Spire Wealth Management Decreases Stake in Starbucks Corporation $SBUX

Spire Wealth Management decreased its position in Starbucks Corporation (NASDAQ:SBUX) by 22.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,363 shares of the coffee company’s stock after selling 7,893 shares during the period. Spire Wealth Management’s holdings in Starbucks were worth $2,507,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SBUX. Nuveen LLC bought a new position in Starbucks during the first quarter valued at about $1,379,619,000. Jennison Associates LLC purchased a new stake in shares of Starbucks during the 1st quarter worth approximately $817,759,000. Polen Capital Management LLC purchased a new stake in shares of Starbucks during the 1st quarter worth approximately $503,539,000. Goldman Sachs Group Inc. increased its stake in shares of Starbucks by 59.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock worth $943,948,000 after purchasing an additional 3,589,537 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Starbucks by 22.3% during the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after purchasing an additional 3,545,655 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. TD Cowen restated a “hold” rating and set a $84.00 price target on shares of Starbucks in a research note on Thursday. JPMorgan Chase & Co. raised their price target on shares of Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. UBS Group set a $94.00 price target on shares of Starbucks and gave the stock a “neutral” rating in a research note on Tuesday, October 21st. Guggenheim raised their price target on shares of Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Finally, Morgan Stanley set a $105.00 price objective on shares of Starbucks and gave the company an “overweight” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.50.

Starbucks Price Performance

SBUX opened at $83.15 on Friday. The company has a fifty day moving average price of $84.58 and a 200-day moving average price of $87.47. The firm has a market capitalization of $94.52 billion, a P/E ratio of 50.70, a price-to-earnings-growth ratio of 4.28 and a beta of 1.01. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). The firm had revenue of $9.57 billion for the quarter, compared to analysts’ expectations of $9.41 billion. Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 earnings per share. On average, analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.0%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s payout ratio is 105.17%.

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.