Golden State Wealth Management LLC lowered its position in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 28.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,324 shares of the coffee company’s stock after selling 2,095 shares during the quarter. Golden State Wealth Management LLC’s holdings in Starbucks were worth $484,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in SBUX. Norges Bank acquired a new stake in Starbucks in the fourth quarter valued at $1,189,240,000. BlackRock Inc. lifted its stake in Starbucks by 10.3% in the fourth quarter. BlackRock Inc. now owns 82,463,592 shares of the coffee company’s stock valued at $9,645,766,000 after acquiring an additional 7,672,037 shares during the last quarter. Vanguard Group Inc. lifted its stake in Starbucks by 2.8% in the first quarter. Vanguard Group Inc. now owns 101,414,654 shares of the coffee company’s stock valued at $9,225,691,000 after acquiring an additional 2,733,608 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Starbucks during the 1st quarter worth about $190,270,000. Finally, Invesco Ltd. grew its stake in Starbucks by 65.9% in the 1st quarter. Invesco Ltd. now owns 4,916,245 shares of the coffee company’s stock valued at $447,231,000 after buying an additional 1,953,226 shares during the last quarter. Institutional investors and hedge funds own 67.97% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the stock. UBS Group raised their price objective on shares of Starbucks from $82.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. JPMorgan Chase & Co. upped their target price on Starbucks from $92.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday. Piper Sandler upped their target price on Starbucks from $80.00 to $84.00 and gave the company a “neutral” rating in a research report on Monday, July 18th. Barclays upped their target price on Starbucks from $96.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Morgan Stanley upped their target price on Starbucks from $87.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Fifteen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $103.86.
Starbucks Price Performance
Starbucks (NASDAQ:SBUX – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The coffee company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. Starbucks had a negative return on equity of 47.28% and a net margin of 13.03%. During the same period in the previous year, the business posted $1.01 earnings per share. As a group, sell-side analysts expect that Starbucks Co. will post 2.88 earnings per share for the current year.
Starbucks Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Thursday, August 11th. Starbucks’s payout ratio is 55.21%.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.
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