Everett Harris & Co. CA Cuts Holdings in Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Everett Harris & Co. CA has decreased its stake in Starbucks Corporation by 0.8%, now holding approximately 1,042,407 shares worth about $102.25 million.
• Starbucks recently reported earnings of $0.50 EPS, missing the analysts' consensus estimate of $0.64, while revenue increased by 3.8% year-over-year.
• The company's quarterly dividend of $0.61 will be paid on August 29th, resulting in an annualized yield of 2.7%.

Everett Harris & Co. CA cut its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 0.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,042,407 shares of the coffee company's stock after selling 8,182 shares during the quarter. Starbucks makes up 1.3% of Everett Harris & Co. CA's portfolio, making the stock its 17th largest position. Everett Harris & Co. CA owned about 0.09% of Starbucks worth $102,250,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SBUX. Brighton Jones LLC increased its holdings in shares of Starbucks by 86.5% during the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock worth $16,126,000 after acquiring an additional 81,952 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Starbucks during the 4th quarter worth approximately $602,000. Federated Hermes Inc. increased its holdings in shares of Starbucks by 6.2% during the 4th quarter. Federated Hermes Inc. now owns 5,325 shares of the coffee company's stock worth $486,000 after acquiring an additional 311 shares during the last quarter. FIL Ltd increased its holdings in shares of Starbucks by 19.2% during the 4th quarter. FIL Ltd now owns 1,088,609 shares of the coffee company's stock worth $99,336,000 after acquiring an additional 175,294 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Starbucks during the 4th quarter worth approximately $33,743,000. 72.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Robert W. Baird upped their price target on shares of Starbucks from $88.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday, July 30th. TD Securities reiterated a "hold" rating and issued a $90.00 price target on shares of Starbucks in a research note on Monday, June 23rd. JPMorgan Chase & Co. upped their price target on shares of Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Guggenheim upped their price target on shares of Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Finally, Jefferies Financial Group lowered shares of Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 target price on the stock. in a research report on Thursday, July 17th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $101.27.

Starbucks Stock Up 1.2%

Shares of SBUX stock traded up $1.10 during trading hours on Friday, hitting $92.12. 8,032,266 shares of the company's stock traded hands, compared to its average volume of 11,577,803. The stock's 50 day simple moving average is $92.27 and its 200 day simple moving average is $94.39. The stock has a market cap of $104.71 billion, a PE ratio of 39.71, a price-to-earnings-growth ratio of 5.25 and a beta of 1.02. Starbucks Corporation has a 12 month low of $74.75 and a 12 month high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last released 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). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. Starbucks's revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.93 EPS. As a group, equities research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, August 15th. Starbucks's dividend payout ratio (DPR) 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.