AMI Asset Management Corp Sells 311,807 Shares of Starbucks Corporation $SBUX

Key Points

• AMI Asset Management Corp has reduced its stake in Starbucks by 96.2%, selling 311,807 shares, leaving it with only 12,349 shares valued at approximately $1.13 million.
• Starbucks recently increased its quarterly dividend to $0.62 per share, up from $0.61, representing an annualized dividend of $2.48 and a dividend yield of 2.9%.
• Starbucks reported mixed quarterly earnings, with an EPS of $0.50 that fell short of estimates, although its revenue increased by 3.8% year-over-year, reaching $9.46 billion.

AMI Asset Management Corp lessened its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 96.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,349 shares of the coffee company's stock after selling 311,807 shares during the quarter. AMI Asset Management Corp's holdings in Starbucks were worth $1,132,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Chelsea Counsel Co. bought a new position in shares of Starbucks during the 2nd quarter worth about $26,000. Hughes Financial Services LLC bought a new position in shares of Starbucks during the 1st quarter worth about $27,000. CBIZ Investment Advisory Services LLC increased its holdings in shares of Starbucks by 125.2% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock worth $28,000 after purchasing an additional 159 shares during the period. McClarren Financial Advisors Inc. bought a new position in shares of Starbucks during the 1st quarter worth about $29,000. Finally, Nova Wealth Management Inc. increased its holdings in shares of Starbucks by 285.4% during the 1st quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company's stock worth $31,000 after purchasing an additional 234 shares during the period. Institutional investors own 72.29% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SBUX. Guggenheim boosted 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. The Goldman Sachs Group reiterated a "neutral" rating and set a $95.00 target price (up from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. JPMorgan Chase & Co. lifted their target price on shares of Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Cowen reiterated a "hold" rating on shares of Starbucks in a research report on Tuesday, June 24th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $115.00 target price (up from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Starbucks presently has an average rating of "Moderate Buy" and an average price target of $104.00.

Starbucks Stock Down 0.2%

NASDAQ:SBUX opened at $84.40 on Thursday. The firm has a market cap of $95.94 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 5.12 and a beta of 1.01. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The company's 50-day moving average price is $87.86 and its two-hundred day moving average price is $88.77.

Starbucks (NASDAQ:SBUX - Get Free Report) last released 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 firm had revenue of $9.46 billion during 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 quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 earnings per share. On average, research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders 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 is a positive change 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%. Starbucks's dividend payout ratio (DPR) is currently 105.17%.

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.

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