Envestnet Portfolio Solutions Inc. Sells 3,427 Shares of Starbucks Corporation $SBUX

Key Points

• Envestnet Portfolio Solutions Inc. reduced its stake in Starbucks by 2.8%, selling 3,427 shares and now holding 119,162 shares valued at approximately $10.9 million.
• Starbucks reported a quarterly earnings miss with $0.50 EPS against consensus estimates of $0.64, although revenue was up 3.8% year-over-year at $9.46 billion.
• The company announced a dividend increase to $0.62 per share, reflecting a 3.1% yield, with a payout ratio of 105.17%.

Envestnet Portfolio Solutions Inc. reduced its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 2.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,162 shares of the coffee company's stock after selling 3,427 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Starbucks were worth $10,919,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SBUX. Game Plan Financial Advisors LLC bought a new position in Starbucks in the second quarter worth about $25,000. Chelsea Counsel Co. purchased a new stake in Starbucks in the second quarter worth about $26,000. Hughes Financial Services LLC purchased a new stake in Starbucks in the first quarter worth about $27,000. CBIZ Investment Advisory Services LLC grew its holdings in Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock worth $28,000 after purchasing an additional 159 shares during the period. Finally, McClarren Financial Advisors Inc. purchased a new stake in Starbucks in the first quarter worth about $29,000. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Up 2.0%

NASDAQ:SBUX opened at $80.03 on Tuesday. The company's 50 day moving average price is $86.29 and its 200-day moving average price is $87.75. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The stock has a market cap of $90.97 billion, a price-to-earnings ratio of 34.50, a PEG ratio of 3.89 and a beta of 1.01.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted 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). 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 analysts' expectations of $9.29 billion. During the same quarter in the previous year, the company earned $0.93 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.62 dividend. This is an increase from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, November 14th. Starbucks's dividend payout ratio is 105.17%.

Analyst Ratings Changes

SBUX has been the topic of a number of recent research reports. Evercore ISI restated 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. TD Cowen cut their price objective on shares of Starbucks from $88.00 to $84.00 and set a "hold" rating on the stock in a report on Friday. Baird R W upgraded shares of Starbucks from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Loop Capital set a $165.00 price objective on shares of Starbucks in a report on Tuesday, August 12th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $103.00 price target (up previously from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Starbucks presently has an average rating of "Moderate Buy" and a consensus target price of $102.96.

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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