Starbucks Corporation (NASDAQ:SBUX) Position Reduced by Commerce Bank

Key Points

• Commerce Bank reduced its stake in Starbucks Corporation (NASDAQ:SBUX) by 4.9%, selling 6,362 shares and now holding 124,812 shares valued at approximately $12.24 million.
• Starbucks recently announced a $0.61 quarterly dividend with an ex-dividend date of August 15, representing an annualized yield of 2.8%. The company's current dividend payout ratio is 105.17%.
• Starbucks stock price has decreased by 2.6%, currently trading around $86.86, with a 52-week range between $72.72 and $117.46.

Commerce Bank lessened its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 124,812 shares of the coffee company's stock after selling 6,362 shares during the quarter. Commerce Bank's holdings in Starbucks were worth $12,243,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SBUX. Moors & Cabot Inc. increased its position in shares of Starbucks by 29.8% in the first quarter. Moors & Cabot Inc. now owns 16,699 shares of the coffee company's stock worth $1,638,000 after acquiring an additional 3,833 shares in the last quarter. Howland Capital Management LLC boosted its position in Starbucks by 31.2% during the 1st quarter. Howland Capital Management LLC now owns 8,873 shares of the coffee company's stock worth $870,000 after purchasing an additional 2,112 shares during the period. Nicolet Advisory Services LLC increased its holdings in Starbucks by 54.0% in the 1st quarter. Nicolet Advisory Services LLC now owns 4,453 shares of the coffee company's stock valued at $437,000 after purchasing an additional 1,562 shares in the last quarter. US Financial Advisors LLC purchased a new position in Starbucks in the first quarter valued at about $268,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of Starbucks by 4.3% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 42,438 shares of the coffee company's stock worth $4,163,000 after purchasing an additional 1,758 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Performance

Shares of NASDAQ:SBUX traded down $2.30 on Friday, hitting $86.86. The company's stock had a trading volume of 16,215,272 shares, compared to its average volume of 11,091,786. Starbucks Corporation has a 12 month low of $72.72 and a 12 month high of $117.46. The stock's 50-day moving average is $91.73 and its two-hundred day moving average is $94.59. The company has a market capitalization of $98.73 billion, a price-to-earnings ratio of 37.44, a price-to-earnings-growth ratio of 4.95 and a beta of 1.02.

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 company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 earnings per share. Equities analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's payout ratio is presently 105.17%.

Analysts Set New Price Targets

SBUX has been the subject of a number of analyst reports. Piper Sandler upped their price target on Starbucks from $102.00 to $105.00 and gave the stock an "overweight" rating in a report on Wednesday. Guggenheim upped their target price on shares of Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a research note on Thursday. Morgan Stanley reaffirmed an "overweight" rating and set a $103.00 price target (up previously from $95.00) on shares of Starbucks in a research note on Wednesday. Wells Fargo & Company upped their price objective on shares of Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, TD Cowen lifted their target price on Starbucks from $90.00 to $95.00 and gave the stock a "hold" rating in a research report on Wednesday. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $101.27.

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.