Cyndeo Wealth Partners LLC Reduces Stake in Starbucks Corporation $SBUX

Cyndeo Wealth Partners LLC reduced its position in Starbucks Corporation (NASDAQ:SBUX) by 12.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,380 shares of the coffee company’s stock after selling 1,236 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Starbucks were worth $768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of SBUX. Brighton Jones LLC boosted its stake in shares of Starbucks by 86.5% in the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock worth $16,126,000 after buying an additional 81,952 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in shares of Starbucks by 99.4% in the 1st quarter. Pallas Capital Advisors LLC now owns 4,870 shares of the coffee company’s stock worth $478,000 after buying an additional 2,428 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Starbucks by 21.9% in the 1st quarter. GAMMA Investing LLC now owns 20,591 shares of the coffee company’s stock worth $2,020,000 after buying an additional 3,703 shares during the last quarter. CX Institutional boosted its stake in shares of Starbucks by 1.8% in the 1st quarter. CX Institutional now owns 7,867 shares of the coffee company’s stock worth $772,000 after buying an additional 138 shares during the last quarter. Finally, Simon Quick Advisors LLC boosted its stake in shares of Starbucks by 47.2% in the 1st quarter. Simon Quick Advisors LLC now owns 6,398 shares of the coffee company’s stock worth $628,000 after buying an additional 2,051 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Down 1.7%

NASDAQ:SBUX opened at $78.46 on Friday. The business’s 50-day simple moving average is $86.48 and its two-hundred day simple moving average is $88.02. The stock has a market cap of $89.19 billion, a PE ratio of 33.82, a P/E/G ratio of 3.93 and a beta of 1.01. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the prior year, the business earned $0.93 earnings per share. Starbucks’s revenue was up 3.8% compared to the same quarter last year. Sell-side analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.2%. This is a positive change 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 presently 105.17%.

Analyst Ratings Changes

SBUX has been the topic of a number of recent research reports. Wells Fargo & Company raised their target price on Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Guggenheim raised their target price on Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 target price on the stock. in a report on Thursday, July 17th. Royal Bank Of Canada raised their target price on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. Finally, Cowen reaffirmed a “hold” rating on shares of Starbucks in a report on Tuesday, June 24th. One investment 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.56.

About Starbucks

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.