Boston Trust Walden Corp Sells 16,358 Shares of Starbucks Corporation $SBUX

Key Points

• Boston Trust Walden Corp has reduced its stake in Starbucks Corporation by 6.7%, selling 16,358 shares during the second quarter, now holding a total of 226,573 shares worth approximately $20.76 million.
• Starbucks announced an increase in its quarterly dividend from $0.61 to $0.62 per share, which will be paid on November 28th, reflecting a 3.1% yield.
• Recent price target adjustments by analysts have varied, with Citigroup lowering its target from $99.00 to $84.00, while Stifel Nicolaus raised it to $105.00, indicating mixed sentiments in the market.

Boston Trust Walden Corp cut its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 6.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 226,573 shares of the coffee company's stock after selling 16,358 shares during the period. Boston Trust Walden Corp's holdings in Starbucks were worth $20,761,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Morningstar Investment Management LLC purchased a new position in Starbucks in the second quarter worth $653,000. Naviter Wealth LLC lifted its position in Starbucks by 69.9% during the second quarter. Naviter Wealth LLC now owns 11,733 shares of the coffee company's stock valued at $1,075,000 after purchasing an additional 4,826 shares during the period. Cornerstone Wealth Group LLC lifted its position in Starbucks by 6.1% during the second quarter. Cornerstone Wealth Group LLC now owns 5,665 shares of the coffee company's stock valued at $519,000 after purchasing an additional 328 shares during the period. Verdence Capital Advisors LLC lifted its position in Starbucks by 40.2% during the second quarter. Verdence Capital Advisors LLC now owns 15,628 shares of the coffee company's stock valued at $1,432,000 after purchasing an additional 4,481 shares during the period. Finally, Cascade Investment Advisors Inc. raised its position in shares of Starbucks by 5.1% in the second quarter. Cascade Investment Advisors Inc. now owns 20,628 shares of the coffee company's stock worth $1,890,000 after acquiring an additional 993 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on SBUX. Citigroup reduced their price target on shares of Starbucks from $99.00 to $84.00 and set a "neutral" rating for the company in a research report on Monday. CICC Research initiated coverage on shares of Starbucks in a research note on Monday, June 30th. They set an "outperform" rating and a $100.00 price objective for the company. Stifel Nicolaus increased their price target on shares of Starbucks from $92.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Cowen reissued a "hold" rating on shares of Starbucks in a research note on Tuesday, June 24th. Finally, Baird R W raised shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Starbucks currently has a consensus rating of "Moderate Buy" and an average target price of $102.96.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $81.15 on Wednesday. The company's fifty day moving average price is $86.11 and its 200 day moving average price is $87.70. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The firm has a market capitalization of $92.24 billion, a P/E ratio of 34.98, a P/E/G ratio of 3.97 and a beta of 1.01.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings data 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 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%. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 earnings per share. On average, sell-side analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders 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 an increase from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 3.1%. Starbucks's dividend payout ratio (DPR) is currently 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.

Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Corporation (NASDAQ:SBUX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.