Starbucks Corporation (NASDAQ:SBUX) Shares Sold by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC has reduced its stake in Starbucks Corporation by 39.1%, now holding approximately 696,704 shares valued at around $68.34 million.
• Starbucks reported $0.50 earnings per share for the last quarter, missing analyst expectations, but showed an increase in revenue to $9.46 billion, exceeding estimates of $9.29 billion.
• The company has announced a quarterly dividend of $0.61 per share, with a payout ratio of 105.17%, reflecting a dividend yield of 2.6%.

Kovitz Investment Group Partners LLC lowered its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 39.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 696,704 shares of the coffee company's stock after selling 447,957 shares during the period. Kovitz Investment Group Partners LLC owned about 0.06% of Starbucks worth $68,340,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Starbucks by 86.5% during the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock valued at $16,126,000 after acquiring an additional 81,952 shares during the period. Federated Hermes Inc. lifted its position in shares of Starbucks by 6.2% during the 4th quarter. Federated Hermes Inc. now owns 5,325 shares of the coffee company's stock valued at $486,000 after acquiring an additional 311 shares during the period. CreativeOne Wealth LLC lifted its position in shares of Starbucks by 2.0% during the 4th quarter. CreativeOne Wealth LLC now owns 10,156 shares of the coffee company's stock valued at $927,000 after acquiring an additional 196 shares during the period. XTX Topco Ltd acquired a new stake in shares of Starbucks during the 4th quarter valued at approximately $581,000. Finally, Rossby Financial LCC acquired a new stake in shares of Starbucks during the 4th quarter valued at approximately $204,000. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Stock Up 0.9%

Shares of NASDAQ SBUX opened at $94.18 on Thursday. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46. The firm has a fifty day moving average of $92.65 and a 200-day moving average of $94.31. The stock has a market capitalization of $107.05 billion, a PE ratio of 40.60, a P/E/G ratio of 5.32 and a beta of 1.02.

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 the consensus estimate of $0.64 by ($0.14). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business's revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.93 EPS. Equities research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

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

Analyst Ratings Changes

SBUX has been the subject of a number of research reports. Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $100.00 to $115.00 in a research report on Tuesday. Citigroup dropped their price objective on shares of Starbucks from $100.00 to $99.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. Baird R W raised shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Stifel Nicolaus raised their price objective on shares of Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Evercore ISI reissued an "outperform" rating and set a $105.00 price objective (up from $95.00) on shares of Starbucks in a research note on Tuesday, June 24th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average 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.

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