Granite Group Advisors LLC Sells 7,009 Shares of Starbucks Corporation (NASDAQ:SBUX)

Granite Group Advisors LLC cut its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 23.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,970 shares of the coffee company's stock after selling 7,009 shares during the period. Starbucks accounts for about 1.6% of Granite Group Advisors LLC's investment portfolio, making the stock its 17th biggest position. Granite Group Advisors LLC's holdings in Starbucks were worth $2,253,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. acquired a new position in Starbucks in the fourth quarter valued at approximately $25,000. Graney & King LLC acquired a new position in Starbucks in the fourth quarter valued at approximately $26,000. Hughes Financial Services LLC acquired a new position in Starbucks in the first quarter valued at approximately $27,000. Kapitalo Investimentos Ltda acquired a new position in Starbucks in the fourth quarter valued at approximately $32,000. Finally, Ball & Co Wealth Management Inc. acquired a new position in Starbucks in the fourth quarter valued at approximately $41,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SBUX shares. UBS Group restated a "neutral" rating on shares of Starbucks in a report on Monday. TD Securities restated a "hold" rating and issued a $90.00 price objective on shares of Starbucks in a report on Monday, June 23rd. Wall Street Zen downgraded shares of Starbucks from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Robert W. Baird reaffirmed a "neutral" rating and issued a $85.00 target price (down previously from $114.00) on shares of Starbucks in a research note on Monday, April 7th. Finally, Royal Bank Of Canada upped their target price on shares of Starbucks from $95.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, June 11th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $98.58.

Starbucks Stock Performance

Starbucks stock traded up $0.72 during mid-day trading on Friday, reaching $94.42. The company's stock had a trading volume of 7,219,553 shares, compared to its average volume of 7,933,794. The company has a market capitalization of $107.30 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 6.50 and a beta of 1.02. Starbucks Corporation has a 12 month low of $72.72 and a 12 month high of $117.46. The business's 50 day simple moving average is $91.05 and its 200 day simple moving average is $94.64.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.10). The business had revenue of $8.76 billion during the quarter, compared to the consensus estimate of $8.90 billion. Starbucks had a net margin of 8.61% and a negative return on equity of 42.14%. The firm's revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the business posted $0.68 EPS. As a group, sell-side analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's dividend payout ratio (DPR) is presently 88.41%.

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.