Cercano Management LLC Decreases Stock Holdings in Starbucks Corporation $SBUX

Cercano Management LLC lowered its holdings in Starbucks Corporation (NASDAQ:SBUX) by 27.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 309,466 shares of the coffee company’s stock after selling 116,187 shares during the quarter. Cercano Management LLC’s holdings in Starbucks were worth $28,356,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Avantax Advisory Services Inc. increased its stake in Starbucks by 0.6% in the second quarter. Avantax Advisory Services Inc. now owns 85,691 shares of the coffee company’s stock valued at $7,852,000 after purchasing an additional 518 shares during the period. SG Americas Securities LLC boosted its stake in shares of Starbucks by 79.5% during the second quarter. SG Americas Securities LLC now owns 209,289 shares of the coffee company’s stock worth $19,177,000 after buying an additional 92,690 shares during the period. WealthShield Partners LLC grew its holdings in shares of Starbucks by 11.4% during the second quarter. WealthShield Partners LLC now owns 4,571 shares of the coffee company’s stock worth $419,000 after buying an additional 467 shares during the last quarter. Meridian Wealth Management LLC increased its position in Starbucks by 2.6% in the 2nd quarter. Meridian Wealth Management LLC now owns 18,736 shares of the coffee company’s stock valued at $1,717,000 after acquiring an additional 482 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Starbucks by 7.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 278,708 shares of the coffee company’s stock valued at $25,538,000 after acquiring an additional 18,942 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Transactions at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the business’s stock in a transaction on Monday, November 10th. The stock was bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the acquisition, the director owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. The trade was a 28.26% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on SBUX. BTIG Research reiterated a “buy” rating and issued a $105.00 target price on shares of Starbucks in a research note on Thursday, October 30th. TD Cowen reiterated a “hold” rating and issued a $84.00 price objective on shares of Starbucks in a research report on Thursday, October 30th. Piper Sandler dropped their price objective on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Loop Capital set a $165.00 target price on shares of Starbucks in a research note on Tuesday, August 12th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Starbucks in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $101.44.

Starbucks Stock Performance

Shares of SBUX stock opened at $84.78 on Friday. The stock has a fifty day moving average price of $83.76 and a 200 day moving average price of $87.58. The stock has a market cap of $96.37 billion, a PE ratio of 51.70, a P/E/G ratio of 4.28 and a beta of 1.02. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

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

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks’s payout ratio is currently 151.22%.

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.