Great Lakes Advisors LLC Sells 64,957 Shares of Starbucks Corporation $SBUX

Key Points

• Great Lakes Advisors LLC reduced its stake in Starbucks by 46.9%, selling 64,957 shares during the first quarter, leaving it with a total of 73,651 shares valued at approximately $7,089,000.
• Starbucks reported earnings with an EPS of $0.50 for the last quarter, missing estimates, while its revenue rose 3.8% compared to the previous year.
• The company declared a quarterly dividend of $0.61, with an annualized yield of 2.9%, despite a dividend payout ratio of 105.17%.

Great Lakes Advisors LLC decreased its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 46.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,651 shares of the coffee company's stock after selling 64,957 shares during the quarter. Great Lakes Advisors LLC's holdings in Starbucks were worth $7,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. bought a new stake in Starbucks in the fourth quarter valued at approximately $25,000. Hughes Financial Services LLC bought a new stake in Starbucks in the first quarter valued at approximately $27,000. McClarren Financial Advisors Inc. bought a new stake in Starbucks in the first quarter valued at approximately $29,000. Activest Wealth Management lifted its position in Starbucks by 78.0% in the first quarter. Activest Wealth Management now owns 331 shares of the coffee company's stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Finally, Ball & Co Wealth Management Inc. bought a new stake in Starbucks in the fourth quarter valued at approximately $41,000. Institutional investors own 72.29% of the company's stock.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several recent research reports. UBS Group boosted their price objective on Starbucks from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Baird R W upgraded Starbucks from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Cowen reiterated a "hold" rating on shares of Starbucks in a research report on Tuesday, June 24th. Piper Sandler set a $105.00 target price on Starbucks and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, Evercore ISI restated an "outperform" rating and set a $105.00 target price (up previously from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $104.40.

Starbucks Stock Down 0.4%

Shares of Starbucks stock opened at $83.81 on Wednesday. The company has a market cap of $95.27 billion, a PE ratio of 36.13, a P/E/G ratio of 5.01 and a beta of 1.00. The business has a 50 day moving average of $91.17 and a 200 day moving average of $91.29. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing analysts' consensus estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.93 EPS. On average, research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

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

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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