First Eagle Investment Management LLC Decreases Stock Position in Starbucks Corporation $SBUX

First Eagle Investment Management LLC decreased its position in Starbucks Corporation (NASDAQ:SBUX) by 46.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,998 shares of the coffee company’s stock after selling 22,998 shares during the quarter. First Eagle Investment Management LLC’s holdings in Starbucks were worth $2,382,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Game Plan Financial Advisors LLC acquired a new stake in Starbucks during the 2nd quarter valued at $25,000. Hughes Financial Services LLC acquired a new position in Starbucks in the 1st quarter worth $27,000. Chelsea Counsel Co. purchased a new position in Starbucks in the 2nd quarter valued at about $26,000. CBIZ Investment Advisory Services LLC boosted its position in Starbucks by 125.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after buying an additional 159 shares during the last quarter. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Starbucks during the first quarter valued at about $29,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Piper Sandler decreased their price target on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Guggenheim raised their price objective on shares of Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Wells Fargo & Company set a $100.00 target price on shares of Starbucks and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. Finally, BTIG Research reiterated a “buy” rating and issued a $105.00 price target on shares of Starbucks in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $100.50.

Starbucks Stock Up 4.1%

Shares of NASDAQ:SBUX opened at $85.57 on Friday. The company has a market cap of $97.27 billion, a PE ratio of 52.18, a P/E/G ratio of 4.28 and a beta of 1.02. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The firm has a 50-day simple moving average of $83.92 and a 200 day simple moving average of $87.50.

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

Starbucks Increases Dividend

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

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.