Essex LLC Sells 29,494 Shares of Starbucks Corporation $SBUX

Key Points

• Essex LLC has significantly reduced its holdings in Starbucks by 86.9%, selling 29,494 shares and now owning only 4,458 shares valued at $408,000.
• Starbucks reported earnings per share (EPS) of $0.50 for the last quarter, missing estimates, but had revenues of $9.46 billion, which exceeded expectations.
• Starbucks will increase its quarterly dividend from $0.61 to $0.62, with the dividend yield currently at 3.1%.

Essex LLC decreased its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 86.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,458 shares of the coffee company's stock after selling 29,494 shares during the period. Essex LLC's holdings in Starbucks were worth $408,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Game Plan Financial Advisors LLC bought a new position in Starbucks during the 2nd quarter valued at approximately $25,000. Chelsea Counsel Co. bought a new position in Starbucks during the 2nd quarter valued at approximately $26,000. Hughes Financial Services LLC purchased a new position in shares of Starbucks in the 1st quarter worth about $27,000. CBIZ Investment Advisory Services LLC grew its holdings 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 valued at $28,000 after buying an additional 159 shares during the last quarter. Finally, McClarren Financial Advisors Inc. bought a new position in shares of Starbucks during the first quarter valued at $29,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Price Performance

Starbucks stock opened at $81.15 on Wednesday. The stock has a market cap of $92.24 billion, a price-to-earnings ratio of 34.98, a price-to-earnings-growth ratio of 3.97 and a beta of 1.01. The firm has a 50-day moving average of $86.11 and a two-hundred day moving average of $87.70. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

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 analysts' consensus estimates of $0.64 by ($0.14). The firm had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 EPS. Research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, November 14th. This is an increase from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a dividend yield of 3.1%. Starbucks's dividend payout ratio is presently 105.17%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SBUX. Loop Capital set a $165.00 target price on Starbucks in a report on Tuesday, August 12th. Sanford C. Bernstein boosted their price target on Starbucks from $90.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. TD Cowen cut their price objective on Starbucks from $88.00 to $84.00 and set a "hold" rating for the company in a research report on Friday, October 10th. JPMorgan Chase & Co. upped their price objective on Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, Evercore ISI restated an "outperform" rating and set a $105.00 target price (up from $95.00) on shares of Starbucks in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Starbucks presently has a consensus rating of "Moderate Buy" and an average price target of $102.96.

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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