Truist Financial Corp Has $72.85 Million Position in Starbucks Corporation $SBUX

Truist Financial Corp reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 795,021 shares of the coffee company’s stock after selling 7,284 shares during the period. Truist Financial Corp’s holdings in Starbucks were worth $72,848,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SBUX. Alliance Wealth Advisors LLC lifted its position in Starbucks by 2.1% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company’s stock valued at $474,000 after acquiring an additional 108 shares in the last quarter. Brown Lisle Cummings Inc. lifted its position in Starbucks by 1.4% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company’s stock valued at $760,000 after acquiring an additional 117 shares in the last quarter. Benin Management CORP lifted its position in Starbucks by 0.7% in the 1st quarter. Benin Management CORP now owns 16,575 shares of the coffee company’s stock valued at $1,626,000 after acquiring an additional 120 shares in the last quarter. Ted Buchan & Co lifted 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 in the last quarter. Finally, Alexander Labrunerie & CO. Inc. lifted its position in Starbucks by 3.5% in 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 in the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Stock Performance

Shares of SBUX stock opened at $84.40 on Thursday. The firm’s 50-day moving average is $87.86 and its 200-day moving average is $88.77. The stock has a market cap of $95.94 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 5.12 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 issued its earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 earnings per share. Sell-side analysts predict that Starbucks Corporation will post 2.99 EPS 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 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio is presently 105.17%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. TD Cowen reaffirmed a “hold” rating and issued a $95.00 price objective on shares of Starbucks in a research report on Thursday, September 25th. CICC Research assumed coverage on shares of Starbucks in a research report on Monday, June 30th. They issued an “outperform” rating and a $100.00 price objective on the stock. Barclays boosted their price objective on shares of Starbucks from $106.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Loop Capital set a $165.00 price target on shares of Starbucks in a research report on Tuesday, August 12th. Finally, UBS Group boosted their price target 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. One research 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus target price of $104.00.

Starbucks Company 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.