Pinnacle Associates Ltd. Sells 98,337 Shares of Starbucks Corporation (NASDAQ:SBUX)

Pinnacle Associates Ltd. lowered its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 62.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 58,696 shares of the coffee company's stock after selling 98,337 shares during the period. Pinnacle Associates Ltd.'s holdings in Starbucks were worth $5,757,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in Starbucks by 86.5% in the fourth quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock valued at $16,126,000 after buying an additional 81,952 shares in the last quarter. Congress Wealth Management LLC DE boosted its stake in Starbucks by 16.2% in the fourth quarter. Congress Wealth Management LLC DE now owns 17,230 shares of the coffee company's stock valued at $1,572,000 after buying an additional 2,406 shares in the last quarter. Segall Bryant & Hamill LLC boosted its stake in Starbucks by 15.1% in the fourth quarter. Segall Bryant & Hamill LLC now owns 104,272 shares of the coffee company's stock valued at $9,515,000 after buying an additional 13,683 shares in the last quarter. Modern Wealth Management LLC boosted its stake in Starbucks by 39.8% in the fourth quarter. Modern Wealth Management LLC now owns 8,209 shares of the coffee company's stock valued at $749,000 after buying an additional 2,335 shares in the last quarter. Finally, TIAA Trust National Association boosted its stake in Starbucks by 0.4% in the fourth quarter. TIAA Trust National Association now owns 54,977 shares of the coffee company's stock valued at $5,017,000 after buying an additional 222 shares in the last quarter. Institutional investors own 72.29% of the company's stock.

Starbucks Price Performance

Shares of NASDAQ SBUX traded up $0.72 during trading on Friday, reaching $94.42. 7,219,553 shares of the stock traded hands, compared to its average volume of 7,933,794. Starbucks Corporation has a 52-week low of $72.72 and a 52-week high of $117.46. The company has a 50-day moving average of $91.05 and a 200-day moving average of $94.64. The stock has a market capitalization of $107.30 billion, a P/E ratio of 34.21, a price-to-earnings-growth ratio of 6.50 and a beta of 1.02.

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

Starbucks Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Sanford C. Bernstein raised their price objective on Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Robert W. Baird reissued a "neutral" rating and set a $85.00 price target (down from $114.00) on shares of Starbucks in a research note on Monday, April 7th. Bank of America lifted their price target on Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Guggenheim cut their price target on Starbucks from $95.00 to $83.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 29th. Finally, Stifel Nicolaus raised their price objective on Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $98.58.

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.