Marco Investment Management LLC Reduces Stock Position in Starbucks Corporation $SBUX

Marco Investment Management LLC reduced its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 4.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 32,798 shares of the coffee company’s stock after selling 1,581 shares during the period. Marco Investment Management LLC’s holdings in Starbucks were worth $3,005,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Narwhal Capital Management grew its stake 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 buying an additional 9,282 shares during the last quarter. PUREfi Wealth LLC purchased a new stake in shares of Starbucks in the 2nd quarter worth $286,000. Napa Wealth Management bought a new position in shares of Starbucks during the 1st quarter worth $1,435,000. Morningstar Investment Management LLC purchased a new position in shares of Starbucks during the second quarter valued at $653,000. Finally, Pegasus Asset Management Inc. bought a new stake in shares of Starbucks in the second quarter valued at about $1,289,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 4.1%

Shares of SBUX stock opened at $85.57 on Friday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The business’s fifty day simple moving average is $83.92 and its 200-day simple moving average is $87.46. The company has a market cap of $97.27 billion, a PE ratio of 52.18, a PEG ratio of 4.28 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $9.41 billion. During the same period in the prior year, the business posted $0.80 EPS. Starbucks’s revenue was up 5.5% compared to the same quarter last year. On average, equities analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $115.00 in a report on Tuesday, August 12th. Morgan Stanley set a $105.00 price objective on shares of Starbucks and gave the company an “overweight” rating in a research note on Monday, October 20th. Zacks Research raised shares of Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. BMO Capital Markets restated an “outperform” rating on shares of Starbucks in a report on Thursday, October 30th. Finally, Mizuho raised Starbucks to a “hold” rating in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.50.

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.