Strait & Sound Wealth Management LLC Lowers Position in Starbucks Corporation $SBUX

Strait & Sound Wealth Management LLC lessened its holdings in Starbucks Corporation (NASDAQ:SBUX) by 4.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 8,630 shares of the coffee company’s stock after selling 443 shares during the quarter. Strait & Sound Wealth Management LLC’s holdings in Starbucks were worth $791,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Stegent Equity Advisors Inc. raised its position in shares of Starbucks by 60.6% in the second quarter. Stegent Equity Advisors Inc. now owns 8,135 shares of the coffee company’s stock worth $745,000 after buying an additional 3,070 shares in the last quarter. Graybill Wealth Management LTD. raised its position in Starbucks by 1.1% during the second quarter. Graybill Wealth Management LTD. now owns 44,487 shares of the coffee company’s stock valued at $4,076,000 after purchasing an additional 505 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its position in Starbucks by 2.1% during the second quarter. Kornitzer Capital Management Inc. KS now owns 26,160 shares of the coffee company’s stock valued at $2,397,000 after purchasing an additional 535 shares in the last quarter. AG2R LA Mondiale Gestion D Actifs raised its position in Starbucks by 1.2% during the second quarter. AG2R LA Mondiale Gestion D Actifs now owns 42,414 shares of the coffee company’s stock valued at $3,886,000 after purchasing an additional 514 shares in the last quarter. Finally, Leelyn Smith LLC raised its position in Starbucks by 3.1% during the second quarter. Leelyn Smith LLC now owns 46,594 shares of the coffee company’s stock valued at $4,269,000 after purchasing an additional 1,393 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

NASDAQ SBUX opened at $86.09 on Friday. The stock has a market capitalization of $97.86 billion, a PE ratio of 37.11, a PEG ratio of 4.32 and a beta of 1.01. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The business’s 50-day moving average is $85.01 and its 200 day moving average is $87.53.

Starbucks (NASDAQ:SBUX) last posted its 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). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the previous year, the business earned $0.93 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.9%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio (DPR) is 105.17%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SBUX. Bank of America raised their price target on Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Citigroup lowered their price target on Starbucks from $99.00 to $84.00 and set a “neutral” rating on the stock in a research report on Monday, October 13th. UBS Group set a $94.00 price objective on Starbucks and gave the company a “neutral” rating in a research note on Tuesday, October 21st. Sanford C. Bernstein raised their price objective on Starbucks from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, July 2nd. Finally, Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 price objective on the stock. in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.80.

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.