Chesley Taft & Associates LLC Trims Stock Holdings in Starbucks Corporation $SBUX

Chesley Taft & Associates LLC cut its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,690 shares of the coffee company’s stock after selling 1,000 shares during the period. Chesley Taft & Associates LLC’s holdings in Starbucks were worth $5,928,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SBUX. Benin Management CORP raised its holdings in shares of Starbucks by 0.7% in the first quarter. Benin Management CORP now owns 16,575 shares of the coffee company’s stock valued at $1,626,000 after buying an additional 120 shares during the last quarter. Ted Buchan & Co increased its position in Starbucks by 1.5% in the 1st 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 during the period. Alexander Labrunerie & CO. Inc. raised its stake in Starbucks by 3.5% during the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company’s stock valued at $349,000 after acquiring an additional 122 shares during the last quarter. Private Wealth Management Group LLC lifted its position in Starbucks by 13.3% during the 1st quarter. Private Wealth Management Group LLC now owns 1,056 shares of the coffee company’s stock worth $104,000 after acquiring an additional 124 shares during the period. Finally, Avalon Trust Co lifted its position in Starbucks by 5.5% during the 1st quarter. Avalon Trust Co now owns 2,384 shares of the coffee company’s stock worth $234,000 after acquiring an additional 124 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Trading Up 2.0%

Shares of SBUX stock opened at $84.37 on Wednesday. The company has a market capitalization of $95.90 billion, a price-to-earnings ratio of 36.37, a PEG ratio of 4.94 and a beta of 1.00. The firm has a 50-day moving average price of $90.02 and a 200 day moving average price of $90.20. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.Starbucks’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.93 earnings per share. As a group, research analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were issued a $0.61 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.44 annualized dividend and a yield of 2.9%. Starbucks’s payout ratio is 105.17%.

Analysts Set New Price Targets

Several research firms have recently commented on SBUX. Evercore ISI restated an “outperform” rating and set a $105.00 price target (up previously from $95.00) on shares of Starbucks in a research note on Tuesday, June 24th. Piper Sandler set a $105.00 price objective on shares of Starbucks and gave the company an “overweight” rating in a research note on Wednesday, July 30th. UBS Group upped their price objective on shares of Starbucks from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 30th. Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 target price for the company. in a research note on Thursday, July 17th. Finally, TD Securities reissued a “hold” rating and set a $90.00 price target on shares of Starbucks in a report on Monday, June 23rd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $104.40.

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.