DAVENPORT & Co LLC Has $7.37 Million Stock Position in Starbucks Corporation $SBUX

DAVENPORT & Co LLC reduced its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 12.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 80,432 shares of the coffee company's stock after selling 11,919 shares during the quarter. DAVENPORT & Co LLC's holdings in Starbucks were worth $7,370,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Three Bridge Wealth Advisors LLC lifted its stake in shares of Starbucks by 11.4% in the second quarter. Three Bridge Wealth Advisors LLC now owns 9,612 shares of the coffee company's stock worth $881,000 after acquiring an additional 984 shares during the period. Merit Financial Group LLC lifted its stake in shares of Starbucks by 12.1% in the second quarter. Merit Financial Group LLC now owns 82,215 shares of the coffee company's stock worth $7,533,000 after acquiring an additional 8,857 shares during the period. Keudell Morrison Wealth Management lifted its stake in shares of Starbucks by 5.5% in the second quarter. Keudell Morrison Wealth Management now owns 11,542 shares of the coffee company's stock worth $1,058,000 after acquiring an additional 603 shares during the period. Fortitude Advisory Group L.L.C. lifted its stake in Starbucks by 2.1% in the second quarter. Fortitude Advisory Group L.L.C. now owns 7,364 shares of the coffee company's stock valued at $675,000 after buying an additional 153 shares during the period. Finally, Marietta Wealth Management LLC lifted its stake in Starbucks by 3.1% in the second quarter. Marietta Wealth Management LLC now owns 66,734 shares of the coffee company's stock valued at $6,115,000 after buying an additional 2,028 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SBUX shares. Loop Capital set a $165.00 price target on Starbucks in a research note on Tuesday, August 12th. BTIG Research set a $105.00 price target on Starbucks in a research note on Thursday, September 25th. CICC Research started coverage on Starbucks in a research note on Monday, June 30th. They issued an "outperform" rating and a $100.00 price target on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $95.00 price target (up from $85.00) on shares of Starbucks in a research note on Thursday, June 12th. Finally, Sanford C. Bernstein boosted their price target on Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. One 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 assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $104.00.

Starbucks Stock Down 1.0%

Shares of NASDAQ:SBUX opened at $81.29 on Wednesday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The stock's 50 day moving average is $87.09 and its 200-day moving average is $88.30. The firm has a market capitalization of $92.40 billion, a price-to-earnings ratio of 35.04, a PEG ratio of 4.05 and a beta of 1.01.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the previous year, the company earned $0.93 earnings per share. Starbucks's revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.1%. Starbucks's payout ratio 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.

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