Eastern Bank Has $1.21 Million Stock Holdings in Starbucks Corporation $SBUX

Key Points

• Eastern Bank has reduced its holdings in Starbucks by 24.3%, ending with 13,230 shares worth approximately $1.21 million, according to its latest SEC filing.
• Multiple institutions, including Aberdeen Group and First Fiduciary Investment Counsel, increased their stakes in Starbucks during the second quarter, contributing to institutional investors controlling 72.29% of the stock.
• Starbucks recently announced an increase in its quarterly dividend to $0.62 per share, reflecting a yield of 3.2% and a dividend payout ratio of 105.17%.

Eastern Bank trimmed its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 24.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,230 shares of the coffee company's stock after selling 4,244 shares during the quarter. Eastern Bank's holdings in Starbucks were worth $1,212,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Aberdeen Group plc raised its stake in Starbucks by 5.3% during the 2nd quarter. Aberdeen Group plc now owns 976,998 shares of the coffee company's stock valued at $90,143,000 after purchasing an additional 49,014 shares during the last quarter. Agate Pass Investment Management LLC increased its holdings in Starbucks by 4.5% in the 2nd quarter. Agate Pass Investment Management LLC now owns 3,473 shares of the coffee company's stock valued at $318,000 after buying an additional 150 shares during the period. First Fiduciary Investment Counsel Inc. increased its holdings in Starbucks by 45.1% in the 2nd quarter. First Fiduciary Investment Counsel Inc. now owns 3,023 shares of the coffee company's stock valued at $277,000 after buying an additional 940 shares during the period. PDS Planning Inc increased its holdings in Starbucks by 2.1% in the 2nd quarter. PDS Planning Inc now owns 7,751 shares of the coffee company's stock valued at $710,000 after buying an additional 159 shares during the period. Finally, JB Capital LLC increased its holdings in Starbucks by 5.6% in the 2nd quarter. JB Capital LLC now owns 2,990 shares of the coffee company's stock valued at $274,000 after buying an additional 158 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SBUX has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their target price on shares of Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Stifel Nicolaus increased their target price 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. BMO Capital Markets reiterated an "outperform" rating and set a $115.00 target price (up previously from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Zacks Research upgraded shares of Starbucks from a "strong sell" rating to a "hold" rating in a research report on Wednesday, October 1st. Finally, Citigroup upgraded shares of Starbucks from a "neutral" rating to a "mixed" rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $103.56.

Starbucks Trading Down 1.7%

SBUX opened at $78.46 on Friday. The stock has a market capitalization of $89.19 billion, a PE ratio of 33.82, a PEG ratio of 3.87 and a beta of 1.01. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The firm has a 50-day moving average price of $86.48 and a two-hundred day moving average price of $87.95.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted 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 company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The company's revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.93 EPS. On average, research analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.2%. The ex-dividend date is Friday, November 14th. This is a boost from Starbucks's previous quarterly dividend of $0.61. 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.

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