Starbucks Corporation $SBUX Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp has reduced its ownership in Starbucks, selling 7,284 shares and now holding approximately 0.07% of the company, valued at about $72.8 million.
• Starbucks recently reported a quarterly earnings miss with earnings per share of $0.50, below the consensus estimate of $0.64, though revenue of $9.46 billion exceeded expectations.
• The company announced an increase in its quarterly dividend to $0.62 per share, effective for shareholders of record as of November 14th, 2023.

Truist Financial Corp cut its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 0.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 795,021 shares of the coffee company's stock after selling 7,284 shares during the period. Truist Financial Corp owned approximately 0.07% of Starbucks worth $72,848,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Union Bancaire Privee UBP SA boosted its position in shares of Starbucks by 5.5% during the second quarter. Union Bancaire Privee UBP SA now owns 3,375 shares of the coffee company's stock worth $309,000 after buying an additional 175 shares during the period. Chicago Capital LLC boosted its position in shares of Starbucks by 15.7% during the second quarter. Chicago Capital LLC now owns 45,171 shares of the coffee company's stock worth $4,139,000 after buying an additional 6,122 shares during the period. Alliance Wealth Advisors LLC boosted its position in shares of Starbucks by 2.1% during the second quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company's stock worth $474,000 after buying an additional 108 shares during the period. Janney Capital Management LLC acquired a new position in shares of Starbucks during the second quarter worth approximately $10,664,000. Finally, Janney Montgomery Scott LLC boosted its position in shares of Starbucks by 5.2% during the second quarter. Janney Montgomery Scott LLC now owns 252,471 shares of the coffee company's stock worth $23,134,000 after buying an additional 12,377 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Performance

NASDAQ SBUX opened at $84.40 on Thursday. The stock has a market capitalization of $95.94 billion, a P/E ratio of 36.38, a P/E/G ratio of 5.12 and a beta of 1.01. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The business's fifty day moving average is $87.86 and its two-hundred day moving average is $88.77.

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 the consensus estimate of $0.64 by ($0.14). The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. Starbucks's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 EPS. On average, research analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.62 per share. This is an increase from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 2.9%. Starbucks's payout ratio is 105.17%.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several analyst reports. Royal Bank Of Canada boosted their price objective on Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Baird R W raised Starbucks from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Cowen reissued a "hold" rating on shares of Starbucks in a report on Tuesday, June 24th. Citigroup dropped their target price on Starbucks from $100.00 to $99.00 and set a "neutral" rating on the stock in a report on Wednesday, July 30th. Finally, Bank of America boosted their target price on Starbucks from $101.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $104.00.

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.

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