Cullen Investment Group LTD. Reduces Holdings in Starbucks Corporation $SBUX

Key Points

• Cullen Investment Group LTD. has reduced its stake in Starbucks Corporation by 6.1%, owning a total of 83,019 shares valued at $7.6 million, making it the firm's 25th largest position.
• Starbucks shares recently traded at $81.90, with a 1-year price range of $75.50 to $117.46 and an annualized dividend of $2.44, yielding 3.0%.
• Analysts have revised their price targets for Starbucks upwards, with recent targets ranging from $100.00 to $110.00, reflecting a generally positive outlook with a consensus rating of Moderate Buy.

Cullen Investment Group LTD. lowered its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 6.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,019 shares of the coffee company's stock after selling 5,369 shares during the period. Starbucks makes up about 1.1% of Cullen Investment Group LTD.'s investment portfolio, making the stock its 25th largest position. Cullen Investment Group LTD.'s holdings in Starbucks were worth $7,607,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Starbucks during the fourth quarter worth approximately $25,000. Hughes Financial Services LLC acquired a new stake in shares of Starbucks during the first quarter worth approximately $27,000. CBIZ Investment Advisory Services LLC grew its position in shares of Starbucks by 125.2% during the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock worth $28,000 after buying an additional 159 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Starbucks during the first quarter worth approximately $29,000. Finally, Nova Wealth Management Inc. grew its position in shares of Starbucks by 285.4% during the first quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company's stock worth $31,000 after buying an additional 234 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SBUX shares. UBS Group raised their price target on shares of Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Stifel Nicolaus raised their price target on shares of Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Bank of America lifted their price objective on shares of Starbucks from $101.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Sanford C. Bernstein lifted their price objective on shares of Starbucks from $90.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $105.00 price objective (up previously from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $104.40.

Starbucks Stock Performance

Shares of SBUX opened at $81.90 on Friday. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The company 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 firm has a fifty day moving average of $90.45 and a 200-day moving average of $90.79.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period last year, the firm posted $0.93 EPS. The business's revenue was up 3.8% compared to the same quarter last year. Analysts predict 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 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 3.0%. Starbucks's payout ratio is 105.17%.

About Starbucks

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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