Versor Investments LP Cuts Stake in Starbucks Corporation $SBUX

Versor Investments LP lowered its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 66.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,997 shares of the coffee company’s stock after selling 5,811 shares during the period. Versor Investments LP’s holdings in Starbucks were worth $275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Narwhal Capital Management lifted its position in Starbucks by 39.6% during the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after purchasing an additional 9,282 shares during the last quarter. PUREfi Wealth LLC bought a new stake in shares of Starbucks in the 2nd quarter valued at approximately $286,000. Napa Wealth Management purchased a new position in shares of Starbucks in the 1st quarter worth approximately $1,435,000. Morningstar Investment Management LLC bought a new position in shares of Starbucks during the 2nd quarter valued at approximately $653,000. Finally, Pegasus Asset Management Inc. purchased a new stake in Starbucks during the 2nd quarter valued at $1,289,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $82.22 on Friday. The firm’s 50 day simple moving average is $83.98 and its 200-day simple moving average is $87.43. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The firm has a market cap of $93.46 billion, a PE ratio of 50.13, a price-to-earnings-growth ratio of 4.28 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.03). The firm had revenue of $9.57 billion during the quarter, compared to the consensus estimate of $9.41 billion. Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the company earned $0.80 EPS. Equities research analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.62 dividend. The ex-dividend date 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 dividend yield of 3.0%. Starbucks’s dividend payout ratio is presently 151.22%.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several recent analyst reports. BMO Capital Markets reaffirmed an “outperform” rating on shares of Starbucks in a research note on Thursday, October 30th. Stifel Nicolaus lifted their price target on shares of Starbucks from $92.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Wells Fargo & Company set a $100.00 price objective on shares of Starbucks and gave the stock an “overweight” rating in a research report on Thursday, October 16th. JPMorgan Chase & Co. raised their price objective on shares of Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Finally, BTIG Research restated a “buy” rating and set a $105.00 target price on shares of Starbucks in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Starbucks has an average rating of “Moderate Buy” and an average price target of $100.50.

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.