Strait & Sound Wealth Management LLC Cuts Stock Position in Starbucks Co. (NASDAQ:SBUX)

Strait & Sound Wealth Management LLC cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 7.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,872 shares of the coffee company’s stock after selling 738 shares during the quarter. Strait & Sound Wealth Management LLC’s holdings in Starbucks were worth $901,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Life Planners purchased a new position in Starbucks during the fourth quarter worth about $25,000. Graney & King LLC acquired a new stake in shares of Starbucks in the 4th quarter valued at approximately $26,000. Collier Financial purchased a new stake in shares of Starbucks in the fourth quarter valued at approximately $27,000. Runnymede Capital Advisors Inc. acquired a new position in Starbucks during the fourth quarter worth $27,000. Finally, Marshall Investment Management LLC acquired a new position in Starbucks during the fourth quarter worth $30,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SBUX shares. Citigroup reduced their target price on Starbucks from $88.00 to $84.00 and set a “neutral” rating for the company in a report on Wednesday, April 30th. Argus raised shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a report on Tuesday, March 18th. UBS Group lowered their target price on shares of Starbucks from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. TD Securities reduced their price target on shares of Starbucks from $102.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Finally, BMO Capital Markets lowered their price target on Starbucks from $115.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Starbucks presently has a consensus rating of “Hold” and an average target price of $98.72.

Starbucks Stock Up 1.2%

SBUX opened at $83.97 on Friday. The firm has a market cap of $95.42 billion, a P/E ratio of 27.09, a PEG ratio of 3.59 and a beta of 0.99. The business’s fifty day simple moving average is $87.06 and its 200 day simple moving average is $96.13. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. The firm had revenue of $8.76 billion during the quarter, compared to analysts’ expectations of $8.90 billion. During the same quarter last year, the company posted $0.68 earnings per share. Starbucks’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities analysts expect that Starbucks Co. will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a dividend of $0.61 per share. The ex-dividend date is Friday, May 16th. This represents a $2.44 dividend on an annualized basis and a yield of 2.91%. Starbucks’s dividend payout ratio (DPR) is currently 88.41%.

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.