Starbucks Corporation $SBUX Stock Holdings Reduced by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Starbucks by 2.8%, holding 324,900 shares after selling 9,345 shares, valued at approximately $31.87 million.
• Several analysts updated their price targets for Starbucks, with Piper Sandler setting a target of $105.00 and Morgan Stanley raising its target to $103.00, reflecting a positive outlook for the stock.
• Starbucks announced a quarterly dividend of $0.61 per share with a yield of 2.8%, although its dividend payout ratio is high at 105.17%.

Corebridge Financial Inc. reduced its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 2.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 324,900 shares of the coffee company's stock after selling 9,345 shares during the quarter. Corebridge Financial Inc.'s holdings in Starbucks were worth $31,869,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. TrinityPoint Wealth LLC lifted its position in shares of Starbucks by 2.7% during the 4th quarter. TrinityPoint Wealth LLC now owns 3,421 shares of the coffee company's stock valued at $312,000 after acquiring an additional 89 shares during the period. Mendel Capital Management LLC increased its position in Starbucks by 1.8% during the 4th quarter. Mendel Capital Management LLC now owns 5,721 shares of the coffee company's stock worth $522,000 after purchasing an additional 101 shares in the last quarter. Benin Management CORP lifted its holdings in Starbucks by 0.7% in the 1st quarter. Benin Management CORP now owns 16,575 shares of the coffee company's stock valued at $1,626,000 after purchasing an additional 120 shares in the last quarter. Ted Buchan & Co lifted its holdings in Starbucks by 1.5% in the 1st quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock valued at $791,000 after purchasing an additional 120 shares in the last quarter. Finally, Alexander Labrunerie & CO. Inc. lifted its holdings in Starbucks by 3.5% in the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock valued at $349,000 after purchasing an additional 122 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on SBUX. Robert W. Baird raised shares of Starbucks from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $100.00 to $115.00 in a research note on Tuesday, August 12th. Cowen restated a "hold" rating on shares of Starbucks in a report on Tuesday, June 24th. 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 report on Thursday, June 12th. Bank of America raised their price objective on shares of Starbucks from $101.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $115.00 target price (up previously from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $104.40.

Starbucks Trading Up 1.2%

NASDAQ:SBUX traded up $1.03 during mid-day trading on Wednesday, reaching $87.66. 7,675,500 shares of the stock were exchanged, compared to its average volume of 11,001,880. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The firm has a market capitalization of $99.64 billion, a PE ratio of 37.78, a PEG ratio of 5.14 and a beta of 1.02. The business has a fifty day moving average price of $92.15 and a 200 day moving average price of $93.02.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its quarterly 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 company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. During the same quarter last year, the business earned $0.93 EPS. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. On average, sell-side analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a dividend of $0.61 per share. The ex-dividend date is Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.8%. Starbucks's dividend payout ratio (DPR) is presently 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.