Praxis Investment Management Inc. Cuts Stock Holdings in Starbucks Corporation $SBUX

Key Points

• Praxis Investment Management Inc. has significantly reduced its stock holdings in Starbucks Corporation by 52.8%, now owning only 12,372 shares worth approximately $1.13 million.
• Starbucks recently announced an increase in its quarterly dividend from $0.61 to $0.62 per share, representing a 2.9% yield.
• After recent earnings, Starbucks's EPS missed estimates but revenue increased by 3.8% year-over-year, highlighting challenges in performance.

Praxis Investment Management Inc. decreased its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 52.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,372 shares of the coffee company's stock after selling 13,830 shares during the quarter. Praxis Investment Management Inc.'s holdings in Starbucks were worth $1,134,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Alliance Wealth Advisors LLC boosted its holdings in Starbucks by 2.1% in the second quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company's stock worth $474,000 after purchasing an additional 108 shares during the last quarter. Brown Lisle Cummings Inc. boosted its holdings in Starbucks by 1.4% in the second quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company's stock worth $760,000 after purchasing an additional 117 shares during the last quarter. Diligent Investors LLC boosted its holdings in Starbucks by 1.9% in the second quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company's stock worth $562,000 after purchasing an additional 117 shares during the last quarter. Ted Buchan & Co boosted its holdings in Starbucks by 1.5% in the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock worth $791,000 after purchasing an additional 120 shares during the last quarter. Finally, Alexander Labrunerie & CO. Inc. raised its position in Starbucks by 3.5% in the first quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock worth $349,000 after acquiring an additional 122 shares during the period. Hedge funds and other institutional investors own 72.29% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SBUX shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Starbucks in a research report on Wednesday, October 8th. Bank of America increased their price target on shares of Starbucks from $101.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Loop Capital set a $165.00 price target on shares of Starbucks in a research report on Tuesday, August 12th. TD Cowen decreased their price target on shares of Starbucks from $88.00 to $84.00 and set a "hold" rating on the stock in a research report on Friday, October 10th. Finally, Zacks Research upgraded shares of Starbucks from a "strong sell" rating to a "hold" rating in a research report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $102.76.

Starbucks Price Performance

Shares of SBUX stock opened at $85.36 on Friday. The company has a market capitalization of $97.03 billion, a price-to-earnings ratio of 36.79, a PEG ratio of 4.17 and a beta of 1.01. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The company's fifty day moving average price is $85.72 and its 200-day moving average price is $87.49.

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

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a dividend of $0.62 per share. 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. This represents a $2.48 annualized dividend and a yield of 2.9%. Starbucks's dividend payout ratio is 105.17%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.