Allspring Global Investments Holdings LLC Sells 153,254 Shares of Starbucks Corporation $SBUX

Allspring Global Investments Holdings LLC reduced its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 23.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 493,560 shares of the coffee company's stock after selling 153,254 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Starbucks were worth $46,849,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in SBUX. Nuveen LLC bought a new position in shares of Starbucks during the first quarter worth approximately $1,379,619,000. Jennison Associates LLC bought a new position in Starbucks in the first quarter valued at about $817,759,000. Polen Capital Management LLC bought a new stake in shares of Starbucks during the first quarter worth about $503,539,000. Goldman Sachs Group Inc. grew its holdings in shares of Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock worth $943,948,000 after purchasing an additional 3,589,537 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock worth $1,904,366,000 after purchasing an additional 3,545,655 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company's stock.

Analyst Ratings Changes

SBUX has been the topic of several analyst reports. UBS Group upped their target price on Starbucks from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. Morgan Stanley reissued an "overweight" rating and issued a $103.00 price target (up from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. Loop Capital set a $165.00 price target on Starbucks in a research report on Tuesday, August 12th. Robert W. Baird upgraded Starbucks from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $100.00 to $115.00 in a research note on Tuesday, August 12th. Finally, TD Cowen cut their price target on Starbucks from $88.00 to $84.00 and set a "hold" rating for the company in a research note on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $102.96.

Starbucks Price Performance

SBUX opened at $81.15 on Wednesday. The stock's 50 day simple moving average is $86.11 and its 200 day simple moving average is $87.70. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The firm has a market cap of $92.24 billion, a price-to-earnings ratio of 34.98, a PEG ratio of 3.97 and a beta of 1.01.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the previous year, the business earned $0.93 earnings per share. Starbucks's revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The business also recently declared 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. This represents a $2.48 annualized dividend and a yield of 3.1%. 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 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.

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