Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Sells 6,340 Shares of Starbucks Corporation $SBUX

Key Points

• Loring Wolcott & Coolidge Fiduciary Advisors LLP MA sold 6,340 shares of Starbucks, bringing its total holdings to 853,257 shares worth approximately $78.2 million.
• The company announced a quarterly dividend of $0.62, increasing from the previous $0.61, which represents an annualized dividend yield of 2.9%.
• Starbucks reported $0.50 earnings per share in its last quarterly earnings, missing analysts' expectations, although revenue grew 3.8% year-over-year.

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA trimmed its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 0.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 853,257 shares of the coffee company's stock after selling 6,340 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned about 0.08% of Starbucks worth $78,184,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in SBUX. Brighton Jones LLC increased its holdings in shares of Starbucks by 86.5% in the fourth quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock worth $16,126,000 after purchasing an additional 81,952 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Starbucks by 21.9% in the first quarter. GAMMA Investing LLC now owns 20,591 shares of the coffee company's stock worth $2,020,000 after purchasing an additional 3,703 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Starbucks by 11.5% in the first quarter. International Assets Investment Management LLC now owns 8,251 shares of the coffee company's stock worth $809,000 after purchasing an additional 851 shares during the last quarter. Archford Capital Strategies LLC bought a new stake in shares of Starbucks in the first quarter worth about $201,000. Finally, Daymark Wealth Partners LLC increased its stake in Starbucks by 3.3% during the first quarter. Daymark Wealth Partners LLC now owns 11,692 shares of the coffee company's stock worth $1,147,000 after acquiring an additional 369 shares during the last quarter. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $85.50 on Thursday. The firm has a market capitalization of $97.19 billion, a price-to-earnings ratio of 36.85, a PEG ratio of 4.31 and a beta of 1.01. The stock has a 50 day moving average price of $85.25 and a 200 day moving average price of $87.39. 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 posted its earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). The company had revenue of $9.46 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 EPS. Analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks's previous quarterly dividend of $0.61. Starbucks's payout ratio is currently 105.17%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. CICC Research assumed coverage on Starbucks in a research note on Monday, June 30th. They set an "outperform" rating and a $100.00 price objective on the stock. Piper Sandler set a $105.00 price objective on Starbucks and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Morgan Stanley set a $105.00 price objective on Starbucks and gave the stock an "overweight" rating in a research note on Monday. Citigroup reduced their price objective on Starbucks from $99.00 to $84.00 and set a "neutral" rating on the stock in a research note on Monday, October 13th. Finally, Baird R W raised Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Starbucks presently has a consensus rating of "Moderate Buy" and a consensus 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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