Summit Place Financial Advisors LLC Reduces Stake in Starbucks Corporation $SBUX

Summit Place Financial Advisors LLC reduced its position in Starbucks Corporation (NASDAQ:SBUX) by 6.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,042 shares of the coffee company’s stock after selling 278 shares during the period. Summit Place Financial Advisors LLC’s holdings in Starbucks were worth $370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Nuveen LLC bought a new stake in Starbucks during the first quarter valued at about $1,379,619,000. Jennison Associates LLC bought a new stake in Starbucks during the first quarter valued at about $817,759,000. Polen Capital Management LLC bought a new stake in Starbucks during the first quarter valued at about $503,539,000. Goldman Sachs Group Inc. raised its holdings in Starbucks by 59.5% during 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 during the period. Finally, Wellington Management Group LLP raised its holdings in Starbucks by 22.3% during 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 during the period. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $78.46 on Friday. The business’s 50 day moving average is $86.48 and its two-hundred day moving average is $88.02. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The stock has a market capitalization of $89.19 billion, a P/E ratio of 33.82, a PEG ratio of 3.93 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the previous year, the firm earned $0.93 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 3.2%. Starbucks’s payout ratio is presently 105.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SBUX shares. Loop Capital set a $165.00 price target on Starbucks in a report on Tuesday, August 12th. Royal Bank Of Canada raised their price target on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Piper Sandler set a $105.00 target price on Starbucks and gave the stock an “overweight” rating in a report on Wednesday, July 30th. CICC Research began coverage on Starbucks in a report on Monday, June 30th. They issued an “outperform” rating and a $100.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Starbucks in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $103.56.

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.