Rossmore Private Capital Trims Stock Position in Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Rossmore Private Capital has reduced its stake in Starbucks Corporation by 25.6%, now owning 16,442 shares valued at approximately $1.6 million.
• Starbucks reported a net margin of 7.18% and missed earnings expectations for the quarter by $0.14, with an EPS of $0.50 against a projected $0.64.
• The company announced a quarterly dividend of $0.61, set to be paid on August 29th, representing an annual yield of 2.7%.

Rossmore Private Capital reduced its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 25.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,442 shares of the coffee company's stock after selling 5,656 shares during the quarter. Rossmore Private Capital's holdings in Starbucks were worth $1,613,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SBUX. Public Sector Pension Investment Board boosted its position in shares of Starbucks by 9.1% during the first quarter. Public Sector Pension Investment Board now owns 154,577 shares of the coffee company's stock valued at $15,162,000 after purchasing an additional 12,851 shares in the last quarter. AIA Group Ltd boosted its position in shares of Starbucks by 22.9% during the first quarter. AIA Group Ltd now owns 111,477 shares of the coffee company's stock valued at $10,935,000 after purchasing an additional 20,760 shares in the last quarter. Motley Fool Asset Management LLC boosted its position in shares of Starbucks by 2.4% during the first quarter. Motley Fool Asset Management LLC now owns 52,840 shares of the coffee company's stock valued at $5,183,000 after purchasing an additional 1,215 shares in the last quarter. Meridian Wealth Management LLC boosted its position in shares of Starbucks by 62.2% during the first quarter. Meridian Wealth Management LLC now owns 18,254 shares of the coffee company's stock valued at $1,791,000 after purchasing an additional 7,000 shares in the last quarter. Finally, Independent Advisor Alliance boosted its position in shares of Starbucks by 21.4% during the first quarter. Independent Advisor Alliance now owns 29,798 shares of the coffee company's stock valued at $2,923,000 after purchasing an additional 5,246 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Starbucks Trading Up 0.9%

Shares of NASDAQ SBUX traded up $0.81 during trading on Wednesday, reaching $94.18. 6,490,754 shares of the company traded hands, compared to its average volume of 11,890,718. The firm's fifty day simple moving average is $92.65 and its 200 day simple moving average is $94.31. The stock has a market cap of $107.05 billion, a P/E ratio of 40.60, a PEG ratio of 5.32 and a beta of 1.02. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS 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 for the quarter, compared to analyst estimates of $9.29 billion. During the same quarter last year, the business earned $0.93 earnings per share. Starbucks's revenue was up 3.8% on a year-over-year basis. As a group, research analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, August 15th. Starbucks's payout ratio is presently 105.17%.

Analyst Ratings Changes

Several research analysts have recently weighed in on SBUX shares. TD Cowen boosted their price target on Starbucks from $90.00 to $95.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group restated a "neutral" rating and issued a $95.00 price target (up previously from $85.00) on shares of Starbucks in a research note on Thursday, June 12th. Baird R W upgraded Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. UBS Group boosted their price target on Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. Finally, Barclays boosted their price target on Starbucks from $106.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $104.19.

About Starbucks

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.