Adell Harriman & Carpenter Inc. Lowers Position in Starbucks Corporation $SBUX

Adell Harriman & Carpenter Inc. lessened its stake in Starbucks Corporation (NASDAQ:SBUX) by 13.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 18,025 shares of the coffee company’s stock after selling 2,763 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Starbucks were worth $1,652,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SBUX. Brighton Jones LLC raised its stake in Starbucks by 86.5% during the fourth quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock valued at $16,126,000 after purchasing an additional 81,952 shares in the last quarter. Koshinski Asset Management Inc. increased its position in Starbucks by 6.5% during the first quarter. Koshinski Asset Management Inc. now owns 15,752 shares of the coffee company’s stock valued at $1,545,000 after acquiring an additional 965 shares during the last quarter. Clear Creek Financial Management LLC increased its position in Starbucks by 2.7% during the first quarter. Clear Creek Financial Management LLC now owns 8,047 shares of the coffee company’s stock valued at $789,000 after acquiring an additional 210 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Starbucks by 5.7% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 142,210 shares of the coffee company’s stock valued at $13,949,000 after acquiring an additional 7,620 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its holdings in shares of Starbucks by 13.5% in the first quarter. DAVENPORT & Co LLC now owns 92,351 shares of the coffee company’s stock worth $9,059,000 after purchasing an additional 10,974 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

NASDAQ:SBUX opened at $84.17 on Thursday. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The stock has a market capitalization of $95.68 billion, a P/E ratio of 36.28, a P/E/G ratio of 4.34 and a beta of 1.01. The company’s 50-day simple moving average is $84.68 and its 200-day simple moving average is $87.50.

Starbucks (NASDAQ:SBUX) last released its 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 company had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the business earned $0.80 earnings per share. On average, research analysts forecast 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 paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio (DPR) is presently 105.17%.

Analyst Ratings Changes

SBUX has been the topic of several recent analyst reports. Morgan Stanley set a $105.00 price target on shares of Starbucks and gave the stock an “overweight” rating in a research note on Monday, October 20th. Loop Capital set a $165.00 price target on shares of Starbucks in a research note on Tuesday, August 12th. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 price target on the stock. in a research note on Thursday, July 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Starbucks in a research note on Wednesday, October 8th. Finally, Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $101.12.

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.