Avanza Fonder AB Sells 18,868 Shares of Starbucks Corporation $SBUX

Key Points

• Avanza Fonder AB reduced its stake in Starbucks by 20.9%, selling 18,868 shares to hold 71,288 shares valued at approximately $6.53 million.
• Starbucks reported a quarterly EPS of $0.50, missing earnings estimates, while its revenue increased to $9.46 billion, surpassing expectations.
• The company declared a quarterly dividend of $0.61, with a payout ratio of 105.17% and an annualized yield of 2.9% as of the recent announcement.

Avanza Fonder AB trimmed its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 20.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,288 shares of the coffee company's stock after selling 18,868 shares during the period. Avanza Fonder AB's holdings in Starbucks were worth $6,532,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Benin Management CORP boosted its holdings in Starbucks by 0.7% during the first quarter. Benin Management CORP now owns 16,575 shares of the coffee company's stock valued at $1,626,000 after acquiring an additional 120 shares during the period. Ted Buchan & Co boosted its holdings in Starbucks by 1.5% during the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock valued at $791,000 after acquiring an additional 120 shares during the period. Alexander Labrunerie & CO. Inc. boosted its holdings in Starbucks by 3.5% during the first quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock valued at $349,000 after acquiring an additional 122 shares during the period. Private Wealth Management Group LLC lifted its stake in shares of Starbucks by 13.3% in the first quarter. Private Wealth Management Group LLC now owns 1,056 shares of the coffee company's stock valued at $104,000 after buying an additional 124 shares during the period. Finally, Avalon Trust Co lifted its stake in shares of Starbucks by 5.5% in the first quarter. Avalon Trust Co now owns 2,384 shares of the coffee company's stock valued at $234,000 after buying an additional 124 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Up 0.9%

SBUX traded up $0.73 during midday trading on Monday, reaching $85.29. 7,870,985 shares of the company's stock were exchanged, compared to its average volume of 10,305,145. The firm has a market capitalization of $96.95 billion, a price-to-earnings ratio of 36.76, a price-to-earnings-growth ratio of 5.05 and a beta of 1.00. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The business has a 50-day simple moving average of $89.34 and a two-hundred day simple moving average of $89.48.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced 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). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the business earned $0.93 EPS. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, research analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a $0.61 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.9%. Starbucks's payout ratio is 105.17%.

Wall Street Analyst Weigh In

SBUX has been the subject of several research reports. Citigroup reduced their target price on shares of Starbucks from $100.00 to $99.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. JPMorgan Chase & Co. increased their target price on shares of Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Bank of America increased their target price on shares of Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Baird R W upgraded shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. Finally, TD Securities restated a "hold" rating and set a $90.00 price target on shares of Starbucks in a research note on Monday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Starbucks currently has an average rating of "Moderate Buy" and a consensus target price of $104.40.

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.