SouthState Corp Has $349,000 Stock Holdings in Starbucks Corporation $SBUX

SouthState Corp trimmed its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 31.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,809 shares of the coffee company’s stock after selling 1,783 shares during the quarter. SouthState Corp’s holdings in Starbucks were worth $349,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of SBUX. Resona Asset Management Co. Ltd. boosted its holdings in shares of Starbucks by 5.5% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 370,272 shares of the coffee company’s stock worth $33,955,000 after buying an additional 19,288 shares during the period. Atlantic Union Bankshares Corp lifted its position in Starbucks by 58.9% during the second quarter. Atlantic Union Bankshares Corp now owns 62,544 shares of the coffee company’s stock worth $5,731,000 after acquiring an additional 23,173 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Starbucks by 7.9% during the second quarter. First Horizon Advisors Inc. now owns 259,273 shares of the coffee company’s stock worth $23,757,000 after acquiring an additional 19,007 shares during the period. Cloud Capital Management LLC grew its position in shares of Starbucks by 5.4% in the second quarter. Cloud Capital Management LLC now owns 3,322 shares of the coffee company’s stock valued at $298,000 after purchasing an additional 171 shares during the last quarter. Finally, ORBA Wealth Advisors L.L.C. grew its position in shares of Starbucks by 78.3% in the second quarter. ORBA Wealth Advisors L.L.C. now owns 4,199 shares of the coffee company’s stock valued at $385,000 after purchasing an additional 1,844 shares during the last quarter. 72.29% of the stock is owned by institutional investors.

Starbucks Trading Up 4.1%

Shares of Starbucks stock opened at $85.57 on Friday. The company has a market cap of $97.27 billion, a PE ratio of 52.18, a price-to-earnings-growth ratio of 4.28 and a beta of 1.02. The company has a 50 day moving average of $83.92 and a 200-day moving average of $87.46. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46.

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

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.9%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s payout ratio is 151.22%.

Analysts Set New Price Targets

Several analysts recently issued reports on SBUX shares. BTIG Research restated a “buy” rating and issued a $105.00 price target on shares of Starbucks in a research note on Thursday, October 30th. Wells Fargo & Company set a $100.00 target price on Starbucks and gave the stock an “overweight” rating in a report on Thursday, October 16th. UBS Group set a $94.00 price target on shares of Starbucks and gave the company a “neutral” rating in a research note on Tuesday, October 21st. Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 price target on the stock. in a research report on Thursday, July 17th. Finally, Citigroup cut their price objective on shares of Starbucks from $84.00 to $83.00 and set a “neutral” rating for the company in a 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 given a Sell rating to the company. Based on data from MarketBeat.com, Starbucks presently has a consensus 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.