Wesbanco Bank Inc. Has $13.34 Million Position in Starbucks Corporation $SBUX

Key Points

• Wesbanco Bank Inc. increased its holdings in Starbucks Corporation by 7.5%, owning 145,564 shares worth approximately $13.34 million as per the latest SEC filing.
• Starbucks reported a quarterly EPS of $0.50, missing analysts' expectations by $0.14, while achieving a revenue of $9.46 billion, exceeding estimates.
• Starbucks announced a quarterly dividend of $0.61, translating to an annualized yield of 3.0%, despite a payout ratio of 105.17%.

Wesbanco Bank Inc. lifted its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 7.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 145,564 shares of the coffee company's stock after buying an additional 10,154 shares during the quarter. Wesbanco Bank Inc.'s holdings in Starbucks were worth $13,338,000 at the end of the most recent quarter.

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

Starbucks Trading Down 1.4%

Shares of NASDAQ SBUX traded down $1.15 during midday trading on Wednesday, reaching $83.22. The company's stock had a trading volume of 6,622,436 shares, compared to its average volume of 8,289,011. The stock has a 50 day simple moving average of $90.02 and a 200-day simple moving average of $90.20. The stock has a market capitalization of $94.60 billion, a price-to-earnings ratio of 35.87, a PEG ratio of 5.04 and a beta of 1.00. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46.

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

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 2.9%. The ex-dividend date was Friday, August 15th. Starbucks's dividend payout ratio is presently 105.17%.

Analysts Set New Price Targets

Several brokerages recently weighed in on SBUX. The Goldman Sachs Group restated a "neutral" rating and issued a $95.00 price objective (up from $85.00) on shares of Starbucks in a report on Thursday, June 12th. TD Securities reissued a "hold" rating and issued a $90.00 price target on shares of Starbucks in a research note on Monday, June 23rd. Sanford C. Bernstein lifted their price objective on Starbucks from $90.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Piper Sandler set a $105.00 price objective on Starbucks and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their target price on Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Starbucks presently has a consensus rating of "Moderate Buy" and a consensus 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.