Parallel Advisors LLC Has $5.09 Million Stake in Starbucks Corporation $SBUX

Key Points

• Parallel Advisors LLC sold 54,286 shares of Starbucks Corporation, reducing its holdings by 49.4%, resulting in ownership of 55,570 shares valued at approximately $5.09 million.
• Starbucks reported a quarterly EPS of $0.50, falling short of the expected $0.64, but its revenue for the quarter was $9.46 billion, surpassing predictions.
• The company declared a quarterly dividend of $0.61 per share, resulting in an annualized dividend yield of 3.0%, though its payout ratio stands high at 105.17%.

Parallel Advisors LLC trimmed its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 49.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 55,570 shares of the coffee company's stock after selling 54,286 shares during the period. Parallel Advisors LLC's holdings in Starbucks were worth $5,092,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in SBUX. Vanguard Group Inc. grew its holdings in Starbucks by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company's stock worth $10,991,923,000 after acquiring an additional 953,361 shares in the last quarter. Wellington Management Group LLP grew its holdings in Starbucks by 22.3% during the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock worth $1,904,366,000 after acquiring an additional 3,545,655 shares in the last quarter. Nuveen LLC acquired a new position in Starbucks during the 1st quarter worth approximately $1,379,619,000. Goldman Sachs Group Inc. grew its holdings in Starbucks by 59.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock worth $943,948,000 after acquiring an additional 3,589,537 shares in the last quarter. Finally, Jennison Associates LLC acquired a new position in Starbucks during the 1st quarter worth approximately $817,759,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Up 1.4%

SBUX stock traded up $1.14 during trading on Friday, hitting $84.56. 15,308,130 shares of the company's stock traded hands, compared to its average volume of 8,404,650. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The stock has a market capitalization of $96.12 billion, a price-to-earnings ratio of 36.45, a price-to-earnings-growth ratio of 4.98 and a beta of 1.00. The stock has a fifty day moving average price of $89.34 and a two-hundred day moving average price of $89.74.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly 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). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period last year, the firm posted $0.93 EPS. The business's revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued 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 2.9%. Starbucks's dividend payout ratio is presently 105.17%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Loop Capital set a $165.00 target price on shares of Starbucks in a report on Tuesday, August 12th. Morgan Stanley restated an "overweight" rating and issued a $103.00 target price (up previously from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. Baird R W upgraded shares of Starbucks from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Guggenheim upped their target price on shares of Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Finally, BMO Capital Markets restated an "outperform" rating and issued a $115.00 target price (up previously from $100.00) on shares of Starbucks in a 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 issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Starbucks currently has a consensus rating of "Moderate Buy" and an average price target of $104.40.

Starbucks 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.