PNC Financial Services Group Inc. Raises Position in Starbucks Corporation (NASDAQ:SBUX)

Key Points

• PNC Financial Services Group Inc. has increased its ownership in Starbucks Corporation by 1.5%, acquiring an additional 14,102 shares, bringing its total to 965,859 shares valued at approximately $94.74 million.
• Starbucks recently reported a quarterly earnings miss with earnings per share of $0.50, falling short of the expected $0.64, although revenue increased to $9.46 billion.
• The company declared a quarterly dividend of $0.61 per share, set to be paid on August 29, reflecting an annualized dividend yield of 2.8% with a high payout ratio of 105.17%.

PNC Financial Services Group Inc. boosted its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 1.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 965,859 shares of the coffee company's stock after acquiring an additional 14,102 shares during the quarter. PNC Financial Services Group Inc. owned about 0.08% of Starbucks worth $94,741,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Capital Wealth Advisors purchased a new position in shares of Starbucks during the fourth quarter valued at approximately $285,000. Czech National Bank boosted its position in shares of Starbucks by 6.2% during the first quarter. Czech National Bank now owns 260,898 shares of the coffee company's stock valued at $25,591,000 after buying an additional 15,132 shares during the period. Personal CFO Solutions LLC boosted its position in shares of Starbucks by 125.5% during the first quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company's stock valued at $908,000 after buying an additional 5,151 shares during the period. Treasurer of the State of North Carolina boosted its position in shares of Starbucks by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 498,511 shares of the coffee company's stock valued at $45,489,000 after buying an additional 3,130 shares during the period. Finally, Norden Group LLC boosted its position in shares of Starbucks by 66.1% during the first quarter. Norden Group LLC now owns 30,219 shares of the coffee company's stock valued at $2,964,000 after buying an additional 12,027 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Performance

NASDAQ:SBUX traded up $0.38 during trading hours on Tuesday, reaching $90.16. The company's stock had a trading volume of 1,294,622 shares, compared to its average volume of 10,629,948. The company has a market capitalization of $102.48 billion, a P/E ratio of 38.80, a price-to-earnings-growth ratio of 4.95 and a beta of 1.02. Starbucks Corporation has a 12 month low of $73.84 and a 12 month high of $117.46. The stock has a 50 day moving average price of $91.83 and a two-hundred day moving average price of $94.55.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%. The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the previous year, the company posted $0.93 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, August 15th. Starbucks's dividend payout ratio is currently 105.17%.

Analyst Ratings Changes

SBUX has been the subject of several recent analyst reports. Bank of America boosted their target price on Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Piper Sandler boosted their target price on Starbucks from $102.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Robert W. Baird boosted their target price on Starbucks from $88.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, July 30th. BMO Capital Markets restated an "outperform" rating and set a $115.00 target price (up previously from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Finally, Guggenheim boosted their target price on Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Starbucks has a consensus rating of "Hold" and an average price target of $101.27.

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.