Marcum Wealth LLC Sells 357 Shares of Starbucks Co. (NASDAQ:SBUX)

Marcum Wealth LLC decreased its position in shares of Starbucks Co. (NASDAQ:SBUX) by 3.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,510 shares of the coffee company’s stock after selling 357 shares during the period. Marcum Wealth LLC’s holdings in Starbucks were worth $740,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Scarborough Advisors LLC bought a new stake in shares of Starbucks in the 4th quarter valued at about $26,000. Vima LLC bought a new position in shares of Starbucks during the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC bought a new stake in Starbucks in the fourth quarter worth $27,000. Fairman Group LLC purchased a new stake in shares of Starbucks during the fourth quarter valued at approximately $30,000. Finally, Cypress Capital Management LLC WY increased its holdings in shares of Starbucks by 133.1% in the 4th quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock worth $31,000 after purchasing an additional 185 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Price Performance

NASDAQ SBUX traded down $2.02 during midday trading on Monday, hitting $73.86. 12,367,850 shares of the company traded hands, compared to its average volume of 10,878,210. The company has a market cap of $83.66 billion, a PE ratio of 20.07, a price-to-earnings-growth ratio of 1.74 and a beta of 0.94. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66. The company’s 50-day simple moving average is $77.62 and its 200-day simple moving average is $84.56.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the previous year, the company posted $1.00 earnings per share. The firm’s revenue was down .6% on a year-over-year basis. On average, research analysts predict that Starbucks Co. will post 3.55 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is currently 62.81%.

Wall Street Analysts Forecast Growth

SBUX has been the topic of several research reports. Wedbush raised their target price on shares of Starbucks from $77.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Piper Sandler lowered their price objective on Starbucks from $88.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. HSBC cut their target price on shares of Starbucks from $107.00 to $84.00 and set a “hold” rating for the company in a research note on Friday, May 3rd. Evercore ISI cut Starbucks from an “outperform” rating to an “inline” rating and decreased their price objective for the stock from $92.00 to $80.00 in a report on Tuesday, July 16th. Finally, BTIG Research reduced their price objective on Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Seventeen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $90.88.

Insider Activity at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Rachel Ruggeri sold 3,750 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the sale, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. Insiders have sold a total of 7,250 shares of company stock valued at $579,375 in the last ninety days. Company insiders own 1.98% of the company’s stock.

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.