RNC Capital Management LLC Has $2.36 Million Position in Starbucks Corporation $SBUX

Key Points

• RNC Capital Management LLC has reduced its holdings in Starbucks Corporation by 18.6%, now owning approximately $2.36 million worth of the company's shares after selling 5,499 shares.
• Starbucks reported a quarterly EPS of $0.50, which fell short of analyst estimates of $0.64, while the company had a revenue of $9.46 billion, exceeding the consensus estimate of $9.29 billion.
• The company declared a quarterly dividend of $0.61 per share, representing an annualized dividend of $2.44 and a yield of 2.9%, with a notable dividend payout ratio of 105.17%.

RNC Capital Management LLC lowered its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 18.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,091 shares of the coffee company's stock after selling 5,499 shares during the quarter. RNC Capital Management LLC's holdings in Starbucks were worth $2,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in SBUX. Nuveen LLC acquired a new position in shares of Starbucks in the first quarter valued at approximately $1,379,619,000. Jennison Associates LLC acquired a new position in shares of Starbucks in the first quarter valued at approximately $817,759,000. Polen Capital Management LLC acquired a new position in shares of Starbucks in the first quarter valued at approximately $503,539,000. Goldman Sachs Group Inc. increased its stake in shares of Starbucks by 59.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock valued at $943,948,000 after buying an additional 3,589,537 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Starbucks by 22.3% in the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock valued at $1,904,366,000 after buying an additional 3,545,655 shares during the period. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Stock Performance

Starbucks stock opened at $85.43 on Monday. The stock has a market capitalization of $97.11 billion, a price-to-earnings ratio of 36.82, a PEG ratio of 5.09 and a beta of 1.00. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46. The stock's 50 day moving average price is $91.54 and its two-hundred day moving average price is $91.53.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted 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). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.Starbucks's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 earnings per share. On average, equities research analysts forecast that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Friday, August 15th. Starbucks's dividend payout ratio (DPR) is currently 105.17%.

Analyst Ratings Changes

SBUX has been the topic of several analyst reports. Jefferies Financial Group cut Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 target price on the stock. in a report on Thursday, July 17th. TD Securities reiterated a "hold" rating and issued a $90.00 target price on shares of Starbucks in a report on Monday, June 23rd. Baird R W upgraded Starbucks from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Morgan Stanley reiterated an "overweight" rating and issued a $103.00 target price (up from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped their target price on Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock 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.

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