SteelPeak Wealth LLC Sells 11,776 Shares of Starbucks Corporation $SBUX

Key Points

• SteelPeak Wealth LLC reduced its holdings in Starbucks by 40.9%, selling 11,776 shares, which left them with 17,046 shares valued at $1,562,000.
• Starbucks missed earnings expectations for the last quarter, reporting $0.50 EPS compared to an estimated $0.64, although revenue surpassed estimates at $9.46 billion.
• The company announced a quarterly dividend of $0.62 per share, a slight increase from the previous $0.61, with an annualized yield of 3.1%.

SteelPeak Wealth LLC lessened its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 40.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,046 shares of the coffee company's stock after selling 11,776 shares during the quarter. SteelPeak Wealth LLC's holdings in Starbucks were worth $1,562,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Capital Advisors Inc. OK grew its position in shares of Starbucks by 20.0% during the 2nd quarter. Capital Advisors Inc. OK now owns 3,294 shares of the coffee company's stock worth $302,000 after buying an additional 550 shares in the last quarter. PUREfi Wealth LLC bought a new position in shares of Starbucks during the 2nd quarter worth $286,000. Valeo Financial Advisors LLC grew its position in shares of Starbucks by 91.8% during the 2nd quarter. Valeo Financial Advisors LLC now owns 119,144 shares of the coffee company's stock worth $10,917,000 after buying an additional 57,019 shares in the last quarter. Vantage Investment Partners LLC grew its position in shares of Starbucks by 0.4% during the 2nd quarter. Vantage Investment Partners LLC now owns 141,268 shares of the coffee company's stock worth $12,944,000 after buying an additional 500 shares in the last quarter. Finally, Three Bridge Wealth Advisors LLC grew its position in shares of Starbucks by 11.4% during the 2nd quarter. Three Bridge Wealth Advisors LLC now owns 9,612 shares of the coffee company's stock worth $881,000 after buying an additional 984 shares in the last quarter. Institutional investors own 72.29% of the company's stock.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $81.29 on Wednesday. The company has a market cap of $92.40 billion, a PE ratio of 35.04, a P/E/G ratio of 4.05 and a beta of 1.01. The business has a 50-day simple moving average of $87.09 and a two-hundred day simple moving average of $88.30. 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 issued its quarterly 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 during the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.Starbucks's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.93 EPS. On average, sell-side analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Starbucks's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks's dividend payout ratio is presently 105.17%.

Wall Street Analysts Forecast Growth

SBUX has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price target on Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Weiss Ratings reissued a "hold (c)" rating on shares of Starbucks in a research report on Saturday, September 27th. Bank of America raised their price objective on Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Barclays lifted their target price on Starbucks from $106.00 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $115.00 target price (up previously from $100.00) on shares of Starbucks in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $104.00.

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.

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