Starbucks Corporation $SBUX Shares Sold by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management LP has significantly reduced its holdings in Starbucks Corporation by 95.7%, leaving it with approximately 3,440 shares valued at $337,000 after selling most of its previous holdings.
• Starbucks reported earnings of $0.50 per share for the last quarter, which was below the analysts' expectations of $0.64, although the company managed to exceed revenue projections with $9.46 billion in sales.
• The company's stock is currently priced at $85.43, down 1.8%, with a market cap of $97.11 billion and a consensus target price of $104.40 as rated by analysts.

Cinctive Capital Management LP trimmed its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 95.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,440 shares of the coffee company's stock after selling 76,176 shares during the quarter. Cinctive Capital Management LP's holdings in Starbucks were worth $337,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Boothbay Fund Management LLC lifted its position in Starbucks by 289.0% during the 1st quarter. Boothbay Fund Management LLC now owns 102,126 shares of the coffee company's stock worth $10,018,000 after acquiring an additional 75,874 shares during the period. Bwcp LP purchased a new position in Starbucks during the first quarter worth $20,152,000. Banque Transatlantique SA increased its position in Starbucks by 848.6% during the first quarter. Banque Transatlantique SA now owns 13,698 shares of the coffee company's stock worth $1,242,000 after buying an additional 12,254 shares in the last quarter. AQR Capital Management LLC increased its position in Starbucks by 47.2% during the first quarter. AQR Capital Management LLC now owns 138,167 shares of the coffee company's stock worth $13,330,000 after buying an additional 44,272 shares in the last quarter. Finally, Aprio Wealth Management LLC boosted its holdings in shares of Starbucks by 28.9% during the first quarter. Aprio Wealth Management LLC now owns 3,965 shares of the coffee company's stock worth $389,000 after purchasing an additional 888 shares during the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SBUX shares. Jefferies Financial Group cut Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price objective on the stock. in a report on Thursday, July 17th. Cowen restated a "hold" rating on shares of Starbucks in a research note on Tuesday, June 24th. Morgan Stanley restated 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. The Goldman Sachs Group reaffirmed 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. Finally, Robert W. Baird raised Starbucks from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $100.00 to $115.00 in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks Trading Down 1.5%

Starbucks stock traded down $1.26 during midday trading on Monday, hitting $84.17. The stock had a trading volume of 9,200,662 shares, compared to its average volume of 7,778,873. The stock has a market cap of $95.68 billion, a P/E ratio of 36.28, a P/E/G ratio of 5.09 and a beta of 1.00. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The business has a fifty day moving average price of $91.39 and a 200 day moving average price of $91.34.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing the consensus estimate 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 firm's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.93 earnings per share. On average, equities analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a dividend of $0.61 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.9%. Starbucks's dividend 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.