted its stake in shares of Starbucks by 4.2% in the second quarter. KLP Kapitalforvaltning AS now owns 409,373 shares of the coffee company’s stock worth $37,511,000 after acquiring an additional 16,600 shares during the period. Bingham Private Wealth LLC purchased a new stake in shares of Starbucks during the second quarter worth about $208,000. Finally, Seamount Financial Group Inc. purchased a new stake in Starbucks during the 2nd quarter valued at approximately $235,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SBUX. Morgan Stanley reaffirmed an “overweight” rating and issued a $103.00 price objective (up previously from $95.00) on shares of Starbucks in a research note on Wednesday, July 30th. Loop Capital set a $165.00 price objective on shares of Starbucks in a report on Tuesday, August 12th. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 target price (up from $100.00) on shares of Starbucks in a report on Wednesday, July 30th. Cowen reiterated a “hold” rating on shares of Starbucks in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. lifted their target price on Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $104.00.

Starbucks Stock Performance

Starbucks stock opened at $82.11 on Tuesday. The stock has a market capitalization of $93.33 billion, a P/E ratio of 35.39, a P/E/G ratio of 4.25 and a beta of 1.01. The company’s fifty day moving average price is $87.33 and its 200 day moving average price is $88.35. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 29th. The coffee company reported $0.50 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 analyst estimates of $9.29 billion. During the same quarter last year, the company earned $0.93 earnings per share. Starbucks’s quarterly revenue was up 3.8% on a year-over-year basis. Sell-side analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.0%. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. Starbucks’s payout ratio is currently 105.17%.

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.