Westpac Banking Corp Sells 13,331 Shares of Starbucks Corporation $SBUX

Westpac Banking Corp lowered its holdings in Starbucks Corporation (NASDAQ:SBUX) by 32.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,347 shares of the coffee company’s stock after selling 13,331 shares during the quarter. Westpac Banking Corp’s holdings in Starbucks were worth $2,597,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Alliance Wealth Advisors LLC lifted its stake in shares of Starbucks by 2.1% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company’s stock worth $474,000 after purchasing an additional 108 shares during the last quarter. Brown Lisle Cummings Inc. raised its stake in shares of Starbucks by 1.4% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company’s stock worth $760,000 after acquiring an additional 117 shares in the last quarter. Diligent Investors LLC lifted its position in Starbucks by 1.9% during the second quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company’s stock valued at $562,000 after acquiring an additional 117 shares during the last quarter. Ted Buchan & Co boosted its stake in Starbucks by 1.5% in the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company’s stock valued at $791,000 after acquiring an additional 120 shares in the last quarter. Finally, Avalon Trust Co increased its position in shares of Starbucks by 5.5% during the first quarter. Avalon Trust Co now owns 2,384 shares of the coffee company’s stock worth $234,000 after purchasing an additional 124 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SBUX. Loop Capital set a $165.00 target price on Starbucks in a research report on Tuesday, August 12th. Mizuho upgraded shares of Starbucks to a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Starbucks in a report on Wednesday, October 8th. Piper Sandler reduced their target price on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Finally, Zacks Research raised Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $101.44.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp bought 11,700 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were acquired at an average price of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the transaction, the director directly owned 53,096 shares in the company, valued at $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.09% of the company’s stock.

Starbucks Trading Down 1.9%

Shares of NASDAQ:SBUX opened at $84.78 on Friday. The company has a market capitalization of $96.37 billion, a PE ratio of 51.70, a PEG ratio of 4.28 and a beta of 1.02. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The business has a 50 day moving average of $83.76 and a two-hundred day moving average of $87.58.

Starbucks (NASDAQ:SBUX) last posted its earnings results 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). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The firm had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. Equities research analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

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

Starbucks 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.