First Financial Bankshares Inc Reduces Position in Starbucks Corporation $SBUX

Key Points

• First Financial Bankshares Inc reduced its holdings in Starbucks Corporation by 31.4% during the 1st quarter, selling 107,170 shares and now owning 234,580 shares valued at $23,010,000.
• Several institutional investors have made significant changes to their stakes in Starbucks, with Brighton Jones LLC increasing its position by 86.5% to own 176,722 shares valued at $16,126,000 as of the last quarter.
• Starbucks recently reported earnings that missed estimates, with an earnings per share (EPS) of $0.50 compared to the consensus estimate of $0.64, despite revenue exceeding expectations at $9.46 billion.

First Financial Bankshares Inc cut its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 31.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 234,580 shares of the coffee company's stock after selling 107,170 shares during the quarter. First Financial Bankshares Inc's holdings in Starbucks were worth $23,010,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SBUX. Brighton Jones LLC lifted its holdings in Starbucks by 86.5% during the fourth quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock valued at $16,126,000 after purchasing an additional 81,952 shares during the last quarter. Accredited Wealth Management LLC bought a new stake in shares of Starbucks during the fourth quarter valued at about $44,000. Aptus Capital Advisors LLC increased its position in shares of Starbucks by 39.2% during the fourth quarter. Aptus Capital Advisors LLC now owns 18,356 shares of the coffee company's stock valued at $1,675,000 after buying an additional 5,171 shares during the period. Alteri Wealth LLC bought a new stake in shares of Starbucks during the fourth quarter valued at about $378,000. Finally, BNP Paribas increased its position in shares of Starbucks by 9.9% during the fourth quarter. BNP Paribas now owns 23,812 shares of the coffee company's stock valued at $2,160,000 after buying an additional 2,153 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SBUX. Baird R W upgraded Starbucks from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Sanford C. Bernstein upped their price target on Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Piper Sandler set a $105.00 price target on Starbucks and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada upped their price target on Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $103.00 price target (up from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $104.40.

Starbucks Price Performance

Shares of SBUX opened at $88.19 on Monday. The firm has a market cap of $100.25 billion, a P/E ratio of 38.01, a P/E/G ratio of 5.23 and a beta of 1.00. The stock has a 50 day simple moving average of $91.96 and a two-hundred day simple moving average of $92.42. 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 issued its 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 firm had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.93 EPS. On average, equities analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a $0.61 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.44 annualized dividend and a yield of 2.8%. Starbucks's dividend payout ratio 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.

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