Bar Harbor Wealth Management Decreases Stock Position in Starbucks Corporation $SBUX

Bar Harbor Wealth Management trimmed its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 4.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,767 shares of the coffee company’s stock after selling 1,437 shares during the period. Bar Harbor Wealth Management’s holdings in Starbucks were worth $2,819,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SBUX. Narwhal Capital Management lifted its holdings in shares of Starbucks by 39.6% during the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock valued at $3,000,000 after purchasing an additional 9,282 shares in the last quarter. Gagnon Securities LLC increased its holdings in Starbucks by 15.8% in the 2nd quarter. Gagnon Securities LLC now owns 5,642 shares of the coffee company’s stock worth $517,000 after buying an additional 770 shares in the last quarter. Castle Rock Wealth Management LLC raised its position in Starbucks by 16.5% in the 2nd quarter. Castle Rock Wealth Management LLC now owns 20,339 shares of the coffee company’s stock worth $1,902,000 after buying an additional 2,885 shares during the last quarter. Morton Capital Management LLC CA raised its position in Starbucks by 8.0% in the 2nd quarter. Morton Capital Management LLC CA now owns 7,190 shares of the coffee company’s stock worth $659,000 after buying an additional 534 shares during the last quarter. Finally, WoodTrust Financial Corp lifted its stake in Starbucks by 3.1% during the 2nd quarter. WoodTrust Financial Corp now owns 79,149 shares of the coffee company’s stock valued at $7,252,000 after acquiring an additional 2,409 shares during the period. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 1.5%

Shares of NASDAQ SBUX opened at $80.04 on Thursday. The firm has a 50 day moving average of $86.84 and a 200 day moving average of $88.25. The firm has a market capitalization of $90.98 billion, a price-to-earnings ratio of 34.50, a price-to-earnings-growth ratio of 4.01 and a beta of 1.01. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46.

Starbucks (NASDAQ:SBUX) last announced 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). The business had revenue of $9.46 billion for 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 business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 earnings per share. Sell-side analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.1%. This is an increase 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%.

Analyst Ratings Changes

Several research firms have recently weighed in on SBUX. Sanford C. Bernstein boosted their price objective on shares of Starbucks from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Cowen reissued a “hold” rating on shares of Starbucks in a report on Tuesday, June 24th. BTIG Research set a $105.00 price objective on shares of Starbucks in a report on Thursday, September 25th. Evercore ISI reissued an “outperform” rating and set a $105.00 price objective (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $95.00 price objective (up from $85.00) on shares of Starbucks in a report on Thursday, June 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $104.00.

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.