First Citizens Bank & Trust Co. Has $1.09 Million Stock Holdings in Starbucks Corporation $SBUX

Key Points

• First Citizens Bank & Trust Co. has reduced its stake in Starbucks Corporation by 38.1%, now holding 11,859 shares valued at approximately $1.09 million.
• Starbucks announced a quarterly dividend increase to $0.62 from $0.61, with shareholders of record receiving the payment on November 28th, leading to an annualized dividend yield of 2.9%.
• The company's recent earnings report showed a missed earnings estimate of $0.50 per share compared to the expected $0.64, despite revenue rising to $9.46 billion.

First Citizens Bank & Trust Co. trimmed its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 38.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,859 shares of the coffee company's stock after selling 7,285 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Starbucks were worth $1,087,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SBUX. Game Plan Financial Advisors LLC acquired a new position in Starbucks in the 2nd quarter valued at $25,000. Chelsea Counsel Co. bought a new stake in shares of Starbucks during the 2nd quarter valued at $26,000. Hughes Financial Services LLC bought a new stake in shares of Starbucks during the 1st quarter valued at $27,000. CBIZ Investment Advisory Services LLC lifted its position in shares of Starbucks by 125.2% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock valued at $28,000 after acquiring an additional 159 shares during the period. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Starbucks during the 1st quarter valued at $29,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Stock Up 0.8%

Shares of SBUX stock opened at $86.09 on Friday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The company has a market cap of $97.86 billion, a P/E ratio of 37.11, a P/E/G ratio of 4.28 and a beta of 1.01. The business has a fifty day simple moving average of $85.01 and a 200 day simple moving average of $87.47.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced 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). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the company earned $0.93 earnings per share. Starbucks's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, 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. Shareholders of record on Friday, November 14th will be given a $0.62 dividend. This is a boost from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, November 14th. Starbucks's dividend payout ratio is 105.17%.

Analysts Set New Price Targets

SBUX has been the subject of a number of recent analyst reports. Jefferies Financial Group downgraded Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 target price for the company. in a research report on Thursday, July 17th. Citigroup cut their target price on Starbucks from $99.00 to $84.00 and set a "neutral" rating for the company in a research report on Monday, October 13th. Bank of America upped their target price on Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, July 18th. UBS Group set a $94.00 target price on Starbucks and gave the company a "neutral" rating in a research report on Tuesday. Finally, Royal Bank Of Canada upped their target price on Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $101.80.

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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