Glenview Trust co Sells 144,539 Shares of Starbucks Corporation $SBUX

Key Points

• Glenview Trust has reduced its stake in Starbucks Corporation by 44.8%, selling 144,539 shares and retaining 178,009 shares valued at approximately $17.46 million.
• The quarterly earnings report showed that Starbucks reported an EPS of $0.50, which fell short of expectations by $0.14, despite a revenue increase to $9.46 billion.
• Starbucks declared a quarterly dividend of $0.61 per share, with a current yield of 2.9% and a payout ratio of 105.17%.

Glenview Trust co lowered its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 44.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 178,009 shares of the coffee company's stock after selling 144,539 shares during the period. Glenview Trust co's holdings in Starbucks were worth $17,461,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Ilmarinen Mutual Pension Insurance Co raised its position in shares of Starbucks by 4.7% in the 1st quarter. Ilmarinen Mutual Pension Insurance Co now owns 221,533 shares of the coffee company's stock worth $21,730,000 after acquiring an additional 10,000 shares in the last quarter. SageView Advisory Group LLC increased its stake in shares of Starbucks by 11.7% during the first quarter. SageView Advisory Group LLC now owns 13,201 shares of the coffee company's stock valued at $1,295,000 after purchasing an additional 1,387 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of Starbucks during the first quarter valued at approximately $170,000. Alaethes Wealth LLC increased its stake in shares of Starbucks by 4.1% during the first quarter. Alaethes Wealth LLC now owns 4,878 shares of the coffee company's stock valued at $478,000 after purchasing an additional 194 shares in the last quarter. Finally, SCS Capital Management LLC bought a new position in shares of Starbucks during the first quarter valued at approximately $470,000. Institutional investors own 72.29% of the company's stock.

Starbucks Price Performance

Shares of SBUX stock opened at $83.81 on Wednesday. The company has a market capitalization of $95.27 billion, a price-to-earnings ratio of 36.13, a PEG ratio of 5.01 and a beta of 1.00. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The company's fifty day moving average price is $91.17 and its 200-day moving average price is $91.29.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm 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%. 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 business earned $0.93 earnings per share. Equities research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, August 15th. Starbucks's payout ratio is currently 105.17%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SBUX shares. Evercore ISI reiterated an "outperform" rating and set a $105.00 price target (up previously from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $100.00 to $115.00 in a report on Tuesday, August 12th. UBS Group raised their target price on shares of Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. The Goldman Sachs Group restated a "neutral" rating and issued a $95.00 target price (up previously from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Finally, Loop Capital set a $165.00 price target on shares of Starbucks in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Starbucks currently has an average rating of "Moderate Buy" and a consensus target price of $104.40.

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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