Whittier Trust Co. Lowers Stock Position in Starbucks Corporation $SBUX

Key Points

• Whittier Trust Co. reduced its stake in Starbucks Corporation by 13.5% in the second quarter, holding 62,864 shares worth approximately $5.76 million after selling nearly 10,000 shares.
• Starbucks announced a quarterly dividend increase to $0.62, up from the previous $0.61, representing an annual yield of 2.9%.
• Analysts have varied outlooks on Starbucks, with price targets ranging from $84.00 to $105.00, reflecting an average rating of "Moderate Buy" and a consensus target of $102.60.

Whittier Trust Co. cut its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 13.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 62,864 shares of the coffee company's stock after selling 9,783 shares during the period. Whittier Trust Co.'s holdings in Starbucks were worth $5,760,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Alliance Wealth Advisors LLC grew its stake in shares of Starbucks by 2.1% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company's stock valued at $474,000 after buying an additional 108 shares during the period. Brown Lisle Cummings Inc. boosted its position in Starbucks by 1.4% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company's stock worth $760,000 after purchasing an additional 117 shares during the period. Diligent Investors LLC boosted its position in Starbucks by 1.9% during the 2nd quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company's stock worth $562,000 after purchasing an additional 117 shares during the period. Ted Buchan & Co boosted its position in Starbucks by 1.5% during the 1st quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock worth $791,000 after purchasing an additional 120 shares during the period. Finally, Alexander Labrunerie & CO. Inc. boosted its position in Starbucks by 3.5% during the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock worth $349,000 after purchasing an additional 122 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Piper Sandler set a $105.00 price target on shares of Starbucks and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Citigroup decreased their price target on shares of Starbucks from $99.00 to $84.00 and set a "neutral" rating for the company in a research report on Monday, October 13th. Baird R W raised shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Zacks Research raised shares of Starbucks from a "strong sell" rating to a "hold" rating in a research report on Wednesday, October 1st. Finally, CICC Research began coverage on shares of Starbucks in a research report on Monday, June 30th. They set an "outperform" rating and a $100.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $102.60.

Starbucks Stock Performance

Shares of Starbucks stock opened at $85.90 on Wednesday. The firm has a market cap of $97.64 billion, a PE ratio of 37.03, a price-to-earnings-growth ratio of 4.24 and a beta of 1.01. The firm's 50-day simple moving average is $85.42 and its 200-day simple moving average is $87.40. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS. On average, equities analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.62 dividend. This is a boost from Starbucks's previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. Starbucks's dividend payout ratio (DPR) is currently 105.17%.

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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