Wedmont Private Capital Cuts Stock Holdings in Starbucks Corporation $SBUX

Wedmont Private Capital decreased its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 7.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 13,988 shares of the coffee company’s stock after selling 1,157 shares during the period. Wedmont Private Capital’s holdings in Starbucks were worth $1,332,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. purchased a new position in Starbucks in the fourth quarter worth $25,000. Hughes Financial Services LLC purchased a new position in Starbucks in the first quarter worth $27,000. CBIZ Investment Advisory Services LLC boosted its position in Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock worth $28,000 after purchasing an additional 159 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new position in Starbucks in the first quarter worth $29,000. Finally, Nova Wealth Management Inc. boosted its position in Starbucks by 285.4% in the first quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company’s stock worth $31,000 after purchasing an additional 234 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SBUX shares. Bank of America boosted their price objective on Starbucks from $101.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Citigroup lowered their target price on Starbucks from $100.00 to $99.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 30th. Stifel Nicolaus boosted their target price on Starbucks from $92.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Sanford C. Bernstein boosted their target price 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 lowered Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 target price on the stock. in a research note on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $104.40.

Starbucks Stock Up 0.2%

Shares of NASDAQ SBUX opened at $83.42 on Friday. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The business has a 50-day simple moving average of $89.54 and a two-hundred day simple moving average of $89.93. The company has a market cap of $94.82 billion, a P/E ratio of 35.96, a P/E/G ratio of 4.97 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 29th. The coffee company reported $0.50 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 company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the business earned $0.93 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid 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 dividend payout ratio (DPR) is currently 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.