Central Pacific Bank Trust Division Sells 6,504 Shares of Starbucks Corporation $SBUX

Key Points

• Central Pacific Bank Trust Division has sold 6,504 shares of Starbucks, reducing its stake by 20.8%, leaving it with 24,771 shares valued at approximately $2.27 million.
• Starbucks recently reported a quarterly earnings miss with an EPS of $0.50 against the consensus estimate of $0.64, though revenue was higher than expected at $9.46 billion.
• Several analysts have altered their ratings on Starbucks, with Jefferies Financial Group downgrading it to "underperform" while Wells Fargo raised its price target to $105, reflecting mixed sentiments among analysts.

Central Pacific Bank Trust Division reduced its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 20.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,771 shares of the coffee company's stock after selling 6,504 shares during the period. Central Pacific Bank Trust Division's holdings in Starbucks were worth $2,270,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SBUX. Nuveen LLC bought a new position in shares of Starbucks in the 1st quarter worth $1,379,619,000. Jennison Associates LLC bought a new position in shares of Starbucks in the 1st quarter worth $817,759,000. Polen Capital Management LLC bought a new position in shares of Starbucks in the 1st quarter worth $503,539,000. Goldman Sachs Group Inc. boosted its position in shares of Starbucks by 59.5% in the 1st 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 boosted its position in shares of Starbucks by 22.3% in the 1st 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. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Jefferies Financial Group lowered Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price target on the stock. in a research report on Thursday, July 17th. Wall Street Zen downgraded Starbucks from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Wells Fargo & Company raised their price objective on Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Morgan Stanley reaffirmed an "overweight" rating and set a $103.00 price objective (up previously from $95.00) on shares of Starbucks in a research note on Wednesday, July 30th. Finally, Piper Sandler set a $105.00 price objective on Starbucks and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $104.40.

Starbucks Price Performance

Shares of Starbucks stock opened at $81.90 on Friday. The firm has a market cap of $93.10 billion, a price-to-earnings ratio of 35.30, a price-to-earnings-growth ratio of 4.92 and a beta of 1.00. The stock's 50-day moving average is $90.45 and its 200-day moving average is $90.79. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued 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 the consensus estimate of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business's revenue for the quarter 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, equities analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, August 15th. Starbucks's payout ratio is 105.17%.

Starbucks 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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