Pittenger & Anderson Inc. Sells 9,790 Shares of Starbucks Corporation $SBUX

Key Points

• Pittenger & Anderson Inc. sold 9,790 shares of Starbucks, reducing its holding by 58.7%, leaving it with 6,900 shares valued at approximately $632,000.
• Starbucks announced an increase in its quarterly dividend to $0.62 per share, representing a 2.9% dividend yield, with the ex-dividend date set for November 14th.
• Starbucks reported earnings of $0.50 per share for the recent quarter, falling short of analyst expectations, while also achieving a revenue of $9.46 billion, surpassing forecasts.

Pittenger & Anderson Inc. decreased its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 58.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,900 shares of the coffee company's stock after selling 9,790 shares during the period. Pittenger & Anderson Inc.'s holdings in Starbucks were worth $632,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SBUX. Game Plan Financial Advisors LLC bought a new stake in Starbucks during the 2nd quarter worth approximately $25,000. Chelsea Counsel Co. bought a new stake in Starbucks during the 2nd quarter worth approximately $26,000. Hughes Financial Services LLC bought a new stake in Starbucks during the 1st quarter worth approximately $27,000. CBIZ Investment Advisory Services LLC raised its stake in Starbucks by 125.2% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock worth $28,000 after acquiring an additional 159 shares during the period. Finally, McClarren Financial Advisors Inc. bought a new stake in Starbucks during the 1st quarter worth approximately $29,000. Institutional investors own 72.29% of the company's stock.

Starbucks Stock Performance

SBUX stock opened at $85.90 on Wednesday. The firm has a fifty day moving average price of $85.42 and a 200 day moving average price of $87.40. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The firm has a market cap of $97.64 billion, a PE ratio of 37.03, a price-to-earnings-growth ratio of 4.24 and a beta of 1.01.

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). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. During the same period last year, the business posted $0.93 earnings per share. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SBUX shares. Morgan Stanley set a $105.00 target price on shares of Starbucks and gave the stock an "overweight" rating in a research note on Monday. Sanford C. Bernstein increased their price objective on shares of Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Evercore ISI reaffirmed an "outperform" rating and set a $105.00 price objective (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. JPMorgan Chase & Co. increased their price objective on shares of Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, Citigroup cut their price objective on shares of Starbucks from $99.00 to $84.00 and set a "neutral" rating for the company in a report on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Starbucks has a consensus rating of "Moderate Buy" and a consensus price target of $102.60.

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.

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