Wealth Enhancement Advisory Services LLC Reduces Stock Holdings in Starbucks Corporation $SBUX

Key Points

• Wealth Enhancement Advisory Services LLC reduced its stake in Starbucks Corporation by 3.5%, selling 16,742 shares and bringing its total holdings to 456,034 shares worth approximately $43.07 million.
• Starbucks recently announced a quarterly dividend of $0.61 per share, which represents an annualized yield of 2.9% and a payout ratio of 105.17%.
• The company reported earnings of $0.50 per share for the last quarter, missing analyst estimates by $0.14, though revenue increased by 3.8% year-over-year.

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 3.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 456,034 shares of the coffee company's stock after selling 16,742 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Starbucks were worth $43,068,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. BMO Capital Markets reissued an "outperform" rating and set a $115.00 price target (up previously from $100.00) on shares of Starbucks in a research note on Wednesday, July 30th. Piper Sandler set a $105.00 target price on Starbucks and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. UBS Group lifted their price target on Starbucks from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. Royal Bank Of Canada increased their price objective on shares of Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, Barclays raised their target price on shares of Starbucks from $106.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. One investment 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 company's stock. Based on data from MarketBeat, Starbucks has a consensus rating of "Moderate Buy" and a consensus target price of $104.40.

Starbucks Stock Performance

SBUX traded down $0.06 on Tuesday, reaching $85.23. 2,944,898 shares of the company's stock were exchanged, compared to its average volume of 10,257,967. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The company's 50 day moving average is $89.17 and its 200-day moving average is $89.33. The company has a market cap of $96.88 billion, a price-to-earnings ratio of 36.75, a PEG ratio of 5.05 and a beta of 1.00.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced 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 business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period last year, the firm earned $0.93 earnings per share. The company's quarterly revenue was up 3.8% on a year-over-year basis. Sell-side analysts forecast that Starbucks Corporation will post 2.99 EPS for the current year.

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.