Starbucks Corporation $SBUX Stake Cut by Griffin Asset Management Inc.

Griffin Asset Management Inc. cut its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 114,223 shares of the coffee company’s stock after selling 572 shares during the quarter. Starbucks accounts for about 1.2% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 27th largest holding. Griffin Asset Management Inc.’s holdings in Starbucks were worth $10,466,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. PUREfi Wealth LLC bought a new position in Starbucks during the second quarter worth $286,000. Narwhal Capital Management lifted its stake in Starbucks by 39.6% during the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after purchasing an additional 9,282 shares during the last quarter. Napa Wealth Management bought a new position in Starbucks during the first quarter worth $1,435,000. Personal CFO Solutions LLC lifted its stake in Starbucks by 125.5% during the first quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company’s stock worth $908,000 after purchasing an additional 5,151 shares during the last quarter. Finally, First Manhattan CO. LLC. lifted its stake in Starbucks by 33.1% during the first quarter. First Manhattan CO. LLC. now owns 446,294 shares of the coffee company’s stock worth $43,777,000 after purchasing an additional 111,015 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SBUX shares. 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 report on Thursday, July 17th. Evercore ISI reaffirmed an “outperform” rating and issued a $105.00 target price (up from $95.00) on shares of Starbucks in a research report on Tuesday, June 24th. Guggenheim increased their target price on Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Morgan Stanley reaffirmed an “overweight” rating and issued a $103.00 target price (up from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. Finally, CICC Research started coverage on Starbucks in a research report on Monday, June 30th. They issued an “outperform” rating and a $100.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $103.56.

Starbucks Stock Performance

Shares of SBUX opened at $78.46 on Monday. The firm has a market capitalization of $89.19 billion, a price-to-earnings ratio of 33.82, a price-to-earnings-growth ratio of 3.89 and a beta of 1.01. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The stock’s fifty day moving average is $86.48 and its 200-day moving average is $87.87.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. Starbucks’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the business posted $0.93 earnings per share. Analysts forecast that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.2%. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s dividend payout ratio is 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.